How to Get Ready to Sell Your Business

By Michael D. Rubin, CEO & Founder · Updated September 2026 · 721 words

Getting ready to sell starts with five decisions, not with a listing: what you want from the sale, how involved you will be, how you will keep the business steady, how you will keep the sale quiet, and whether every owner agrees. Settle those early and the rest of the work, from records to valuation to buyer outreach, has a clear direction.

Few owners ever feel fully ready, and that is normal. You did not need to plan your exit on the day you opened. You do need to make these decisions before the first buyer calls.

Decide what a good outcome looks like for you

Price is only part of it. Before anyone puts a number on your company, write down what you actually want: a clean exit or a few more years in a smaller role, all cash at closing or a willingness to carry part of the price, a buyer who keeps the name and the staff, a date you want to be finished by. These answers change which buyers fit and how offers should be compared. They also let an advisor tell you honestly whether your goals and the market line up. If you have not thought about what you will do after the sale, start there; owners with a next chapter planned make calmer decisions at the negotiating table.

Choose how involved you want to be

Running a company is a full-time job, and so is selling one. A good advisor carries most of the sale work: preparing the marketing materials, finding and screening buyers, fielding their early questions and negotiating for you. Some owners want to hear only about decisions that need them; others want to see every inquiry. Either works, as long as you say which at the start. What you should not hand off are the big calls, such as which offer to accept and on what terms, and the facts only you know. Our answer on what an M&A advisor does during a sale sets out the division of work.

Keep the business steady while it is for sale

Buyers pay for a track record and then watch whether it holds during the months of the sale. A sudden drop in revenue, a key hire leaving, a large new expense or a change in how the company operates all raise questions, even when each has an innocent reason. Hold off on major changes unless they are clearly good for the business and easy to explain. If something unexpected happens, tell your advisor at once so it can be presented before a buyer finds it.

Plan confidentiality before anyone is contacted

A leaked sale can cost you employees, customers and ground to competitors who tell your clients you are on the way out. Confidentiality is designed in advance:

• Buyers first see a blind profile that describes the company without naming it
• No one gets details until they sign a confidentiality agreement (NDA) and show they can fund the purchase
• Sale documents go to a personal email address, not the company server
• Buyer visits happen after hours or away from the premises
• You and your advisor decide who inside the company is told, and when

Get partners and co-owners aligned early

If you share ownership, talk about a future sale long before a buyer appears. Partners often differ on price, timing and whether to stay after closing, and a buyer who senses a split will either walk away or use it in negotiation. Review your partnership or shareholder agreement for approval rights and buy-sell terms, and pick one person to speak for the owners. Your transaction attorney can tell you what those documents actually require, and closing a gap now costs far less than closing it with a buyer waiting. Our answer on keeping a sale confidential from employees, customers and competitors also covers how co-owners handle inside questions.

How we help owners get ready

At MDR & Associates a principal of the firm is in every negotiation, and our VP of Client Engagement is your day-to-day contact while the company is marketed, so you stay informed without being pulled out of the business. You can meet the team before deciding anything. The first step is a free, confidential discovery meeting and opinion of value; for a quick range first, use the valuation snapshot.

Where this fitsExit planning for Texas business owners →

Questions owners ask next

Do my records need to be perfect before I talk to an advisor?

No. Bring what you have, ideally three years of financial statements and tax returns, and an advisor will tell you what needs work. Records that reconcile matter more than polish. Cleaning them up is often part of the preparation, and it is far better to learn what buyers will question before they see it.

What if a buyer approaches me before I am ready?

Listen, but do not share financials or agree to a price on the spot. An unsolicited buyer is one bidder facing no competition. Ask for an NDA before any detail, and talk to an advisor about testing the market. Often the right answer is to prepare properly and invite that buyer into a competitive process.