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Tip #73: Selling a business takes a team of professional advisors.
Managing a business on a day-to-day basis is not the same as selling a business. It takes different expertise and knowledge of the marketplace. The business owner must have the books in order, identify true profitability of the business, understand tax implications, have key employees in place, prepare facilities to make a good impression and many other issues. It is highly recommended that a business owner build a team of accounting, legal and most importantly, mergers and acquisitions professionals to prepare the business for sale and to put it on the market to get the best price and terms.
