When you are ready to sell, you'll need a business broker if you don't have your own buyer, an attorney for the legal documents, a CPA, and potentially, a banker.

Topic for Discussion: How do you identify the right experts?

Answer: All of these experts are important, but probably the business broker, sometimes called the "matchmaker" is the most critical. Tracy and Bob used different criteria in making their decisions and each made the right choice for her and his company.

Tracy was approached by a buyer directly and contracted with a broker with industry expertise. Bob had made the decision to sell and sought the "right" broker based on skill set, enthusiasm, and dedication; he was less concerned with industry expertise. You'll have to make your own choice in this area.

Get referrals from trusted advisors, interview candidates, and make the right selection for you and your company.

Topic For Discussion: Beyond the broker, should you use the same experts that have worked with your company over the years?

Answer: It depends. The advantage of continuing with the same team is that your advisors know you, know your business and have proven themselves to be trustworthy. But selling a business is a different endeavor from operating a business, and you may need to augment your team to add the necessary expertise.

Topic For Discussion: Is the CPA who has done your tax planning and tax returns over the years able to help you with the valuation of your business?

Answer: Perhaps, but perhaps not. We all need to be aware of a program by the American Institute of Certified Public Accountants (AICPA); they offer an accreditation program to CPAs in business valuation. Once completed, the CPA is designated as an ABV, Accredited Business Valuation professional.

If your CPA is not accredited in this area, you should have a candid discussion with him or her about the need to seek additional assistance. The CPA, as a valuation expert, is particularly critical in circumstances where the broker is compensated with a percentage of the purchase price.

You think about it: Who do you know who has sold their business and is happy with the process? Could they recommend experts to you? Has your CPA been involved in selling businesses? Is your CPA an ABV?