Author name: Dida Goudreau

When selling a business, owners often underestimate how much performance during the sale process impacts the outcome. A dip in revenue, client retention, or operational stability can raise red flags for buyers, prompt renegotiations, or even derail a deal. Maintaining strong business performance throughout the sale isn’t just advisable—it’s essential. Understand the Stakes Buyers evaluate more than just historical performance—they want to see a business that continues to perform reliably right up until closing. Unfortunately, many deals stumble because the seller becomes overly focused on negotiations and neglects daily operations. Common issues include: As Bo Burlingham notes in his book Finish Big, “The biggest regrets I heard came from owners who took their eye off the business too soon.” Buyers aren’t just acquiring what your business has done—they’re buying what it will do. Prepare Your Team Early Selling a business involves layers of due diligence, document gathering, and decision-making. If the business depends too heavily on the owner, this can slow down the sale and hurt performance. Start by engaging your leadership team early in the process—confidentially and strategically. If done right, the sale process becomes a background activity—not a disruption. Create a Performance Continuity Plan Don’t assume business as usual will take care of itself. Develop a short-term operating plan that includes: Think of this as your “business runs well without me” playbook—a must-have during any sale process. Delegate and Empower Leadership If you’ve built a capable leadership team, now is the time to trust them. Delegate day-to-day responsibilities and empower decision-making at the departmental level. Avoid micromanaging or holding back authority. Buyers will ask, “What happens when the owner leaves?” — so start showing them the answer. This is echoed by John Warrillow in Built to Sell: “If your business can’t survive without you, you’re never going to sell it.” Buyers place a premium on businesses that demonstrate independence from their founders. Limit Owner Involvement in Daily Operations If you’re still the bottleneck for key decisions, customer relationships, or vendor negotiations, begin transferring those responsibilities. The more your business relies on you, the less transferable—and therefore less valuable—it becomes. Your role should evolve to: This shift not only strengthens your valuation but helps with post-sale transition as well. Guard Against Customer and Vendor Disruptions Nothing raises red flags faster than customers or vendors catching wind of an impending sale—especially if it’s not handled properly. Unless disclosure is necessary, avoid making abrupt changes or signaling instability. Maintain consistency in: Continuity breeds confidence—in your partners and your buyer. Stay Focused on Sales and Cash Flow Keep your sales engine running. It’s common for owners to neglect growth during the sale process, but revenue momentum can have a direct impact on valuation and deal structure. Key focus areas: Buyers will examine recent performance closely—often comparing it to trailing 12-month figures. A slowdown at the finish line can lead to last-minute renegotiations or earn-out contingencies. Manage Buyer Distractions Strategically Deals are demanding. Between due diligence, management meetings, and financial reviews, it’s easy for business leaders to become consumed by the sale process. Mitigate this risk by: Let your M&A advisor, CPA, and attorney handle the heavy lifting. That’s what they’re there for. Use Advisors to Stay Focused An experienced deal team helps you stay in your lane—running the business while they handle the transaction. This includes: A well-structured team reduces owner fatigue and keeps business performance strong through close. Focus on the Finish Line Even if you’ve accepted a Letter of Intent (LOI), the deal is not done. Buyers often include performance-related conditions during confirmatory due diligence or final negotiations. This is when you double down on focus and execution—not ease off the gas. As Bo Burlingham reminds us: “The biggest regrets I heard came from owners who took their eye off the business too soon.” The sale of your business is one of the most important moments in your entrepreneurial journey. Treat it with the discipline and care it deserves—right up to the very end. Checklist: Key Practices to Maintain Performance During a Sale Preparing to sell your business? Don’t let performance slip at the finish line. As a certified Exit Planning Advisor and Sell-Side M&A professional, I help business owners protect value, avoid costly missteps, and exit on their terms. Let’s have a confidential conversation about your goals and how to maintain performance while positioning for a successful sale. [Schedule a call] or email me at dida@horizonmaa.com to take the first step.

The stakes are high for exiting owners of Lower Middle Market companies, so it is important to assemble a team of advisors early in the process. Specialized Advisors will make sure you make informed decisions that align with your goals. You will want to call on them as you transition the business to new ownership. As we quarterback the sale of the business and all that that entails, sellers can continue to run their business. We, as M&A Advisors, let our clients know early when they should seek out one of the below specialty advisors. 1. Transaction Attorney Transaction Attorneys are well versed in what the typical terms of a purchase agreement are. They work efficiently and have the success of the transaction top of mind. They do not approach the buyer or seller litigiously, rather work with all parties to get the transaction across the finish line with their client’s best interest in mind. 2. CPA A client’s CPA is an integral part of the team of advisors. They have most likely been working with the business owner for several years and hold key knowledge as well as the business owner’s confidence. CPAs are a key part of the transaction team and will be a valuable part of the Quality of Earnings and Due Diligence process. 3. Tax Accountant Tax Accountants will run different deal structure scenarios so that the seller can see the tax implications and prepare for what they will and will not agree to. Tax considerations can make a huge difference in the amount of the sale that business owners keep after the exit. Since the business value is often one of a business owner’s largest investments, it is important to be thoughtful about deal terms in addition to purchase price. 4. Estate and Trust Attorney These specialists will protect your assets and assist with understanding any tax implications related to a trust or an estate. Trust formation, administration and business succession planning are important aspects of their contribution to a business owner’s success after their exit. 5. Financial Planner/Wealth Manager A Financial Planner or Wealth Manager will be able to help you define your goals and required capital for your retirement. If you haven’t well-defined your financial goals, you won’t be sure when you have locked in a path to get to them. 6. Exit Planning Advisor If there is a large gap between your financial goals/needs and the current value of your business, you will want to enlist a value building advisor to help you bridge the gap. It can be as little as 18 months working with an exit planning advisor to make meaningful headway to your goals. 7. Specialty or Industry Specific Advisor It’s always good to call on specialists as needed. Examples include IT specialists or someone well-versed in company culture turnarounds. You will find, making an investment in your business, at this stage, will show a high ROI. As M&A Advisors, we specialize in managing the transaction and there are several specialists working in the background to help you realize your goals and retirement needs.