This paper provides practical guidance to government officials charged with managing case-by-case privatization programs. It identifies the key steps for privatization, describes sale options and the processes for carrying them out, and examines special conditions. It outlines how governments should undertake case-by-case privatization by identifying basic principles and common challenges, describes various methods for valuing state enterprises, and explains the role of financial advisers and sales agents in valuing candidates for privatization and developing sale options.