If you have plans to sell your publishing business there are several things you can do to make sure the sale goes smoothly and ultimately maximize your sale price.

Selling a business is something many people only do once. For most owners, it is one of the most important decisions of their lives. Thus, this undertaking should not be considered a “do-it-yourself” project — this is not the best arena for learning by trial and error.

It is self serving to say this, but we feel it is a good investment to enlist the help of a professional mergers and acquisitions person (or broker) to handle negotiations.

As negotiations move along a transaction attorney should be brought on board. It is important that the attorney have transaction experience in order to best represent you with the buyer’s attorney.

Make sure the financial information is in good order and easy for a buyer to decipher.

Reveal the warts. Every company has them. The key is knowing when to disclose them. We don’t suggest displaying them prominently in your marketing information — just don’t conceal them until the very end, after both sides have already invested a lot of time in the deal.

A confidential offering memorandum should be your personal ad about your business. Your advisor can assist you with this. In addition to simply describing your company and highlighting positive points, explain out how your company can add value for a buyer.

Specifically, what are the opportunities for a buyer and what would it take to realize them?

As you gather information you will need a special location for all your confidential information. The information should be gathered early in the process. We prefer that the seller keep the information off site (usually at home) in order to ensure confidentiality.

A buyer will want to understand the business completely and review various pieces of information before the deal is closed.: