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201 GREAT IDEAS for Your SMALL BUSINESS, Third Edition by Jane Applegate

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GREAT 61 IDEA: Sell Your Business at the Right Time and Price

Business broker Colin Gabriel has this advice for entrepreneurs: hire someone to audit your financial statements and constantly update your business plan. Why? You never know when a buyer will show up.

“The best buyers are the ones who come knocking on your door because they have an interest in your company,” said Gabriel, founder of Gwent Inc. in San Diego, California.

In today's global economy, there are no boundaries for buyers. (See Great Idea #39 about foreign investment visas.) For example, Gabriel said he once brokered the sale of a New Jersey firm to a company in France that he found on the Internet. It gets even better: it didn't matter to the French buyer that the New Jersey–based ...

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