You’re not alone. That’s what most business owners think, whether they’re five years or three decades into their business journey. But waiting until you’re ready to sell or have to leave the business because of life circumstances means you’ll likely end up like most of your peers: part of the 80% of businesses that go to market and never sell, or among the 70% of family-owned companies that never make it to the second generation.
It doesn’t have to be that way. With advanced planning and intentional strategies, you can exponentially increase the likelihood that you’ll exit on your own terms with clarity, confidence, and control.
Below are five readiness essentials that every business owner should start working on now, no matter your industry.
This article was originally published in the September 2025 issue of Independent Dealer.
If your financials are rock-solid, great. If not, now’s the time to clean them up.
That means accurate, up-to-date profit and loss statements, balance sheets, and cash flow analyses — all prepared in a way that a potential buyer or successor can easily understand.
It might also mean evaluating whether the advisors who’ve helped you so far are the right ones to position your business for a successful transition. Transparency and professionalism in your financials boost both your credibility and your valuation.
Can your business run smoothly without you?
Start documenting everything that keeps your operations humming from how you manage vendors and customers to how you deliver your product or service.
Create clear standard operating procedures (SOPs), integrate technology where it helps, and ensure that systems and processes are teachable and transferable. The more your knowledge is embedded in the organization, the more resilient and valuable your business becomes.
Your people aren’t just employees — they’re your company’s most valuable asset and the key to its continuity.
Identify those with deep customer relationships or essential skills and start preparing them for leadership now. Coaching, mentorship, and intentional development not only prepare your next generation of leaders but also make your business more attractive to buyers or successors.
A business that can thrive without being dependent on one person — especially the owner — is a business built to last.
In a world of sameness, your differentiation is your superpower.
Too many businesses are “the best-kept secret” in their market. Strengthen your brand, clarify your message, and communicate what truly sets you apart.
Whether it’s exceptional service, specialized expertise, community impact, or innovation make sure your market (and potential buyers) know your value. A well-defined and visible brand doesn’t just attract customers it attracts opportunity.
This one’s personal. A “good exit” isn’t just about the money. It’s about what matters most to you.
Maybe it’s keeping the business in your family. Maybe it’s rewarding loyal employees through an internal sale. Maybe it’s maximizing value and moving on to your next adventure.
Knowing your ideal outcome early shapes every decision you make from your financial preparation to who you hire and how you structure deals. Without that clarity, even good offers can create stress and second-guessing. With it, you can move forward with purpose and peace of mind.
Succession and exit planning aren’t about endings; they’re about continuity. They’re about ensuring that your business, your people, and your legacy continue to thrive long after you’ve moved on to your next chapter.
The best time to start was yesterday. The second-best time is today.
When you plan with purpose, you give yourself and your business the future you both deserve.
Are you ready for the peace of mind that comes from knowing your financial house is in order, your operations can thrive without you, your people are prepared to carry the torch, and your unique value is clearly understood by the market? Then let's make it happen together!
