You've decided to sell your business -- now, how do you go about that? It may not be as simple as you think.

The more preparation that goes into it, however, the better the chances are that you will not lose a lucrative sale or get stung by a substantial price reduction, tax consequences or continuing seller liabilities.

Here are some steps worth taking:

1. Critically look at your business' strengths and weaknesses:

If your financials have not been prepared or reviewed by an accountant, now is the time to work with a qualified accountant to dissect them as a buyer will do.

Eliminate personal expenses paid by the company to reduce taxes for the principals.

Determine whether there is a benefit to selling depreciated equipment or otherwise removing it from your financials.

Have complete financials and tax returns for at least the three prior years.

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