The first step involved in selling business is determining whether it is the right time to sell your business. If you’ve spent quite a lot of on building a small business and want to think about retiring or leaving the business, now may be a good time to sell. Selling a business requires careful planning and execution. All the taxation and data collected needs to be verified carefully. If you still consider selling your business, here are certain steps that will help you be successful in the venture-:

• I. GET YOUR FINANACES ORGANIZED
  Have a past record of about 5-7 years which includes all monetary documents like bank statements, tax return, customer data, and profit and loss records. Make sure that these records are well-organized in a systematic manner.
• II. HAVE AN ALREADY PLANNED BUSINESS BROKER
  Business broker is he who helps you in either buying or selling a business. His work is similar to a real estate agent. They help you in making a sound investment. You should know the background and credentials of the broker you are getting involved with. You should also know about the number of listings the broker is generally managing. Make sure the broker is a trusted one who is genuinely interested in helping you out. These tips will help you in finding a perfect broker for your company and will help in the progress of your endeavors.
• III. DIVERSIFY YOUR RESOURCES
  Diversification involves entering new markets or launching new products. You can try targeting certain sectors of the market and launching new as well as innovative devices and programs in the market.try expanding in new ways by listing down your limits and possibilities.try forming a balance between growth and maintenance. New things are both exhilarating and challenging. New growth, new directions, new experiences get the entrepreneur's heart beating. Enjoy that, but don't lose prospect of the continuance and constant consideration that your present business needs.try making the best out of it.
• IV. BOOST YOUR SALES
  No matter what your budget is, there is always some scope of improving the sales. It is never the best time to sell your business if your sales are declining rapidly. No buyer is interested in such a business.try talking to your current customers and asking them for referrals. Start more with sales and promotions of the company.
• V. THINK AHEAD
  Having a plan for the future regarding what you want to do in the future is quite essential. Plan your future in advance. Have a clear mindset of the actions to be taken henceforth. Make sure they are in your budget and do not cause financial tension upon you. Safeguarding the action plan is an important aspect to be considered before selling your business.
• VI. GET BUSINESS CONTRACTS IN ORDER
  If you’re starting or have an ongoing business with someone else, you need some kind of agreement in writing. Having an agreement ready is definitely beneficial for the company. It will help you to be in your sense while exiting a business. They also help in telling you who have to do what work and who gets paid what. Each thing has to be clearly defined in a proper manner. This comprehensive document will consist of quite of lot of segments and exhibits. Some of them include none compete arguments, employee agreements, asset listings, etc. Guidlines related to the management and functioning are also included.