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Business owners spend most of their time focusing on increasing the value of their business. So when the time comes to sell, getting the best price is often very important, but it's only one aspect of the transaction. You need to take specific legal steps to ensure the process goes smoothly. Luckily, most business sales follow a well-defined set of steps, and you can enlist the help of an experienced lawyer to ensure that you and the buyer meet all requirements and legal obligations. Here is what to expect when you sell your business. nitial Valuation and Declaration of Intent The first step to selling a small business is the declaration of intent. This is normally done through a letter or advertisement in which you announce your intention to sell a business. This step begins the sales process and turns the negotiations from casual discussion into serious deal-making. Often, a seller has already discussed the sale with potential buyers before drafting the letter of intent. However, the publishing of this declaration makes the negotiations more formal. Basically, the letter of intent outlines the terms for the sale. Though there is room for negotiation, it is important to have a reasonable valuation in mind before starting this process. A professional business appraisal can be worthwhile. Appraisers may find additional value in your company. While they will count assets, sales, and projections, they can also measure intangibles.