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A recent article in D&B Small Business Solutions quoted Venable Business Transactions Group co-chair Charles J. Morton, Jr. The article, titled "How to prepare your business for sale," shared tips from industry leaders and entrepreneurs on how to sell a business in today's tough economic times. The sources cited in the story all agreed that it's never too early to begin planning for the eventual sale of a business.

"Place your business in a position to sell well before you actually need to sell," said Morton. "This effort should include having your corporate records in order and knowing what the drivers of value are for your business in the marketplace."

According to the article, the appeal a business has to serious buyers usually comes down to the price. Morton encouraged business owners to "set a price that’s fair given the current conditions in the economic cycle."

"Trying to time the market and extract every penny out of the business is often a mistake," he said.