A business broker markets the business and screens buyers, and is usually used for smaller businesses. A corporate finance adviser runs a structured process for larger deals. You can also approach competitors, suppliers or customers directly, sell to your managers, sell to your employees through an Employee Ownership Trust, or list on an online business-for-sale marketplace.
Market the business with an anonymous summary, and ask for a non-disclosure agreement before you share detailed information.
A management buyout can give staff and customers continuity and is easier to keep confidential. The managers often need outside funding, and you may be asked to take part of the price later or to link it to future results (an earn-out). If you accept deferred payment, take security over the business's assets in case they cannot pay.
Set up an Employee Ownership Trust
Sell a controlling interest to your employees through an Employee Ownership Trust