The best possible exit is one in which a competitor, a supplier or a customer wants to buy your company because you offer a strategic advantage to his company.
If you go on the road trying to sell your company it immediately begs the question, why isn't the owner interested in keeping this company? Even if you have a good answer it will not help you to defend your price.
Ignoring for the moment the crazy valuations that we occasionally see in the social media arena, a company which provides services (i.e. sells the hours of it's employees) will typically be purchased at 1 to 2 times its annual revenue depending on a great many factors. A company with an exciting physical product and recurring revenues (like royalties or license fees) might sell for 4 to 6 times revenue. The multiple of sales is higher if the sum of the two companies is greater than the parts, i.e you have a better product and they have the sales network to really make it big!
If you want to maximize your company's sale price you are best to concentrate on growing your business, make trouble for your competitors, and improve your profitability. You will never be so attractive to an acquirer as when you look like you don't need to sell.
