Most business owners only start thinking about selling when they're already halfway out the door—retiring, chasing a new opportunity, or responding to a tempting offer. But here's the catch: thinking your business is “ready” and actually being ready are two very different things.
I've seen it time and again—owners who've spent years building something great, only to lose momentum (or money) at the finish line because a few key things weren't in place. So if an exit is even remotely on your radar, here are a few areas worth tightening up—long before you start talking to buyers.
1. Get Your Financials in Shape
Buyers don't just want to see that you're profitable-they want to trust your numbers. If your books are messy, outdated, or inconsistent, expect questions… and discounts. Accurate, well-organized financials go a long way in building credibility.
2. Tidy Up the Shareholding
A confusing or outdated cap table (your shareholding structure) can throw a wrench into the deal. If there are unresolved ownership issues or forgotten promises from years ago, sort them out now. Clean structure = smoother negotiations.
3. Don't Be the Business
One of the biggest turn-offs for buyers? A business that can't run without its owner. If you're the glue holding everything together, it's time to start letting go-delegate key responsibilities, build up your team, and show that the business can thrive without you.
4. Lock Down Your People and IP
Make sure employment contracts are up to date, roles are clearly defined, and intellectual property belongs to the business—not individual staff. A buyer wants reassurance that the knowledge and value in your business won't walk out the door the day after you do.
5. Consider Getting Audited
While not essential, having independently audited financials adds a layer of trust and polish. It tells buyers you take the business seriously-and that there won't be any surprises hiding in the numbers.
6. Know What You Owe
Unseen liabilities are deal-breakers. Be upfront and clear about any debts, leases, or legal obligations. The more transparent you are, the better your chances of keeping the deal on track.
7. Have a Buyer in Mind
Not every business is for everyone. Think about who your ideal buyer might be—another company in your industry? A competitor? A private investor? When you understand who you're targeting, you can position the business in a way that speaks directly to them.
At the end of the day, selling your business isn't just about hitting a number—it's about setting the stage for a clean, confident handover. The earlier you start preparing, the more options (and leverage) you'll have when it's time to make your move.
So even if you're not planning to exit tomorrow, think of exit readiness as an investment in your business's future-and your own.