The Call Every Business Owner Will Get—But Few Are Ready For

Imagine this: You’ve spent years—decades, even—building your business. It’s your baby, your legacy, your identity. Then, one day, the call comes. A buyer is interested.

For most business owners, this moment should be a triumph. But all too often, it’s a wake-up call. Because while M&A firms buy businesses for a living, most owners only sell once—and without preparation, they leave money (sometimes millions) on the table.

I recently had this conversation with a business owner I’ve known for years. He’s a Navy vet like me, and he’s spent his career running a construction services business. We’ve had great talks about leadership, growth, and strategy—but every time I suggested preparing for the future with Vistage, he had an excuse:

“Not the right time.”
“Too busy.”
“Got a big project coming up.”

Translation? He was too deeply entrenched in daily operations, putting out fires, handling estimates, and constantly playing catch-up. Despite facing stagnant growth, employee turnover, and competitive pressure, he never took the time to work on the business, only in it.

Then came the news: He’s selling. 😩

It could be a good deal—but I doubt he’s maximizing his value.

Because selling isn’t just about a clean P&L. It’s about transferable value. It’s about preparing years in advance so that when the call comes, you control the outcome.

If you think you might sell one day (or want the option), here’s what you need to work on—long before that phone rings.

A business dependent on its owner is not a business—it’s a job. Buyers pay top dollar for businesses that operate independently.

🔹 Signs you’re too involved:

• You can’t take a vacation without checking in.
• Every major decision requires your input.
• Your employees depend on you for daily operations.

🔹 How to fix it:

• Hire and empower a strong leadership team, ideally led by a COO.
• Develop clear decision-making frameworks that don’t rely on you.
• Systematize key processes so the business runs on autopilot.

When the owner is optional, the business is sellable.

A great culture acts as a magnet—it attracts and retains top talent. That stability makes buyers feel confident that the business won’t crumble post-sale.

🔹 Red flags that scare buyers away:

• The owner makes every decision.
• Employees are afraid to speak up.
• High turnover, low engagement, and toxic leadership.

🔹 How to fix it:

• Create an environment where people want to stay and grow.
• Give employees ownership and accountability in their roles.
• Build a team that thrives because of your leadership, not under it.

Businesses with high retention and strong teams sell for a premium.

If your business is trapped in your head, it has no value. Buyers want proven systems and processes that ensure continuity.

🔹 What should be documented?

• The 20% of tasks that drive 80% of results.
• Core operational workflows (sales, customer service, hiring, etc.).
• Standardized training so employees can ramp up quickly.
• Technology and automation tools that streamline operations.

🔹 Why it matters:

• It makes transitions seamless.
• It reduces risk for the buyer.
• It increases your company’s multiple.

A business with clear systems is a business built to last.

A real business valuation isn’t just a number—it’s a roadmap.

🔹 Common valuation killers:

• The owner is the “face” of the company.
• One or two customers make up too much revenue.
• No formal contracts, agreements, or recurring revenue.
• Poor financial controls and unoptimized cash flow.

🔹 How to fix it:

• Use valuation tools like Vistage’s annual business valuation to benchmark growth.
• Diversify your customer base.
• Create sticky revenue streams that don’t rely on new sales.
• Strengthen your financial reporting and forecasting.

Knowing your number before you sell gives you time to increase it.

Buyers don’t just want revenue—they want repeatable revenue.

🔹 How to prove customer loyalty:

• Consistent repeat orders and purchase frequency.
• Customer engagement metrics (email opens, survey responses, referrals).
• Growing sales, positive reviews, and social proof.
• Customer contracts and long-term agreements.

🔹 Real-life example:
Tuesday Morning commanded a higher multiple in its acquisition because its customers had above-average engagement and loyalty metrics.

If your customers keep coming back, your business is worth more.

Buyers don’t just want a stable business—they want a business primed for growth. If they have to spend the first year figuring out how to make it grow, that’s a risk, and risks lower valuations.

🔹 What a buyer wants to see:

• A well-documented growth strategy with clear revenue targets.
• Market research showing industry trends, opportunities, and potential threats.
• A strong pipeline of new customers or contracts.
• A history of consistent reinvestment in marketing, sales, and product/service expansion.
• Key performance indicators (KPIs) that track and prove growth potential.

🔹 How to build a growth plan that adds value:

• Develop a three-to-five-year growth strategy with defined goals and benchmarks.
• Identify new market opportunities or expansion areas.
• Create scalable marketing and sales processes that don’t rely on the owner.
• Document and showcase past successful growth initiatives and how they impacted revenue.
• Invest in technology, automation, and efficiencies that enable scalable operations.

A business with a clear growth trajectory is far more attractive to buyers than one with untapped potential but no roadmap.

Too many business owners put off building transferable value—until they get the call.

By then, it’s too late to optimize, too late to negotiate, and too late to maximize value.

The best time to start? Years before you sell.

This is exactly what we do in my Vistage group. Every month, we challenge each other, prepare for the future, and make sure no one goes it alone.

Because as the saying goes:

“If you want to go fast, go alone. If you want to go far, go together.”

Are you building a business you could sell? Or just one you have to run? Let’s talk. 🚀