Become a happy camper in retirement: seven steps in selling your business: follow this expert's approach and you will get more bang for the buck.

• Author: Keller, Paul

CNN Money reports that 35 million baby boomers are expected to retire between 2000 and 2020. If you are like most business owners planning on retiring in the near future, how you conduct the sale of your business may determine your ability to fund the retirement lifestyle you have earned.

The value of your business represents a significant percentage of your total net worth. You must get every last after-tax dollar and get paid in cash when selling your business. Here are seven proven strategies for receiving the most value for your blood, sweat and tears.

1. Preplan the sale of your business.

   This should not be a spur-of-the-moment decision. Rather, it should be well planned in advance, much the same as a home will sell rapidly and bring top dollar with the benefits of a strong market, good financing options, a new coat of paint, and flowers blooming in the yard.

2. Maintain complete confidentiality.

   It is vitally important that your employees, competitors and customers not be aware of your plans, as the loss of employees or customers can rapidly decrease both the value and marketability of your business.

3. Do not put a price on your business.

   Once you put a price on your business, you create a ceiling, and you miss the opportunity to find the ideal buyer who would have otherwise paid top dollar.

4. Recognize the importance of finding the right buyer.

   Most businesses don't have a value that is set in stone. Rather, they have a range of value. This means that different buyers will have different perceptions of the same business' value. Thus, it becomes important to pre-plan your confidential marketing effort to gain exposure to multiple buyers, especially synergistic buyers--those buyers who, because of their location, complimentary customer base, financial resources or market position, can profit more from owning your business and are therefore willing to pay more.

5. Recognize the risks in financing the buyer.

   Your objective should be to get "cashed out," as the risks involved in financing buyers are very considerable. A default can have a major negative impact on your...