We small business owners are stubborn and independent. Most of us have been very successful following our gut and solving problems on our own.

But just like you would probably not sell your own home, you should probably not try to sell your business by yourself.

Topic for discussion: Why did each of these business owners feel confident during the selling process?

Answer: Their numbers told them they had something of value. They had well trained employees and happy customers and these facts played out in black and white. All three could recite, from memory, their key critical ratios. The knew where their profits were coming from. They knew how to paint a picture of the future based upon cold, hard facts.

The first step in preparing to sell is to put your financials in order. No one can help you without proper documentation. The second step is to put together the team who can get a deal done. Jim had a two-person team made up of himself and the business broker. Lorraine had a three person-team made up of herself, her friend the banker, and a broker. Peter had a five-person team.

Topic for discussion: What role did Peter's national trade association play? Who else could know as many players in your specific industry?

Answer: Peter had the 72 letters from people who were interested in buying his business. The regional director for his trade association sat down with the letters and eliminated 68 of them! This story speaks volumes about being an active member of your national trade association. And did you notice that Lorraine's primary help came from the president of her local Chamber of Commerce, that she had served on the board, and that the president was a friend and a banker? Memberships are important. Nurture them and they will nurture you.

You think about it: What trade associations or business groups do you belong to that could help you with the sale of your business? What groups should you join now?