In this podcast Vincent talks about how devastating it can be to a sale if the company does not have management and key staff committed to remaining with the company through and after a transition. This is a core component of exit readiness.
Buyers are looking for businesses that will be profitable from the day the paperwork is signed. They do not want “fixer upper” opportunities and will pass on companies that aren’t ready for a transfer of ownership. Any owner who wants to ensure his business will sell must install a system of working policies and procedures and create a capable and energetic management team well in advance of an exit. If he doesn’t have those two things in place, it will be virtually impossible to sell his business at any price.