Selling a company can be a complicated process. A myriad of factors can affect the outcome and the timeline. The process can be arduous and long-lasting, and there are a myriad of potential pitfalls that could befall the unaware entrepreneur. These include failing to sell or sell at a lower price, or revealing confidential information.

With the right planning and support, you will be able to ensure that your business sale is a success. The key is to establish realistic expectations for the process. This includes assessing your own personal readiness to let go, making preparations for the financial impact of the sale, and determining M&A process how much your business is really worth.

Another important factor is ensuring that you’re ready for the inspections that are required during the process. It is important to ensure that your financial statements are in order, and that you have copies of all contracts you have with clients and suppliers and create an organizational chart to guide the flow of information. It’s also an ideal idea to get interested parties to sign a nondisclosure contract to ensure confidentiality.

You should be ready to answer any questions about your reasons for selling and why you believe the time is right. You must be able to explain how your business will continue to thrive under the new owners. Think about how the change could affect your employees and how you can manage their emotions. If you can, find an appropriate buyer who will carry on the legacy of the business and mission.