Overall, it will likely take about one year from your initial decision to sell your business to your closing the sale. During that period, you will meet with several key people, including your banker, lawyer, accountant, landlord, employees and, if you decide to use one, broker. Each professional will have an area of expertise, knowledge about your business, and an expectation to be paid. If you use a broker you will have to pay them a sales commission. The broker and seller should be the main contacts for the majority of clarification required from the buyer.

You should meet regularly with the buyer and broker to resolve any questions you have. Keeping notes on questions and responses will prevent repeatedly going over the same queries and may be required if a dispute arises. Keep a book with all pertinent meetings, notes, and documents for reference. Start the habit of jotting down questions and exchanging them with the buyer so that the buyer can prepare a timely response for your next meeting.

Assess your unique knowledge of the business. What tasks are only you capable of doing? Develop a plan to transfer this knowledge to the rest of the employees if practical, or document the task so that the buyer can follow along after the sale. Be careful to include each task that you do and avoid assuming that anyone can do it. You have retained the task for a specific reason and the buyer will need to be aware of the work. Where you have a specific program, be sure to document it as well. An example might be a group purchasing program that includes sizable annual rebates. You will want to document specific marketing programs that have worked well, and include ones that failed, and the main reason for the failure. A list of key contacts that you find helpful will also support the buyer.