How to Sell an LLC Business

Selling an LLC business is more of a process than an event. Regardless of how your business is structured--LLC, corporation, or partnership--the process is about the same. Most business owners spend years building up their business and when it's time to sell you'll want to get the best price possible. Before planning the sale of your business be sure to do some in-house due diligence and get all of your legal and accounting ducks in a row.

Determine how quickly you need out. Sometimes you can plan the exit from your business years in advance. For example, when passing it to a second generation, sometimes you'll be forced out because of sickness or injury. Regardless of your reason for selling, try to pick a realistic time line.

Consider offering seller financing. Many buyers can't come up with the full purchase price in cash. Consider carrying a note on part of the purchase price to entice more buyers to make you an offer.

Get a business valuation performed to truly understand what your business is worth so that a fair deal can be made.

Consider working with a business broker. Business brokers are professionals who work day in and day out to make business transactions happen. Not only can they find prospective buyers, but they'll do a lot of the legwork, too. Of course, working with a business broker will cost you 5 percent 10 percent of your final sale price. But it may prove to be worth every penny.

Make plans for what's next. Whether you're selling for your personal retirement, or to move on to your next business venture, be sure to always think one step ahead so that you're never left in a lurch.