Do you remember when the idea to start your business first came to you? Do you remember the launch day? When you finally became profitable? When you hired your first 10 employees?

Each milestone marked progress built on years of effort, discipline, and deliberate choices. Now, as you approach retirement, you may be thinking about one final milestone: selling the business you’ve built.

Unfortunately, many business owners who spend decades building their companies spend too little time preparing to sell them, and that lack of such preparation is one the most costly mistake business owners can make. Without a clear exit plan, even a sale that looks successful on paper can lead to unnecessary stress, higher taxes, and a difficult transition into retirement.

How to Prepare for Selling Your Business?

Selling your business isn’t something to rush into. The most effective preparation happens well before you list your company or start talking with potential buyers. Taking time to plan (both for your business and for yourself) ahead allows you to control the process, avoid surprises, and make decisions that support both your financial and personal goals.

Here are five key areas to focus on as you get ready:

• Determine your goals
• Understand the process
• Prepare for due diligence
• Prepare yourself mentally and emotionally
• Plan for what comes after the sale

1. Determine Your Goals

Setting up your business might have been one of your life’s most meaningful goals, and based on that goal, you created and executed a clear business plan. The same principle applies when selling your business. In other words, success begins with setting clear goals and building a plan around them.

The priorities you establish at the start will shape every other decision in the sale process, from when to sell, to how the deal is structured, to what life looks like afterward. 

Many business owners we work with share the same motivations and hopes, including maximizing the value of the sale, protecting loyal employees, ensuring a smooth and respectful transition, and preserving their legacy. Does any of it resonate with you?

2. Understand the Process

Selling a business is neither quick nor simple. According to Morgan & Westfield, the business sale process typically takes 10 to 12 months, including selecting buyers, due diligence, negotiating terms, and closing the deal. During that period, you can expect to feel a full spectrum of emotions, often while still managing your company’s day-to-day operations.

One more thing to keep in mind is that while your business may almost feel like your “baby,” potential buyers will view it differently and will look for any reason to justify a lower sale price.

Understanding this reality upfront helps you keep emotions in check, avoid unpleasant surprises, and make confident, well-informed decisions. 

3. Prepare for Due Diligence

As was just explained, the sale process can be lengthy and overwhelming, but taking the time to get everything in order before you start will shorten the timeline, and even strengthen your business valuation. That preparation should focus on four key areas:

• Organize financial statements: Collect at least three years of records. Having them reviewed or audited by a CPA will build trust with buyers and highlight your professionalism.
• Secure key employee agreements: Retaining essential team members after the sale assures buyers that the business will remain stable under new ownership.
• Resolve legal and operational issues: Pay off outstanding debts, address potential liabilities, and ensure all contracts and permits are up to date.
• Get a professional valuation: Work with an objective third party to understand your company’s true market value. An independent valuation helps you set realistic expectations and negotiate from a position of strength.

4. Prepare Yourself Mentally and Emotionally

Selling your business is never purely transactional. Your identity, reputation, and relationships are often deeply connected to the company you’ve built, and letting go can be harder than expected.

Recognizing that emotional connection is important. It’s completely normal to feel pride, excitement, and maybe even relief, but also anxiety, uncertainty, or grief. That said, remember that when emotions take over, they could cloud judgment and lead to rushed or regretful decisions.

Give yourself time and space to prepare mentally and emotionally, so you can approach the sale with clarity and confidence.

5. Plan for What Comes After the Sale

Selling your business will change nearly every part of your life, including your daily routine, your finances, even your sense of purpose. It may also influence some of your relationships. So, while the transition from business owner to retiree can be deeply rewarding, it also brings new realities to plan for.

Preparation should happen on two levels:

• How you’ll spend your time: Once the business no longer fills your day, you may find the sudden free time more challenging than expected, and without a plan, it’s easy for boredom to take hold. Think ahead about how you’ll stay active and fulfilled. You may consider a semi-transition into retirement, starting a new project, volunteering, or simply investing more time in family, travel, or hobbies you’ve put off for years.
• How you’ll manage your finances: A sale often brings a large sum of money, along with new tax considerations, estate planning needs, and questions about income sources such as Social Security. A well-thought-out financial plan safeguards your retirement, ensuring that what you’ve built continues to support your lifestyle, your family, and your legacy.

Are You Ready to Sell Your Business? 

One more thing to keep in mind as you prepare for a sale: don’t go through the process alone. Selling a business is one of the most significant financial transitions of your life, and having the right guidance makes all the difference. That’s why it’s so important to work with an advisor who truly understands what’s at stake, listens to your concerns, aligns with your goals, and helps design a strategy that leads to lasting success and peace of mind in retirement.

As fiduciary financial advisors, the Global View team is fully committed to serving your best interests. For over 20 years we’ve guided countless business owners through the complex process of selling their companies and transitioning confidently into retirement. Our mission is simple: to help you protect what you’ve built, make informed decisions at every stage, and set a clear path toward a retirement that’s truly worry-free. We’d be honored to accompany you throughout this journey too. If you’re beginning to think about selling your business or planning for the next chapter, contact us today. We look forward to meeting you and working together to build a plan that brings your vision to life.