There are many reasons why entrepreneurs decide to sell their business. Sometimes it’s because there is no one to inherit the business, or sometimes they feel that they have to give up their business for retirement. Whatever their reasons, whether it is financial or otherwise, sellers always desire the same result: to earn as much profit from the sale as possible. Only a sale that earns a handsome profit for the seller can be termed a successful sale.

Know the right timing to put your food business on sale. One common mistake entrepreneurs commit is that they sell their businesses when they are too desperate for a sale; either when they are too weak or financially too beaten to manage it. This fact could be used by wily buyers to leverage a much lower price for the business since your health condition (or other reasons) makes you look desperate to sell your food business.

There isn’t a specific time or age to sell your business. As a businessperson, it is advisable that you be open to good offers to sell your food business at all times.

Learn to look for prospective buyers intelligently. Place your business in a sale list or put up an ad in your local papers to inform people that you are interested in putting your food business on sale. List your ad as early as possible. Getting your food business listed early gives you leeway to get a number of bids that you may compare and consider; it does not mean that you sell your business to the first interested party.

Once you have decided whether it is time to sell your business or not, the next step is to be clear on what assets you are including in your sale. Which of your tangible and intangible assets (trademark, goodwill, client list, etc) are you going to sell? Put this down in black and white.

Last, work out a fairly accurate asking price. Knowing which assets are for sale will help you determine the worth of your business. Keep in mind that assets are not the only factors that influence the price of your business. Aside from the assets, some factors that will determine the price of your sale include:

· Timing of the sale
· Brand value
· Number of clients/patrons
· Business Potential (possible growth of your food business)

You may determine the price/worth of your business through asset-based valuation and future-earning valuation. These two methods work best when they are combined.

Lastly, you should get help in selling your food business, whether it’s from an experienced entrepreneur or from a professional broker. Getting help is important because experienced third parties can give you objective views on the potential of your business and the best way to sell it. They can also help you negotiate a better deal for your business.