sh off planning for the sale of their business until the last moment. But for a business to sell for what it’s really worth ― or even more ― owners need to prepare for the sale from the very start. Let’s dive into all the things I wish business owners knew about mastering the art of the exit strategy. Start the conversation with your accountant early Start the exit planning process early, ideally years in advance, to maximize value and minimize potential pitfalls. Opening up the conversation early means your accountant can offer strategies for increasing the value of the business, such as improving financial performance, strengthening customer relationships, and streamlining operations well in advance of the exit.  A lot of people underestimate the benefits of having your accountant involved and hands-on in the business. Don’t be like most people. Make sure you are having regular meetings with your accountant. Get clear on your why Get clear on your exit goals, whether it’s maximizing profit, preserving legacy, or ensuring a smooth transition for employees. What’s important to you? Assess business value Conduct a thorough valuation of the business to understand its worth in the current market and identify areas for improvement. A good business broker can help you with this. Think about diversifying revenue streams Diversifying revenue streams to make the business more attractive to potential buyers and reduce risk. This strategic move isn’t something to leave to the last minute — it requires careful planning and implementation well in advance. Build your business like you’re going to exit If you want to make the exit smooth, get serious about documenting processes and procedures and keeping accurate financial records. Trust me, you will never regret doing this. Also, trying to do this retrospectively is a headache.  The benefit of this is three-fold. Your business will be more scalable and attractive to buyers, it will be easier to transfer ownership, and it will also prepare you for the due diligence process. After all, you’ll need to have accurate financial records and documentation readily available. Think about who you have around you Cultivate a strong management team capable of running the business independently, which can increase its value and attractiveness to potential buyers. A good management team can also help you communicate transparently with stakeholders, employees, customers, suppliers, and other stakeholders throughout the exit process to maintain trust and minimize disruptions. Tax planning Consider tax implications when planning an exit strategy and always consult with your accountant and tax professionals to complete tax planning ahead of time to minimize tax liabilities. Ps. If your accountant has never discussed “tax planning” with you, it’s time for a chat. Explore exit options and create an exit plan Discuss various exit options, such as selling to a competitor, passing the business to family members, or seeking a merger or acquisition. Create a detailed exit plan outlining the steps involved in the transition process, including timelines and responsibilities. By following these steps and taking a proactive approach to exit planning, business owners will experience a smoother transition, less headaches (trust me!), and will maximize the value of their business. Further reading: What’s behind the slew of beauty brands exploring an IPO or sale?