Do you know what is really included in the sale of your business?
When working with buyers, a point that always needs clarification is what is included in the sale. Is your truck included? Your tools you have acquired over the last 20 years? Computers and tablets? More importantly, is accounts receivable going to the new owner? Have you addressed that in the asking price?
The more you know about what you are selling, not only will it be easier to determine your asking price, but will also help you when it comes time to negotiate.
I strongly suggest when you decide to list your business, that you have an asset list of what specifically is included, and note any major items that are not. It is much easier when working with a buyer who is trying to determine their fair asking price to specifically review those items so there are no questions. It can make for a bad situation when going through due diligence a buyer is informed that half of what he or she thought was included is not, and now they want to renegotiate the transaction.
Although creating this list is going to take time and energy, the frustration and sour feelings it will prevent will absolutely be worth it. Having this list will also allow you to assign a value to those items, for clarification in all marketing as well as determining the tax implications of the sale. It can be something as simple as a handwritten list of items with an approximate replacement value to a spreadsheet that includes those items, as well as model numbers and serial numbers.
The more information you have, the better it will be for both you and the buyer, as most attorneys handling the closing will use that list for a bill of sale receipt the buyer is going to want when they take over.