Selling a business is often the ultimate milestone for an entrepreneur. Whether you’re planning to exit in a few years or just want to keep your options open, being sale-ready is one of the smartest things you can do.
In a recent episode of The Chat, we spoke with Justin Bunt, a business exit specialist with MMJ Business Sales and Acquisitions, who has helped countless business owners maximize their exit outcomes. He shared what makes a business truly sellable, the biggest mistakes owners make, and how to set yourself up for a successful sale.
If you’re a business owner or even thinking about selling one day, this guide will help you understand how to build a business that buyers want to buy.
Why Most Businesses Don’t Sell (And How to Fix That)
According to Justin, the harsh reality is that only 1 in 3 businesses actually sell. The other two-thirds? They either shut down or the owner walks away with less than they expected.
So, what makes the difference?
The Three Biggest Reasons Businesses Don’t Sell:
1️⃣ Overpricing – Owners often have unrealistic expectations of what their business is worth. Just because a competitor sold for X doesn’t mean yours will. The right pricing strategy is critical.
2️⃣ Owner Dependence – If the business relies too much on the owner, it’s a red flag for buyers. A business with strong systems, processes, and a solid management team is far more attractive.
3️⃣ Messy Financials – Buyers (and their accountants) will tear apart your numbers. If your financials aren’t clean, accurate, and well-documented, your chances of selling drop dramatically.
The good news? All of these issues can be fixed if you start preparing early.
Step 1: Make Yourself Dispensable
The less your business depends on you, the more valuable it becomes to a buyer. Think of it this way-if someone can step in tomorrow and run your company without you, your business is sellable.
How to Reduce Owner Dependence:
✅ Train and empower your team – Delegate responsibilities to key employees.
✅ Develop clear systems and processes – Document everything so the business can operate without you.
✅ Put a manager in place – Having someone who can handle day-to-day operations makes a huge difference in saleability.
This doesn’t just make selling easier-it also gives you more freedom while you still own the business.
Step 2: Get Your Financials in Order
Justin has seen it time and time again: business owners who don’t have a clear understanding of their own numbers.
Buyers will scrutinize:
📊 Revenue trends – Is your business growing, flatlining, or declining?
💰 Profit margins – Are you actually making money, or just bringing in revenue?
📑 Expenses & cash flow – Are there hidden costs or inefficiencies?
How to Clean Up Your Financials:
✅ Work with a strategic accountant – Not just for taxes, but for business growth and profitability.
✅ Have at least three years of clean financials – Buyers want to see consistency.
✅ Eliminate “personal expenses” in the business – Buyers won’t want to inherit messy books.
A profitable business with clear financials will always attract serious buyers.
Step 3: Secure Your Key Business Assets
Beyond financials, there are critical assets that impact a business’s value:
What Buyers Look for:
📄 Leases & Locations – If you rent, make sure your lease has 5–10 years left or solid renewal options. A weak lease = a deal-breaker.
🔒 Customer & Supplier Contracts – Buyers love locked-in revenue and reliable supply chains. If you don’t have contracts in place, consider securing them.
🛠️ Approvals & Compliance – Many deals fall apart because businesses lack proper licenses or approvals to operate. Don’t wait until due diligence to find this out!
Step 4: Timing Your Exit
The best time to sell your business? When it’s growing, profitable, and you’re not desperate to sell.
If you’re thinking about an exit:
🚀 Plan at least 2-3 years ahead – Gives you time to fix any gaps.
📈 Keep investing in growth – A declining business is hard to sell.
👀 Monitor market trends – Certain industries (like childcare and laundromats) are in high demand, while others (like retail) are struggling.
Step 5: Find the Right Buyer (Not Just the Highest Offer)
One of the biggest mistakes owners make is focusing only on valuation. Instead, finding the right buyer is far more important.
Three Types of Business Buyers:
1️⃣ Strategic Buyers – Other businesses looking to acquire and grow. Often pay the highest price.
2️⃣ Investor Buyers – Want strong ROI (often 40%+ return). Usually seek under-managed businesses.
3️⃣ Owner-Operators – Individuals buying a business to run it themselves. They often rely on bank financing.
Each type of buyer has different expectations, financing options, and risk tolerances. Understanding this helps position your business for the right buyer.
Final Advice: Always Be Exit-Ready
Even if you don’t plan to sell anytime soon, building a business that’s ready to sell is just smart business practice.
The Three Most Important Things You Can Do Today:
✅ Make yourself dispensable – Build systems and delegate.
✅ Clean up your financials – Work with a strategic accountant.
✅ Secure your key business assets – Leases, contracts, approvals.
As Justin puts it:
“Always have your business as ready to sell as possible. A lot of the things that make your business saleable will also make it run better and make you happier as an owner.”
Thinking About Selling? Get a Free Business Appraisal
If you’re considering an exit, whether now or in the future, the first step is knowing what your business is worth.
📧 Contact Justin Bunt at justin.bunt@mmj.com.au
🔗 Connect with Justin on LinkedIn LinkedIn Profile
A free, no-obligation business appraisal can help you understand where you stand-and what you need to do to maximize your exit.
Want More Business Growth & Sales Strategies?
🎙️ Subscribe to The Chat for more expert insights on marketing, sales, and business success.
🚀 Apple | Spotify | YouTube | chatmetrics
