Do you want to retire but are worried that selling your business will be a costly and time-consuming process? The good news is that selling a business on your own can be an incredibly cost-effective and smooth process. With the right preparation, selling your business on your own can be one of the best decisions you make when retiring.

As a business-owner, you know the ins and outs of your company like no one else. You know how many clients you’ve served, the details of your financials, plus any other key points that would be a red flag to potential buyers. Because of your intimate knowledge of the business, you’re already halfway there when it comes to selling it. Here are some of the other benefits you can enjoy when opting for a “business for sale by owner” approach:

1. Lower Selling Costs – Selling a business without utilizing a broker or any other third party can not only help you save money, but often that money can be spent on improvements to the business, resulting in a quicker sale.

2. Privacy and Anonymity – Selling a business on your own allows you to retain more control over the process and keep your business dealings private.

3. Negotiating Power – With a “business for sale by owner” approach, you’ll remain in the driver’s seat throughout the entire process, ensuring that you get the best deal possible.

4. Your Time is Yours – Selling a business on your own allows you to control the timeline for selling. You can set your own deadlines and meet them without outside pressure.

Of course, selling a business on your own requires dedication. As the business-owner, you’ll be in the business of selling as well as running the company. This means that you must stay on top of marketing the business, ensuring that the business looks attractive to potential buyers, and making sure that your business has a good financial standing.

Despite the extra work that comes with a “business for sale by owner” approach, there are numerous positive benefits of opting for this option when you’re looking to retire. Doing so can save you time, money, and stress by allowing you to have full control of the selling process.