Taxes: For the most part, business owners focus too much on the valuation of their company. Yet, they fail to realize that taxes can have a significant impact on the ultimate payday.

For example, if the sale is in the form of an asset purchase, then the taxes can be substantial (this is when you essentially sell your company asset-by-asset). On the other hand, if you use an entity structure (which means you sell shares in the company) you are likely to get a much lower tax rate.

Of course, there are some important estate planning considerations, such as gifting. In other words, it's vitally important to have a qualified CPA to help out.

Timing: This is crucial for getting a strong valuation. According to Don Daszkowski, who operates BusinessMart.com: "I see many small business owners wait until their sales take a dive and then they decide to sell. This will cause them to receive a much lower sale price. The ideal time to sell your business is when your sales are in an uptrend."

In fact, it's a good idea to prep your business for the sale. That is, you should find ways to improve sales and cut unnecessary expenses. For example, you can work longer hours, try to nab more customers, and use new types of marketing, such as online advertising. Also, review all your costs. In most cases, you can negotiate existing arrangements or even move to new vendors.

Noncompete: You'll probably have to sign one. Basically, this forbids you from re-entering the industry for a certain period of time.

While some business owners think this is no big deal, it's still worth thinking about. After all, many don't like retirement and want to get back into the business.

As a result, try to narrow the range of a noncompete, as well as the time period (say two years or less).

Liability Exposure: Unfortunately, after the sale of a business, there may be litigation. The upshot could be enormous liability for the business owner.

However, there are ways to deal with this, such as with carefully worded representation/warranties and indemnification. Again, these are complicated matters and really require the assistance of qualified legal counsel.

Also, there are some good books on the topic, such as The Complete Guide to Selling a Business.

Tom Taulli is the author of various books, including The Complete M&A Handbook and the founder of BizEquity, a free online business valuation tool for small businesses. You can reach him at his personal blog.