The 10-step business exit checklist

1. Confirm the owners and decision-makers

List every owner, director or other person whose approval may be required. Agree on the purpose of an initial sale discussion and identify disagreements before confidential information is shared.

• Ownership and director approvals
• Co-owner expectations
• Who may speak for the business

2. Check existing representation

Review any broker, adviser or agent appointment. Record its scope, exclusivity, notice period and expiry date. An existing sole or exclusive appointment may prevent a new introduction until it is resolved.

3. Organise the financial record

Bring profit and loss statements, balance sheets, tax records, debt schedules and cash-flow information up to date. Keep an explanation for unusual expenses, owner benefits and one-off events rather than quietly deleting inconvenient numbers.

• Consistent accounting periods
• Reconciled liabilities
• Documented adjustments
• Clear separation of business and personal costs

4. Reduce owner dependence

Document recurring tasks, key approvals, supplier knowledge and customer relationships that currently sit with the owner. A buyer or adviser will want to understand whether the business can continue operating during a transition.

5. Document customers and recurring revenue

Describe the customer mix, contract terms, retention patterns and concentration risk without publishing customer identities. Highlight recurring revenue only where the agreements and payment history support it.

6. Review operations, systems and compliance

Create a current list of licences, permits, leases, insurance, employment obligations, systems and intellectual property. Record anything that may need consent before it can transfer to a buyer.

7. Separate assets and liabilities

Identify what would actually be included in a sale: equipment, stock, property, intellectual property, goodwill, contracts and working capital. Record excluded assets and outstanding obligations early.

8. Choose a confidentiality plan

Decide what can be discussed anonymously, what requires a confidentiality agreement and what should only be disclosed after a buyer or broker has been checked. Staff, customers and suppliers should not discover a possible sale through careless circulation.

9. Define the preferred outcome and timing

Record whether you are exploring a full sale, staged exit, succession, partial transition or simply a professional readiness conversation. A clear objective helps prevent the process from drifting into whatever the loudest adviser prefers.

10. Compare relevant professional expertise

An accountant, lawyer, adviser or business broker may each play a different role. When considering brokers, compare sector experience, transaction size, geographic coverage, engagement terms, confidentiality controls and potential conflicts.

• Ask for relevant transaction examples
• Understand commission and separate marketing costs
• Read exclusivity and termination terms
• Confirm how information is protected

What to do next

Complete the anonymous LeadHarbour readiness check. It does not request your identity, business name or financial documents. If you later opt in, LeadHarbour can prepare relevant broker options while keeping identity release subject to authority, representation and approval checks.