Selling a business - you have been approached to sell your business, what do you do?

Selling a business - You have been approached to sell your business, what do you do?

If someone’s knocked on your door to buy your business, it’s exciting—and a bit terrifying. In this episode, Michelle and Stacey (both accountants and small-business owners) lay out a practical roadmap so you can move from “surprised” to “in control.”

1. Get clear on where the value actually is

Every business is different, so start with your unique value drivers:

• Customers/clients: Size, loyalty, lifetime value, churn.
• People: Key staff, leadership bench, culture.
• Intellectual property: Brand, formulas/processes, proprietary tech.
• Suppliers & contracts: Preferred pricing, exclusivity, strategic relationships.
• Location & market position: Foot traffic, territories, market share.
• Technology & processes: Systems that create speed, quality or margin.

Tip: Don’t take your “special sauce” for granted—an outside perspective often reveals value you’re too close to see.

2. Understand the purchaser before you negotiate

Not all buyers want the same thing. Are they after your customers, your tech/processes, or your footprint? Aligning your pitch to their goals helps you protect price and terms. Personality and working style matter too—there’s a human marathon between heads-of-terms and completion.

3. Decide your exit shape early

Be explicit about what happens after the sale:

• Will you stay on for a handover (and for how long)?
• Or are you planning a clean break?
• What support is the buyer expecting?

Misalignment here can derail deals. Decide now, not at the eleventh hour.

4. Translate “value” into a defensible dollar figure

Great stories still need numbers. If you’re not financially minded (or you just want a sanity check), get help from an advisor. Be realistic: overpricing drags processes out; underpricing leaves money on the table.

5. Build your expert bench from day one

• Tax specialist (AU): Small Business CGT Concessions can be powerful but complex—plan early to avoid costly structuring mistakes.
• Commercial lawyer: You need clear, readable contracts, a practical approach, and awareness of tax implications. Choose a lawyer who does transactions, not just general business matters.

6. Stage your information release

Protect the crown jewels. Use NDAs and a phased data-sharing plan:

1. Teaser & high-level pack (to test seriousness).
2. Detailed pack for qualified buyers.
3. Full due diligence once you’re confident in intent and capability.

This keeps tyre-kickers out and reduces IP leakage risk.

7. Look after your team (and your deal)

Timing staff communication is delicate. Too early and you risk anxiety and attrition; too late and you risk trust. Consider whether the buyer wants your people (often a key value driver) and plan messaging that keeps motivation high through the process.

8. Decide who should negotiate

Owners often know the business best—and can be effective negotiators with coaching. But if emotions run high, consider your accountant, a broker, or a trusted advisor to lead or co-lead. The right choice is the one that gets the best outcome while keeping you grounded.

9. Manage risk and momentum

Leaks, customer jitters, buyer financing delays—these are real risks. Counter them with:

• A deal timetable with clear go/no-go points.
• Data readiness (financials, contracts, HR info).
• A “red flag” list (e.g., buyer stalling) and a plan B.

What’s next in the series?

In Episode 2, Michelle and Stacey dive deeper into working out the real value of your business—beyond just the numbers—so you can price confidently when opportunity knocks.

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