The Art of the Exit: How to Sell Your Business for Maximum Value

Why Exit-Readiness is the Key to Selling a Business

For many entrepreneurs, the decision to sell their business comes suddenly—burnout, life changes, or an unexpected opportunity. Yet as Nathan Hulls explains in his interview on the Built to Sell | Built to Buy podcast, the real key to a successful exit is preparation. Businesses that are “exit-ready” don’t just attract more buyers—they command higher multiples and sell faster.

Exit-readiness means having clean financials, standard operating procedures, owner-independence, and a strong culture. It’s about reducing risk for the buyer, because as Nathan and I discussed, “buyers don’t just buy profit—they buy confidence in the future.”

The Harsh Reality: Why Most Businesses Don’t Sell

According to industry statistics, up to 80% of businesses listed for sale never find a buyer. That’s a staggering number, and it usually comes down to one thing: lack of preparation. Owners often wait until they’re burned out before they approach a broker. By then, the business may be underperforming, reliant on the owner, or suffering from messy financials that scare away serious buyers.

Nathan Hulls shares that one of his toughest challenges is when a seller comes to him with unrealistic expectations—believing their business is worth far more than market reality. That’s why he recommends getting an appraisal years before you plan to sell. Just like a fitness scan gives you a snapshot of your body’s health, an appraisal provides a snapshot of your business health today, allowing you to plan for tomorrow.

Understanding the Buyer’s Perspective

One of the most valuable parts of Nathan’s approach is teaching owners to see their business through the eyes of a buyer. Buyers will scrutinize:

• Financial performance (past three years and current trajectory)
• Systems and processes (are they documented and repeatable?)
• Owner involvement (is the business dependent on you?)
• Key staff and customer relationships
• Growth opportunities and risks

The cleaner and more transparent your business is in these areas, the faster it will sell—and the more buyers you’ll attract. Nathan warns that “time kills deals,” so delays in providing information or financials can cost you the perfect buyer.

The Psychology of Selling a Business

Selling a business is not just about numbers; it’s deeply emotional. Owners often see their business as their life’s work, while buyers may fall in love with a business that isn’t right for them. Nathan shares that part of his role as a broker is being an “accidental counsellor”—balancing empathy with tough conversations about valuation, timelines, and expectations.

For sellers, it’s about letting go with dignity and ensuring the business thrives in the next chapter. For buyers, it’s about doing thorough due diligence and resisting the temptation to buy based on emotion alone. Culture, values, and operational fit are often just as important as profit margins.

Case Study: From $5 Million to $12 Million

One of the most remarkable stories Nathan shares is a business appraised at $5 million that the vendor wanted to sell for $8 million. Instead of walking away, the team ran an expression of interest campaign. The result? A strategic buyer paid $12 million—more than double the appraisal. Why? Because for the right buyer, the acquisition was worth far more due to synergies and scale.

This highlights a critical lesson: to one buyer, your business may be worth significantly more than to another. That’s why working with an experienced broker who understands how to position your business and reach strategic buyers can be game-changing.

Red Flags in Due Diligence

Nathan also dives into what buyers should watch for during due diligence, including:

• Outdated or overvalued stock
• Declining sales in key product lines
• Customer concentration risk (too much revenue from one client)
• Incomplete or delayed financials
• Overreliance on the owner or key staff

Uncovering these issues early can save buyers from making costly mistakes. And for sellers, it’s a reminder to clean up these areas before going to market.

Why Culture and Fit Matter

Numbers may drive initial interest, but culture often makes or breaks a deal. Nathan shares stories of regional businesses where cultural alignment between buyer and seller ensured smooth transitions, retained staff, and long-term growth. Like a relay race, the baton of leadership must be passed carefully to preserve the legacy of the business.

Practical Advice for Sellers

If you’re planning to sell in the next 12 months, Nathan’s advice is blunt: “You should have started three years ago.” But if you’re serious now, here are his top steps:

1. Get an appraisal today—understand what your business is worth now.
2. Clean up your financials—stop running personal expenses through the books.
3. Document your systems—make your business less dependent on you.
4. Prepare for due diligence—get all your key documents ready.
5. Be realistic—balance your expectations with market realities.

Practical Advice for Buyers

For buyers, Nathan suggests:

1. Be granular with the numbers—don’t take financials at face value.
2. Double the time and cost—every deal takes longer and costs more than you think.
3. Check cultural fit—financials mean little if the team and values don’t align.
4. Engage experts—lawyers, accountants, and brokers can uncover hidden risks.
5. Don’t let emotion rule—falling in love with the wrong business can be expensive.

Final Thoughts: Selling Smart, Buying Right

The world of buying and selling businesses is complex, emotional, and full of hidden traps. But with preparation, clarity, and the right guidance, both sellers and buyers can create extraordinary outcomes. As Nathan puts it: “Start building your business today with the exit in mind.”

If you’re serious about preparing your business for sale—or finding the right acquisition—you won’t want to miss this full episode of the Built to Sell | Built to Buy Podcast. Hit play on the video above or listen on your favourite podcast app.