you are thinking of selling your company. Getting the highest price and the deal structure you hope for is a top priority for you and your investors.

In the end, remember that selling the company will be an important life event for you and many others. If you have built the company, do not underestimate the emotional impact the process and the sale will have on you.

Achieving these goals will only come from assembling a top-flight team of advisors and preparing the company and yourself for a difficult and lengthy process.

For some sellers, price can be important, but other factors such as job security for the employees, buyer assumption of liabilities, or guaranteed payment of the purchase price upon sale will be more important.

Press reports about the purchase of multi-billion dollar companies often imply that these transactions are fast decisions by the buyer and seller — much like buying a used car from a dealer’s lot. Occasionally that may be the case, but more often and particularly for smaller and mid-sized companies, the selling process is long and complicated.

If your objective is to maximize the value of your company, you may need several years to prepare the company and develop the relationships necessary to sell the company.

Start by answering the following questions:

Why am I/we selling the company?
Who is likely to buy the company?
Why would they buy it?
Do I have the right management team and advisors to make this happen?
What will the company have to look like to realize the highest value?
What is the compelling story about this company that will close the deal?

Reasons for selling the company could be investors want to realize gains or cut loses, the founder/owner wants to retire, or a major infusion of capital or access to markets is needed to grow the company to its potential.

Your motivation for selling must be matched to buyers who can be motivated to buy a company in your company’s circumstances. Be creative about who a buyer might be — a strategic investor, competitor, financial investor, customer, supplier, chief executive looking for a new gig, company who wants your IP address, customers, brand, management or real estate, or a company who wants to enter your geographic territory.