You need to start looking at your company as an investment portfolio. Keep in mind that you are building an asset.

Tips for buyers:

1. If you are planning on buying a business, balance your household budget and start saving money.

2. If you’re getting into business for the first time a lot of the credit decisions you’re going to make, since you don’t have a business history, are going to be based on what you do personally. So if you manage your household budget properly, you pay your bills on time, and you have savings then that is the number one step to selling yourself up to becoming a business owner.

Tips for sellers:

1. You need to have your business packaged properly.

2. Have the right asking price.

3. Understand the terms under which businesses are sold.

To get some tips on how to be a smart business buyer and seller, tune in on Thriving Entrepreneur with Steve Kidd and David Barnett.