The end of 2012 is approaching fast. Although the weather says Fall the retail stores say Christmas, and that should be every small business person's signal to seize the time if (s)he plans an exit in the next three years. 
The economy for most small businesses has been stagnate for the last four or more years. However, many baby boomer small business owners are thinking more and more about retirement whether or not their businesses are generating historic revenues. The fact is, in order to exit your business, whether through a sale, a family or employee succession/transition, a merger or liquidation you must have a plan.
As a small business owner, you know that even the best outlined plans don't always actualize they way they were intended. But, I promise you, your exit strategy WILL NOT happen successfully without a carefully designed plan.
First, talk honestly to your accountant about your plans, dreams, vision or thoughtful ideas for an eventual exit. (S)he will explain the importance of what to prepare for before the end of this year - particularly if you wish to leave within the next three years. All business sales are based on the past three years of financials. Therefore, if you have even a small idea that you might want to get out before the end of 2015 what you do RIGHT NOW matters. Your accountant will be able to advise you about whether or not to take advantage of tax savings, depreciation, write-offs and so much more. Many retail businesses see the majority of their cash flow and revenues between now and the end of the year. Letting your accountant know where you are with your thinking about an exit will guarantee you more money in your pocket in the end.
Second, every small business tends to do a good amount of business in cash. Often that cash is not clearly identified in the books and records of the company as well as it should be. It is often used for miscellaneous/petty cash expenses and not recorded well. If you truly want to sell your business for its true value now is the time to clean up this sloppy practice. Buyers are looking for businesses with clean books. Clean books is defined as a prepared ledger of income and expenses that represent the accurate operations of the business. I have worked with many women small business owners who tell me about the successful cash transaction happening daily that don't make it into the records. These cash transactions will be the difference between making a sale or breaking a sale.
Third, every small business has key employees that add value to the valuation of the business. Many times these employees always add value to the good will of the business. The end of the year is a perfect time to create an employee contract with these team members to ensure their continuity with the business. In a very small business this may not be necessary, but if you, the woman business owner, are not planning to stay on with the business the key employees will be critical to the sale. You would be surprised how often employees are thrilled to be asked to sign an agreement/contract with the business that offers them a place with equitable benefits and salary increases if signed. Employees want to be appreciated and respected just as you, the owner, wants to be clear about their future plans.
Finally, don't allow yourself to fall into the 58%+ category of small business owners who have no plan or the 33% who have only an informal non-written plan. And, make xcuses such as: don't want to deal with family/employee issues, don't know where to begin, it's too early, too intimidating, too time consuming or, the worse one of all, I don't plan to ever sell. The truth is too many small business owners, male and female, exit by closing the door, letting employees go, vendors go, customers wanting more, and leaving cash on the table --- all because they became burnt out and just wanted out.
Every business has value -- it is up to you to make sure you plan to exit with yours.
