Selling a Business: Your Six-Step Guide to Get It Right (and Get Paid)

So, you’ve finally had that moment. The one where you looked at your business and thought, “Maybe it’s time to move on and sell the business.” Maybe it was during a 2 a.m. payroll panic, maybe it was while sipping wine on holiday. Either way, welcome. You’re in the right place.

Selling a business is a bit like selling a house, except the wiring is more complicated and you can’t hide the leaky roof behind scented candles. You need a plan. A proper one. Not something scribbled on a napkin.

Below is your six-part guide to doing it properly—without losing your mind or undervaluing your hard-earned legacy.

Step 1: Get Clear on What You’re Actually Selling

Before you hang the metaphorical “For Sale” sign, stop and ask: What are you selling—shares or assets?

Selling shares means handing over the whole company—assets, liabilities, history, the lot.
Selling assets means you keep the shell, and the buyer just takes the juicy bits: IP, contracts, stock.

Think carefully. Do you want to keep the building? The fleet of cars? Your grandmother’s old desk? Also, understand what makes your business valuable:

Strong cash flow and profitability
Reliable systems
Intellectual property (that’s actually protected)
Recurring revenue streams
Loyal customers who don’t ghost you after the honeymoon phase

And who will buy it? There are generally two buyer tribes:

Trade buyers who know your market and want synergy.
Financial buyers who see opportunity for return. Think private equity, not your cousin’s mate with a trust fund.

Knowing your buyer changes how you present everything.

Case Study: Client sells company for an estimated €100m in cash and shares.

Step 2: Get Sale-Ready Like You Mean It

This is where most business owners start winging it. Don’t be one of them. Selling a business should start 6-12 months in advance (sometimes longer if you need to fatten the pig). Why? Because tidying up takes time. Here’s what you need:

A strategic plan you’re actually following
Solid, auditable financials
Well-documented processes
Legal documents that aren’t stuck in a dusty drawer
Clear employee responsibilities (and maybe fewer things that depend solely on you)

Build a strong management team and stop being the bottleneck. If the business can’t survive a week without you, buyers will smell the risk.

Oh, and speak to an advisor early. A good one. Preferably someone who’s done this dance before and isn’t just there to collect commission. A savvy advisor can save you from selling for the wrong reasons or at the wrong price.

Step 3: Package It Like a Pro

Now that your house is clean, it’s time to show it off—carefully. Start with a Teaser Document. Think of this as Tinder for business sales. It should be just enough to entice, without giving away the crown jewels:

What’s on offer
Key financial highlights
Industry position and potential

From there, your advisor will target qualified buyers. Be selective. No need to broadcast it to the office gossip or your competitors. Once they’re interested:

Get NDAs signed before sharing detailed info.
Share enough to confirm you’re legit, but don’t hand over the secret sauce just yet.

Step 4: Collect Offers and Sift the Gold from the Glitter

This is where you start to hear numbers—some flattering, some laughable. Buyers will send indicative offers (non-binding, but serious-ish). You’ll want to:

Check their financial capacity
Understand their intentions
See if the chemistry’s right (yes, even in business deals)

Shortlist your top 2–3 contenders. From here, things get deeper and cost you more time, and you don’t want to entertain tyre-kickers.

Discover how BridgePoint Group can help maximise your business’s value before going to market.

Step 5: Due Diligence Deep Dive and The Big Deal-Making

Brace yourself. This bit can feel like a tax auditor met a divorce lawyer and had a spreadsheet baby. Buyers want to know everything. And they’re right to. Wouldn’t you? They’ll look into:

Legal contracts (signed and dated, please)
Employee agreements and leave balances
Intellectual property ownership
Tax, compliance, liabilities
Systems and supply chain risks

The better your prep, the smoother this will go. Then comes the fun bit: negotiation.

Final price
Payment terms (cash? earn-out? performance hurdles?)
Handover terms (are you sticking around?)
Warranties, indemnities and maybe some sleepless nights

Done right, the structure can be a win-win. Don’t fixate on just the number—terms matter.

Step 6: Wrap It Up Like a Legend

You’ve done the dance, now it’s time to close.

Term Sheet: Agreement on key commercial terms
Legal Docs: Think Share or Asset Sale Agreement, employment transfers, lease assignments, IP documents, release of charges, and whatever else your lawyer thinks necessary (it really pays to take their advice)

Once everyone signs, the final step is Completion Day:

Keys, passwords, domain names handed over
Money hits your bank
A glass of bubbly (or three)

Also, remember the post-sale tidy up:

Transfer leases and licences
Lodge your final tax return
Cancel your ABN
Pay your taxes (yes, even now)

Then, and only then, may you ride off into the sunset or onto your next big adventure.

You’re Not Just Selling a Business. You’re Selling a Story.

Buyers aren’t just buying balance sheets. They’re buying potential. Promise. A system that runs itself. A brand that sticks. Staff who stay. Customers who pay. A business that ‘prints money’. So, give them a reason to believe. And, we’re not talking hyperbole.

Selling a business is complex, but with the right advice, the right prep, and a good dash of commercial charm, you can walk away not just with a cheque, but with your legacy intact.

Experienced advisers can help you navigate the sales process, spot improvements, and boost your business’s value before going to market. With the right team, you’ll stay on track and be ready to enjoy life after business. Get in touch if you’d like to know more.