Selling your company may be far off into the future, or it might be just around the corner. Either way, understanding what influences how much your company will sell for can ensure you get the best price for all your years of hard work. After all, you’ve spent countless hours, consulted advisers, and poured over data to ensure the success of your business. At the end of it all, don’t you want to have something to show for it? Knowing how these four things affect the sale of your business can make sure you get the most out of the succession of your business.

1. Your business plan 
Your business plan is like a road map for your business. Ideally, it’s well researched with input from financial advisers. Then, that research informs your next steps. A business plan is a tool that helps to establish the value of your business. Having a well-informed value of your business will allow you to sell your business for an accurate price.

2. Market Conditions
Similar to the financial crisis that affected the housing market a few years ago, there are opportune times for buyers and sellers in business, as well.

3. How you compete in your industry
If your financial performance exceeds your competition, your company will be worth more. Conversely, if your business is struggling and your competition is outperforming you, the value of your business will be less.

4. Growth prospects
No one will want to buy your company if there is not a potential opportunity to grow. Your business plan can detail your growth prospects, thereby helping your company sell for the best possible value.

Do your due diligence now. Take a good look at your company to see if any problems could arise from these four factors at the time of a sale. Knowing possible issues now can make sure you get the best price for your company and will ensure a smooth sale.