Selling Your Business: What Every Entrepreneur Should Know Before Taking the Leap

A pivotal moment… that you only get once

Too many entrepreneurs underestimate the importance of preparation before selling their business. Many believe that everything will come down to the potential buyer. However, according to Philippe de Gaulle, Leader – Due Diligence Services at Forvis Mazars, a successful sale requires careful planning ahead of the transaction. “Selling your business is usually a once-in-a-lifetime event. You need to make sure it’s done right,” he says. Preparation, he adds, is as much a personal journey as an organizational one. It’s also critical to surround yourself with advisors who are experienced in these types of transactions.

Asking the right questions as a shareholder

Before considering potential buyers, business owners must clarify their own expectations. It’s not just about setting a sale price; it’s about defining the kind of transaction they want. Are you looking to sell 100% of the company? Retain a minority stake? Stay on for a year or two to ensure a smooth transition — or exit completely? “You have to ask the hard questions: Is my company’s management structure (finance, IT, etc.) ready for a deal like this? What transaction structure am I aiming for? How long do I want to stay on afterward? Are my advisors real experts in this area?” Philippe summarizes. Considering these points early helps establish clear expectations and prevent major disappointments down the road.

Making your business self-sufficient

One of the most crucial aspects of preparing a business for sale is building a team capable of taking over daily operations and driving future growth. This means gradually delegating responsibilities, standardizing key processes, transferring client relationships, and strengthening overall governance. According to Philippe, this independence is one of the best ways to reassure buyers about the post-transaction transition. It shows the business can continue to thrive even after the founder steps away.

Getting your house in order

Selling your business also means scrutinizing every aspect of it. Buyers will conduct an in-depth due diligence review. That’s why it’s critical to ensure your administrative foundations are solid. “A well-structured business inspires confidence and makes the due diligence process much smoother,” Philippe explains. But preparation goes beyond paperwork. It also means modernizing internal processes and systems. As Philippe notes, “A business that has never updated its systems or is still operating with outdated tools can raise red flags for a buyer.” Replacing an outdated accounting platform, adopting a more powerful CRM, or automating certain administrative tasks may require short-term investment, but it can also positively influence a buyer’s decision. It shows proactive management and a commitment to performance.

Highlighting growth potential

What ultimately attracts buyers is the promise of a profitable future. That means presenting a realistic, well-developed growth plan. It should clearly demonstrate that the business still has strong potential, whether through new markets, product launches, efficiency gains, or innovation. This plan shouldn’t be a vague projection, but a strategic tool grounded in the company’s actual capabilities. Often overlooked, this lever can have a significant impact on the final valuation.

Planning the stages — with the right experts

When should you bring in an advisor or specialized firm? “The earlier, the better. It gives you more room to structure the transaction properly and makes the due diligence process much simpler,” Philippe says. Ideally, owners should consult a firm several months before a planned sale. This timeline allows for tax structuring, stronger governance, addressing any weaknesses, and strategic positioning. While it’s possible to accelerate the process, taking more time usually pays off. A firm like Forvis Mazars can act as a conductor, aligning tax, financial, and human dimensions. This coordination helps secure the deal, build negotiating confidence, and achieve better terms.

A process — and a personal transition

Finally, Philippe highlights an often-overlooked point: the human and emotional impact of selling a business. “Preparing for a sale isn’t just a tax or legal exercise — it’s also a strategic moment to think about the legacy you want to leave behind,” he says. What’s next? Retirement, a new project, mentorship, or a well-deserved break? These questions aren’t minor. They shape how you approach the transaction and the compromises you’re willing to make.

In short: Key steps to selling your business, according to Philippe de Gaulle

• Clarify your personal and financial goals: transaction type, desired conditions, post-sale role.
• Structure the business for independence: delegation, governance, support functions and IT aligned with your company’s size, solid middle management.
• Optimize tax structures and modernize systems: avoid surprises during due diligence.
• Build a realistic, compelling growth plan: highlight your business’s potential beyond its past results.
• Engage the right experts early on: turn the sales process into a strategic initiative.

Bottom line: Sell better, not just faster

Whether you’re planning to retire, pass the torch, or pivot your professional life, selling your business is a major strategic undertaking. With the right tools and tailored support, this stage can become a powerful opportunity for value creation for you, your employees, and the next generation of entrepreneurs. If you’re considering selling (or buying), Philippe de Gaulle and his team at Forvis Mazars would be pleased to help make the process as smooth and successful as possible.