The key factors that help a business owner get the best price from a third-party buyer are:
- Working with an experienced M&A advisor or investment banker who has broad relationships with potential buyers, not just a limited circle;
- Preparing a professional business valuation to provide credibility around the asking price and demonstrate the business's worth to potential buyers; and
- Proactively running a structured sale process to find the best potential buyers, rather than waiting for buyers to come to you.