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Alan Rubin is a member of the law firm Cole Schotz P.C. in its corporate and business transactions, and tax, trust and estates departments. His practice includes advising on mergers and acquisitions, planning joint ventures and more.

We asked Alan for three things to put at the top of your to-do list if you are looking to monetize the value of your business.

1.

Consider the business and personal timing for implementing an exit strategy: Is the business on an upward (or downward) trajectory? Will there be significant long-term investments/commitments required to protect the business going forward? Are long-term arrangements about to expire? How is your health? Is there an internal succession plan? All of these can argue for a liquidity event sooner or later.

2.

Consider what your business could realistically be worth: You may have had some recent valuation exposures in connection with a financing. You can consult with your accountant or chief financial officer. There are many formulae that could be used, although the only one that ultimately matters is what a buyer is willing to pay.

3.

Consider engaging experienced professionals to assist you in planning your next moves: This will start with legal counsel to protect your interests. Then, it may be prudent to engage an investment banker to help package and market your business. Your counsel will assist in the engagement process with the bankers to be sure you do not obligate yourself to an uneconomic arrangement.