At 13, you started mowing lawns in the neighborhood; now you're approaching retirement with a successful landscaping business that's still going strong. Sure, you could just close down and let your competitors fight over your clients, but why? Your assets, your reputation, your name all have value. But how do you find the person who wants to buy that?

Although many small business owners have a 'second in command' or relative to whom they can pass on or sell their business for an agreed upon price, there are lots of others seeking an outside buyer. If you're in the latter category, a business broker can analyze the value of your holdings, help you come up with a price, promote and market your business, and help you close the deal.

A major benefit to hiring a broker is their experience. Check out your potential broker's references and credentials. Talk to previous clients of theirs; check with the chamber of commerce and other resources. Make sure your business broker fulfills state requirements. The bigger your business, the greater the level of sophistication you'll need. For larger businesses your broker may actually be an investment banker or other professional.

Next to your family, your business is probably the most important thing you've built in life. You want a broker who understands that; someone with whom you can communicate effectively; that you trust thoroughly to communicate information about your business to potential buyers.

How much will a local business broker's services cost? Generally, about 10 percent of the sale price. Selling a business in a competitive field can be delicate. You want your broker to be professional, discreet and savvy; to maintain confidentiality, where necessary, for you to retain your clientele or attract potential buyers without giving too much away. It's important your broker understands the benefit of controlling the flow of information and tailoring his presentation on your business to potential buyers.

Even if you're passing your business on to your eldest offspring, a business broker can help facilitate the transaction. They can make sure everyone understands the worth of the business, whether they're buying it or assuming the leadership role from within. Benchmarking the value of your business with a broker is also a good idea when passing it on should the new owner be interested in using it as collateral for expansion or other improvements.

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