Selling a business is a full-time job on top of the one you already have. Use this checklist to stay organized and ensure you don’t drop the ball on operations while we navigate the market.
Phase 1: Monthly Operational Vital Signs
-
[ ] Hit Your Forecasts: Buyers look for “momentum.” A dip in revenue during the sale process is the #1 reason for “re-trading” (price drops).
-
[ ] Maintain Key Relationships: Ensure your top 3 customers and top 3 employees feel valued. Do not mention the sale yet; focus on “business as usual.”
-
[ ] Freeze Non-Essential Spending: Avoid major capital expenditures unless they are critical for immediate revenue. Large, new debts can complicate the closing process.
Phase 2: The “Data Room” Readiness
-
[ ] Update Financials by the 10th: Have your P&L and Balance Sheet ready for the previous month immediately. Delays in providing data kill deal momentum.
-
[ ] Review Accounts Receivable: Clean up any “aged” AR. Buyers won’t pay for 90-day-old invoices that look uncollectible.
-
[ ] Organize Maintenance Records: Ensure all equipment, vehicle, or facility maintenance logs are up to date and documented.
Phase 3: Communication & Boundaries
-
[ ] Set a “Deal Hour”: Schedule one hour a day (ideally early morning or late evening) to talk to your broker. Don’t let deal stress bleed into your meetings with staff.
-
[ ] Defer to the Intermediary: When a buyer asks a difficult question about price or terms, use the “Buffer”: “That’s a great question for my broker, Michael Shea. Let’s keep our talk focused on operations.”
-
[ ] Stay “Deal Blind”: Avoid Googling the buyer or obsessing over the “what ifs.” Trust the vetted process we have in place.