1. Define your own objectives
Write down what a successful outcome means: liquidity, full or partial exit, timing, your future involvement and the continuity you want for the business. Rank these priorities before evaluating offers.
2. Build a consistent financial story
Gather historical accounts, recent management reporting, debt information and forecasts. Explain differences between sources and separate recurring performance from exceptional events. A buyer should be able to follow the reasoning.
3. Make dependencies visible
Identify customer and supplier concentration, reliance on the owner, key team members, operational bottlenecks and significant contracts. Decide which issues can be improved before a process and which must be explained.
4. Support the growth plan
Describe where growth should come from and what it requires: investment, people, capacity or market access. Show the evidence behind the plan and the assumptions that remain uncertain.
5. Plan information sharing
Start with an agreed presentation strategy. Define what is shared, with whom and at which stage, alongside confidentiality arrangements and the responsibilities of the advisers.
6. Prepare to compare offers
Use a common comparison framework covering payment timing, conditions, funding, future involvement and obligations as well as price. Keep the framework connected to your objectives.
Your first conversation
You do not need all the documents ready. Bring a general overview, your reasons for considering a sale and the questions you want to resolve. The next step is to agree whether and how to prepare.