Most business owners preparing for an exit ask the same question: what is my business worth? That is the wrong question. Or rather, it is incomplete. The more powerful, and more profitable, question is this: in whose hands is this business worth more than in my own? That reframe changes everything about how an exit is run. Instead of polishing financials and waiting for the market to respond, it drives a fundamentally different process, one that starts not with preparation, b

When selling your business, there is a moment when you may receive a number larger than you expected, and every instinct says: take it. That instinct is dangerous. A term sheet tells you almost nothing about whether the acquirer can close at that price or what your business and your legacy will look like in their hands. The spread between what two credible acquirers offer for the same business, given identical information, can be as wide as 300%; a gap that reflects each bu

By the time a business reaches DLI’s Conclusion Phase, it can feel as though the hard work is done. Buyers have been engaged, offers have been received, and a preferred party has been selected. A term sheet has been negotiated, capturing the key commercial terms of the deal. But in reality, this is where execution risk is at its highest. The Conclusion Phase is where a transaction moves from intent to certainty. It is the stage where assumptions are tested, details are scru

By the time a business reaches the Deal-Making and Negotiation Phase, months of preparation have already taken place. The business has been prepared for market, buyers have been identified and engaged, meetings have been held, and written offers have finally arrived on the table. For many business owners, this can feel like the finish line. After all, if multiple buyers are interested and offers have been received, surely the deal is almost done? In reality, this is often w

The first two phases of a business sale are centered on preparation. During DLI’s Foundation Phase, business owners gain clarity on their objectives, valuation expectations and exit strategy. In the Prep Phase, the business is positioned for market, key information is organised, and a carefully targeted universe of potential acquirers is identified. But preparation alone does not create value. Value is only realised when the market is engaged, buyers are approached, and genui

Many business owners assume that selling a company is primarily about finding a willing buyer and agreeing on a price. In reality, buyers determine value very differently. The businesses that achieve premium valuations are typically those that have been carefully prepared for sale, marketed to the right audience and positioned to demonstrate future growth rather than simply historical financial performance. That was one of the central messages from mergers and acquisitions ad