PRACTICAL RESOURCE / BUSINESS OWNERS
Considering a sale? Start with the questions that matter.
You do not need to have decided to sell before exploring your options. Use these questions to prepare for a useful first conversation, without turning it into a full diligence exercise.
Define what a good outcome means
Separate the desire to sell from the result you need. A full exit, partial liquidity, succession, or a partner for growth may lead to different conversations.
Questions to consider
- What would you like to change about ownership or your day-to-day role?
- Which priorities matter beyond price: timing, team, brand, location, or a continuing stake?
Understand the business you would be presenting
Start with a clear account of how the business earns money and what supports its performance. Gaps are items to work through, not reasons to manufacture precision.
Questions to consider
- Can you explain recent revenue, margins, working capital, and unusual items?
- Where does the business depend on a particular customer, supplier, employee, or you?
Choose when and how to explore the market
An early conversation with an advisor does not require launching a sale. It can help distinguish preparation work from a process you are ready to undertake.
Questions to consider
- Is there a real timing constraint, or room to prepare?
- Have any buyers already approached you, and what has been shared or agreed?
Set confidentiality and decision boundaries
Agree who may know, what can be disclosed, and who approves each next step before outreach begins. Keep sensitive material out of an initial website inquiry.
Questions to consider
- Who within the business and ownership group needs to participate?
- What approvals and confidentiality arrangements should precede disclosure?
Evaluate the advisor's work, not just the pitch
Ask how the engagement would be run and who will do the work. Discuss fees, scope, exclusions, conflicts, and communication before appointing anyone.
Questions to consider
- Who owns buyer research, materials, outreach, and the day-to-day process?
- What would the first phase produce, and which decisions remain with you?
YOUR NEXT STEP
What to bring to the first conversation
A high-level description of the business, approximate scale, ownership situation, your objectives, and any timing constraints. Mention existing buyer discussions or advisor agreements. Detailed financials and sensitive documents can wait until scope and confidentiality arrangements are appropriate.
A useful next step may be a preparation engagement, a sale mandate, or simply a decision to revisit the question later. The purpose of the initial discussion is to establish fit and a sensible path forward, not to commit you to selling.
This guide is general information, not a valuation or legal, tax, accounting, or investment recommendation. Transaction structures and requirements vary; involve the appropriate advisers before acting.