Selling your business: why good exits are built long before the deal

When Roger Bannister broke the four-minute mile in May 1954, he didn’t just turn up at the track on a whim to see what happened.

Similarly, when Sabastian Sawe in April 2026 became the first person to run an official sub-two-hour marathon, it wasn’t his first crack at distance running.   

In both cases, success was built well before race day. Long hours of training, preparation, nutrition planning, expert advice, support and coaching. Bannister’s and Sawe’s respective efforts were the culmination of weeks, months and years of laying the right foundations. 

Few business owners ‘just’ decide one day to sell their business. And if they do, the actual sale doesn’t happen overnight any more than a four-minute mile does.  

In reality, the decision is usually driven by a mix of personal timing, market conditions, and the occasional curveball that forces a decision. Just like every business is unique, so too is every exit and the path towards a successful outcome.   

Why owners decide to sell their business

Age and succession  

Many owners reach a stage where they want to step back, but don’t have a clear successor in place. If age is a factor, there can be a desire to get things done as quickly as possible. If there’s no next generation ready to take the reins, selling becomes the logical route.  

Timing  

Markets don’t stand still, and neither do valuations. A strong trading period, a buoyant (or sluggish) sector, or increased buyer appetite can quickly shift expectations. For some, it’s about spotting the window and acting before it closes. For others, it’s the arrival of an unsolicited offer that changes the picture overnight. An approach out of the blue can crystallise value in a way that’s hard to ignore, even for owners who weren’t actively thinking about an exit.  

Emotion  

It may sound counter-intuitive, and not something that advisers generally talk about, but finances are often only part of the story. What tends to carry more weight than people expect are the personal and emotional drivers.  

Running a business for years, often decades, builds a deep connection. It becomes part of someone’s identity. That creates a tension at the point of exit.  

While there’s an opportunity to realise the value that’s been built, there’s also the question of what happens to the business, its staff and customers under new ownership.  

That’s where cultural fit becomes critical. The best outcomes tend to follow alignment between seller and buyer beyond the numbers. If the acquiring party understands the business – how it operates, what it stands for, and the established culture – the transition is smoother. We’ve seen owners accept a lower price to feel more comfortable with what’s likely to happen in the business once they leave.  

Plan for a sale from day one (even if you never sell) 

Regardless of the ‘why’ behind the deal, there’s frequently a common factor: how often business owners underestimate the level of preparation required.  

Many owners only start thinking seriously about an exit once the decision has effectively been made. That approach can limit options and, in some cases, value. By contrast, those who plan ahead put themselves in a much stronger position. 

The strongest businesses are run as if they could be sold at any point – even if that’s not currently on your radar – whatever happens you create a stronger, higher-performing organisation. 

Then once a sale is on the agenda, there’s less heavy lifting to do. Private equity houses are very alive to this, and treat an exit as a process that starts the day they invest. Most owner-managed businesses treat it as a final step.   

That preparation isn’t just about the numbers. Of course, financial performance matters, but buyers will look well beyond that. They want to see a business that can stand up to scrutiny around its systems, processes, and documentation. In simple terms, the business needs to be ready for someone else to pick it up and run with it.  

Where things often go wrong is when owners focus too heavily on one dimension, usually financials, and overlook the rest. Market positioning, leadership capability, operational resilience – these all feed into how a buyer assesses risk and, ultimately, value.  

Take the long-term view when selling your business

There’s also a practical reality to timing. Getting from where you are today to being genuinely ready for sale doesn’t happen overnight. In many cases, it’s a multi-year process. That can be a sobering thought for many owners who assume that their business, with a healthy track record of growth and profitability, is all but ready to sell.   

The most successful exits tend to have two things in common. First, clarity around why the exit is happening and what the owner wants from it. Second, the right preparation. Financially, yes, but a more rounded view across the whole business is just as important.  

The value of a business is built over years. But creating a business that’s ready for sale is almost another skill entirely. Like marathon training, it requires the regular hard yards when it’s easier to focus on something else. In the end, the outcome at the finish line is always better with the right preparation.