How to Prepare for a Readiness Review
A Readiness Review gives you a clear, independent look at how prepared your business is for a future sale. You don’t need to have everything perfect — the goal is clarity, not judgment. Preparing a few simple items ahead of time helps the review go smoothly and gives you more meaningful, actionable insights.
Gather Basic Business Information
You don’t need a full operations manual — just the essentials that help explain how the business works today. Simple summaries are enough.
- What the business does and who it serves
- Overview of products, services, or revenue streams
- Basic history and ownership structure
- Location details and operating hours
- High‑level explanation of daily operations
Organize Recent Financial Information
The review doesn’t require perfect books — just clear, consistent financials that show how the business performs. Even rough summaries are helpful.
- Profit and loss statements (last 1–3 years)
- Tax returns for the same period
- Owner compensation and benefits
- List of discretionary or non‑recurring expenses
- Notes explaining major changes or trends
Document Key Processes and Roles
Buyers want to understand how the business runs and who handles what. Clear, simple documentation helps identify strengths and gaps.
- Daily workflow or operations overview
- Employee roles and responsibilities
- Vendor and supplier relationships
- Equipment lists or inventory details
- Any licenses, permits, or certifications
Identify Strengths and Challenges
A Readiness Review works best when you’re honest about what’s working and what needs attention. This helps create a practical, prioritized plan.
- What the business does consistently well
- Areas that feel disorganized or unclear
- Processes that rely heavily on the owner
- Customer or employee stability
- Any risks you’re already aware of
Prepare Questions You Want Answered
The review is a chance to get clarity on anything that feels uncertain. Preparing a few questions helps you get the most value from the process.
- What would a buyer see as strengths?
- What might concern a buyer?
- How ready is the business for due diligence?
- What improvements would have the biggest impact?
- How does the business compare to similar companies?
Key Takeaways
- You don’t need perfection — just clarity and organization
- Simple summaries are enough to support a meaningful review
- Honest preparation leads to better insights and next steps
Ready to Schedule Your Readiness Review?
If you’d like a clear, independent assessment of your business and practical next steps, I’m here to help.
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