When you built your business, you weren’t thinking about “how to sell it someday” but your decisions today shape your future options. The following 10 tips help you build a business you can run well now and pass on gracefully when the day comes. Each comes with a reason to start early (for your own benefit) not just for a future buyer.
- Keep your financial story clean, consistent, and truthful
What to do: From day one, keep clean books: monthly P&Ls, reconciled bank statements, documented owner adjustments, and clear tax returns.
Why start early: You learn the true health of your business, spot leaks, make smarter decisions and you won’t need months of cleanup before a sale.
Legacy benefit: Buyers will trust your business more; you’ll feel confident in your numbers instead of embarrassed or defensive.
- Document how the business runs — make you not essential
What to do: Capture your tacit knowledge in (Standard Operating Procedures)SOPs: how you order stock, deal with customer complaints, train staff, open/close days, etc.
Why start early: You free up your time, reduce errors, and enable employees to act without always needing your sign-off.
Legacy benefit: Prospective buyers fear “owner dependence.” If your business works without you, it’s worth more and transitions more fluidly.
- Secure your lease, legal and property foundations
What to do: Review your lease (term, rent review, assignment rights, break clauses), utility contracts, and any equipment leases. Get a solicitor or specialist to advise you, so you can ensure you are up to date with latest legislation and tax implications.
Why start early: You avoid unpleasant shocks (e.g. rent hikes, landlord refusing renewals). You may even negotiate better terms while you hold leverage.
Legacy benefit: A buyer has more certainty. If assignment is blocked or costly, your whole deal might collapse.
- Prove ownership (and condition) of assets
What to do: Compile invoices, warranties, maintenance history, replacement cost estimates, and any lease agreements.
Why start early: You anticipate repair or depreciation burdens; you can maintain or replace fragile assets rather than passing broken ones on.
Legacy benefit: Buyers don’t want surprises. A transparent assets ledger protects your reputation and avoids post-sale disputes
- Strengthen your team & define roles
What to do: Use written job descriptions, contracts, training plans, and crosstrain key roles. Identify critical “people risk.”
Why start early: It lowers turnover risk, reduces friction when someone is off, and gives you breathing space.
Legacy benefit: A buyer sees a team that can serve them, not just you. That raises value and decreases perceived risk.
- Commit your customer & supplier relationships
What to do: Document supplier agreements (pricing, terms), customer bases (contracts or repeat data), and contacts in writing.
Why start early: You build real defensibility, you are not just relying on memory or goodwill.
Legacy benefit: Buyers want assurance that customers and supply lines will continue; you reduce gulp risk of post sale drop-off.
- Track the KPIs buyers care about
What to do: Choose a handful of metrics (gross margin per product, labour-to-sales ratio, average sale value, repeat rate) and track them monthly.
Why start early: You spot trends earlier (e.g. loss-making items) and can adjust menu, staff or offers.
Legacy benefit: Buyers want forward-looking insight. A dashboard gives them confidence in future performance—not just past performance.
- Stay squeaky-clean on compliance, health & licensing
What to do: Ensure food hygiene, health & safety checks, licences, local authority consents, waste and allergen documentation are current and in file.
Why start early: You avoid fines, forced closures, or reputational harm.
Legacy benefit: Buyers don’t want to inherit surprise noncompliance risks that might shut you down.
- Weed out hidden liabilities & complex contracts
What to do: List all contracts (marketing, delivery platforms, franchising, debt obligations, guarantees). Flag risks and seek to simplify or renegotiate.
Why start early: You reduce drag and surprises,less drama in your daily operations.
Legacy benefit: Hidden liabilities often torpedo deals. If the buyer must discount risk, you lose value.
- Write your successor’s story today
What to do: Create a short “Owner’s Brief” a narrative of the business, its growth levers, and a step-by-step transition plan. Include what handover would look like.
Why start early: You clarify your own thinking and see gaps you’d otherwise miss. It helps you plan investment, staffing, and priorities.
Legacy benefit: You give buyers a roadmap. A business that “comes alive” even without you is a legacy in action, not just a sale.
Next steps & mindset reminders
Mind your emotional side. This is more than numbers,your business is part of your identity. Plan your psychological exit alongside your financial exit.
Treat exit planning as ongoing, not a one-off sprint. Let these rules become part of how you run your business, not just how you sell it.
Engage your advisors now. Bring in your accountant, solicitor, coach early. Don’t wait until you start negotiating a deal.
Periodically revisit. Your plan should evolve as your business, market, and life change.