9) Be realistic but firm on pricing. Pricing the deal too low at the outset will attract the wrong type of buyer and put your process in a downward spiral. Pricing it too high will keep everyone away.

10) Close quickly. When the economy is booming, companies become inefficient. They staff for growth. They build redundancies into every aspect of their operations. They take risks, and they make a lot of acquisitions. A healthy economy provides ample revenue to fund inefficiencies and failed acquisitions.

In a downturn, everything changes. Cash flow is tight, and mistakes can be fatal. This is your chance to streamline operations, sell non-core assets, and ride out the storm. This is the hard part of the cycle, but it is also the part where you do the best work for your shareholders. This is the time when you position for real growth, and real value creation.

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