Selling a small business is a complex venture that involves several considerations. It can require that you enlist a broker, accountant, and/or an attorney as you proceed. Whether you profit will depend on the reason for the sale, the timing of the sale, the strength of the business's operation, and its structure.

The business sale will also require much of your time and, once the business is sold, you'll need to determine some smart ways to handle the profit.

Selling your business starts with identifying your reasons why, making sure your business is in the shape it needs to be in to be sold, and the timing of the sale.

Preparing for the sale at least a year or more in advance is critical, as it gives you time to improve your financial records, customer base, and other factors that can make the business more successful.

Determine the value of your business so that you can price it appropriately. Consider hiring a business appraiser.

Make a decision as to whether you'd rather use a business broker, or negotiate the sale yourself.

Organize your financial statements and tax returns dating back a few years and go over the details with an accountant.

Finding a buyer is a huge undertaking that could stretch out several years. Once a good buyer is found, there are a series of financial screenings and other steps that need to be taken to keep the process moving.

Don't spend the money all at once. Take the time to work with a financial professional and determine how you want to invest or otherwise use the money.

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