I’ve run my agri machinery business for 33 years, and now, in my late 60s, I’m ready to consider stepping back. None of my children are interested in taking over, so I’m thinking about selling. The idea feels daunting. I don’t know what exactly makes a business saleable, how to prepare properly, or what steps I need to take to avoid mistakes. After decades of hard work, I want to make sure I do this right and that the value I’ve built up isn’t lost. Where should I begin, and what should I focus on before selling?

ANSWER: Selling a business you’ve built over three decades is both a financial milestone and an emotional decision. Your business is not just bricks, stock, and accounts – it’s relationships, reputation, and years of effort and hard work. Preparing to sell requires planning, organisation, and the right professional guidance. With careful steps, you can maximise value, minimise stress and leave your business in strong hands for the future.

1. Make the business less dependent on you: one of the first things buyers will look at is whether the business can operate without you. If everything, from sales calls to key supplier negotiations, depends on you personally, a buyer will see significant risk. Think about it from their perspective: what happens the day you leave?

To address this, start delegating and documenting. Make sure processes are written down, systems are clear, and your team are empowered to make decisions. A business with strong systems and management in place looks more resilient, which directly improves its value to buyers.

2. Put your house in order financially: many business owners underestimate how critical clean financial records are. Buyers expect at least three years of up-to-date accounts, and if those show gaps, inconsistencies, or poor performance, confidence can evaporate quickly.

Work with your accountant to ensure your records are accurate and well-presented. Be prepared to explain any unusual results, for example, if there was a sudden surge in sales due to a one-off government grant scheme. Buyers want to see sustainable performance they can rely on.

3. Don’t forget tax planning: this is where timing matters. Too many owners wait until the deal is nearly done before seeking tax advice, and by then, opportunities to save can be lost. In your situation, at your age, the Retirement Relief rules are particularly important. Substantial tax relief can apply if you sell before the age of 70, but those reliefs reduce afterwards. Speaking to a tax advisor now could make a very real difference to what you keep after the sale.

4. Keep running the business strongly: it’s natural to take your foot off the pedal once you decide to sell, but this can be a costly mistake. Buyers want to see that the business continues to perform during the sale process. A dip in sales or profitability can lead to a reduced offer, or worse, cause the buyer to walk away. Stay focused on day-to-day operations until the deal is signed.

5. Demonstrate a strong customer base: another point of scrutiny will be your customer mix. If most of your income comes from one or two clients, buyers will worry about what happens if those customers leave. A diverse customer base is more attractive, as it spreads risk and shows the business is not overly reliant on a small number of relationships.

In your case, with an agri machinery business, you’re likely serving many farmers and contractors, which reduces that risk. Even so, be ready to demonstrate the breadth of your customer base to reassure potential buyers.

6. Avoid overcomplicating the deal: issues such as complicated ownership structures, shareholder disputes, or outstanding legal matters can delay or even derail a sale. Buyers want a straightforward acquisition, not to inherit messy disputes. Take time to tidy up contracts, resolve any lingering disagreements, and simplify the structure where possible before going to market.

7. Work with experienced advisors: selling a business is not something you should face alone. Professional advisors such as financial, tax, and legal advisors, are invaluable in identifying risks early, structuring the sale correctly, and negotiating the best terms for you. An experienced advisor can also act as a buffer between you and the buyer, keeping negotiations professional and on track.

Andrew Brolly is fractional cfo with ifac, which is the professional services firm for farming, food and agribusiness.

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