Handing over the keys

Nation's Business, Dec, 1997 by Roberta Maynard

When getting ready to sell a small business, an owner should allow two to three years' lead time, according to Alan J. Sharfstein, president of DAK Corporate Investors, Inc., an investment-banking firm in Rochelle Park, N.J.

Owners should use that time to spruce up the business, organize records, eliminate lagging products or divisions, and ensure that other aspects of the business are in order. Be prepared to sell earlier than planned if the right offer comes along, Sharfstein advises, and also be ready to wait out an economic downturn if one occurs.