Be able to prove the profitability of your business. Most owners of small businesses use them to provide for a range of non-operational expenses. Make sure you keep supporting records of all these expenses as prospective buyers will be as unimpressed as taxation authorities by claims without adequate documentation.
Your bookkeeping should be easy to understand, consistent from year to year, and maintained in such a way that any prospective buyer will be convinced of its authenticity. This will also make it easier to get an accurate valuation when determining an asking price. Your exit strategy must be planned and documented. Family business succession planning experts tell you: If it is documented the value of your business grows. Showing growth is very attractive to buyers of your business.
