Scout for Buyers
The most important step in selling your business is scouting for buyers. Spread the word around, and if necessary, advertise. As a first step, look around for buyers from within the business' internal environment, such as an employee, supplier, the accountant, or someone else. Such buyers can run the business well as they are already aware of the products/services, the markets, suppliers and customers.
If no buyers come, approach competitors in the same industry. Competitors benefit from such purchases by increasing their market share, and improving their financials. At times, the low turnover and the inevitability of such support services may make the business inviable. A competitor taking over the business can eliminate the support service, and add the turnover to the parent concern, and thereby leverage the benefits of economies of scale. At times, approaching someone totally new may be a good idea, as such people may pay a premium to buy their way into the industry, and to avoid having to start from the scratch and face risks.
Scouting for buyers requires the fine art of spreading the word by all means possible to attract sufficient quality buyers, but also identifying good buyers from bad, and engaging such good buyers one-by-one without cutting off anyone until a deal is struck.