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If you are thinking of selling your business then following this advice will help you maximize your sale price. And even if you are not thinking of selling yet, it's worth building these aspects into your business right from the start.

1. Be prepared. Most businesses change hands as a result f unplanned events such as changing personal circumstances. You may even be approached to sell.

2. Protect IP and Trademarks.

3. Formalise customer and supply contracts if possible. A written agreement is likely to be of more value.

4. Optimise stock turn and do regular checks on what might be obsolete.

5. Check and if necessary update your employment contracts especially in regard to redundancy provisions and requirement for staff notification in the event of a sale.

6. Make sure that your accounts are up to date and your management accounts accurate.

7. Ensure that your fixed assets register is current and only contains assets that belong to the company.

8. Eliminate the perks. Unravel personal expenditure from that of the business, it can make a big difference to value when it comes to sell.

9. If you are key and the business is big enough start training someone to take on your work and focus more on the business than in it. Managed businesses are attractive to a wider genre of buyer.

10. If you are too reliant on a few major customers expand that base this year.