A firm is a business, and most business owners think about selling their company as a future decision—something they’ll do when the time is right. But in reality, most business sales aren’t driven by a "want to" mindset. Instead, they happen due to unexpected life events: divorce, death, disease, or disenchantment.
That’s why building a future-ready company isn’t just about planning for a sale someday—It’s about creating a strong, resilient, and transferable business that can weather change and remain valuable, no matter what comes next.
Yet, the numbers tell a different story:
- 80% of businesses that go on the market never sell.
- Of those that do, only 30% sell at the original asking price.
- Many owners overestimate their company’s value or underestimate what buyers are actually looking for.
The good news? A business that is ready to sell is also a business that runs more smoothly, grows sustainably, and attracts new opportunities. Whether these five steps apply to you and your firm, or if you are advising your clients to help them understand their options, you can protect your business by careful planning and taking a proactive approach.
1. Create a business that runs without you
One of the biggest obstacles to a successful sale—or even a seamless transition to the next generation—is owner dependence. If the business relies on the owner for key decisions, relationships, or daily operations, it’s harder to transfer, and often less valuable.
📌 Hidden risk: Many business owners think they can step away at any time, but when buyers see that all decisions flow through one person, they see risk—not opportunity.
Steps to take now:
✅ Document key processes: Standardizing how work gets done makes the business more efficient today and easier to transition in the future.
✅ Empower your team: Strong leadership and cross-training ensure business continuity, even if the owner steps away.
✅ Build client and vendor relationships beyond the owner: Buyers want to see a team, not just a founder.
A business that can run without the owner is a business that’s built to last.
2. Get clear on financials: It’s the first thing buyers look at
Many business owners assume their company is worth more than it actually is. But buyers and banks look for clear, accurate financials that tell the real story.
📌 Hidden risk: Nearly 70% of businesses that do sell go for less than their asking price, often because their financials don’t justify their valuation.
Steps to take now:
✅ Keep financials updated monthly: Buyers want to see performance over time, not just annually.
✅ Separate personal and business expenses: A clean financial record makes valuations clearer and negotiations easier.
✅ Diversify revenue sources: Businesses with one or two large customers are seen as high risk, making them harder to sell.
Even if a sale isn’t in your immediate plans, financial clarity makes your business stronger today.
3. Protect your team and keep key employees engaged
One of the most overlooked risks in a business transition is losing key employees. A strong team adds value to the business; buyers want confidence that employees will stay after a sale.
📌 Hidden risk: If buyers worry that key employees will leave post-sale, they may walk away from the deal.
Steps to take now:
✅ Create a leadership development plan: Identify future leaders and invest in their growth.
✅ Use retention incentives: Competitive compensation, profit-sharing, or equity can help keep key employees engaged.
✅ Make succession planning part of company culture: A team that sees a future with the company helps ensure long-term stability.
Focusing on employee engagement and leadership development strengthens your business now and increases its future value.
4. Life happens: Have a contingency plan
Every business owner will eventually exit their company, whether by choice or circumstance. The businesses that thrive beyond their original founder are the ones that have a plan in place.
📌 Hidden risk: Businesses with revenues under $500K have a much harder time selling than those earning $2.5M+, largely because larger businesses have more structured operations and leadership in place.
Steps to take now:
✅ Get a valuation every 2 years: Business value shifts with market conditions; knowing where you stand helps with planning.
✅ Create an emergency transition plan: If something happens tomorrow, who steps in? How does the business continue running?
✅ Align business and personal finances: Many owners rely on their business as their primary retirement asset, which can be risky.
A strong business isn’t just about today’s success—it’s about ensuring it can thrive no matter what comes next.
5. Think like a buyer, even if you never plan to sell
One of the most valuable things an owner can do is step back and look at their business from an outside perspective. Would a buyer see it as a well-run, scalable operation or as something too risky to take on?
📌 Hidden risk: Many business owners assume their company is ready for a transition until they actually try to sell and realize it’s not structured in a way that makes it attractive to buyers.
Steps to take now:
✅ Standardize processes and workflows: The more repeatable and efficient your business, the easier it is to transition.
✅ Focus on profitability, not just revenue: Buyers look at cash flow and sustainability, not just top-line sales.
✅ Adopt a readiness mindset: A business that’s ready for sale is also ready for growth, investment, or leadership changes.
Final thought: Business readiness = business strength
Preparing your business for the future isn’t just about selling—it’s about ensuring its long-term success.
A future-ready business is one that:
✔ Runs smoothly with or without the owner.
✔ Has clear, well-documented financials.
✔ Retains and engages top employees.
✔ Is structured to handle leadership transitions.
✔ Attracts opportunities, whether through sale, investment, or growth.
The best time to start preparing was yesterday. The second-best time is today.
