FIVE KEY QUESTIONS TO ASK YOURSELF

  • "Is it the right time to sell my business?" Is your company mature? Is the market timing and economic climate favorable?

  • "What is my business objectively worth?" What is its market value? (Note: value does not equal final selling price)

  • "Is my company ready to be sold?" Do adjustments need to be made to the deal perimeter?

  • "What are my company's strengths and weaknesses?" What should be preserved or improved to strengthen your business?

  • "Is it the right time for me personally?" Are you psychologically prepared to hand over management to someone else? Will the proceeds from the sale allow you to maintain your standard of living?

ANTICIPATE AND PLAN

A sale or transfer is a milestone in the life of a company. For Tanguy della Faille, "this step must be part of any business owner's strategic priorities. It is a topic you should keep in mind from the moment you start building your business. Anticipation is key so that you manage the transfer rather than suffer it. You want to avoid being forced into a corner by illness or financial difficulties, which is why it is essential to start the process while business is thriving."

Matthieu Geelhand shares this view: "It might sound like a cliché, but it is best to start preparing your sale or transfer before fatigue sets in. Exhaustion does not create optimal conditions and will inevitably impact company metrics, overall motivation, and staff morale." One must also account for preparation time, the transaction itself, and the post-closing transition period. "In total, business owners will dedicate nearly two years of their life to this sale or transfer process."

On a practical level, Thierry Dehout recommends giving serious thought to selling about two to three years before executing the transaction. "The sale process itself takes a good year on average—to prepare everything, find a buyer, negotiate, and close the deal. It is better to prepare well in advance because certain operational aspects may need adjustments prior to the sale," he explains. Family business transfers can take even longer: anywhere from five to ten years. "In a family context, grooming a successor is a long-term undertaking, as they must move through various levels of the organization to acquire all necessary leadership skills," adds Thierry Dehout.

THE IMPORTANCE OF VALUATION

First and foremost, estimating the company's value is a crucial step. "Having a clear vision of the business value and transaction structure is essential," explains Tanguy della Faille.

"An objective valuation report provides the entrepreneur with an accurate view of their market value," adds Matthieu Geelhand. He also emphasizes that a company's calculated value is not identical to its ultimate sale price.

"It is important to evaluate your company both financially and qualitatively," notes Thierry Dehout. "You need to assess customer portfolio concentration, product offering, and organizational structure." The advantage? "Weaknesses can be rectified, and strengths can be reinforced to extract additional value from the business," he highlights. In short, a valuable management tool.

CONSIDERING A FAMILY TRANSFER

To ensure the long-term continuity of your enterprise, exploring a family succession first can be a wise move. "One of my very first questions is always whether the owner's children want to take over management," states Matthieu Geelhand. "Ask this question early on as a safeguard. It would be a shame to discover mid-transaction that you could have chosen a successor among your own sons or daughters."

"If a family successor is already identified, preparation differs in that it becomes an internal process," explains Thierry Dehout. "You don't need to spend time prospecting buyers. However, beyond valuing the business, you must determine what specific skill sets the successor needs to acquire to run the company effectively."

How does this process work in practice?

"In a family transfer, the approach is often less formal," explains Tanguy della Faille. "Nonetheless, it is crucial to establish a multi-stage plan and stick to it as strictly as possible. Negotiations will also differ," he adds, "likely being less aggressive and more constructive within a family setting."

PREPARING THE BUSINESS FOR SALE

To navigate the sale process with peace of mind, Matthieu Geelhand advises business owners to make themselves as dispensable as possible. "That is another reason why starting a few years in advance is recommended." He illustrates this with commercial operations: "If, as a founder, you spend 25% of your time on business development, it is better to hire a sales specialist who can dedicate 100% of their time to it. Naturally, this incurs costs initially, but over time, this hire will generate revenue that covers their cost and drives additional profits. This logic applies to all departments. You must accept making investments today that will bear fruit in a few years at the time of sale."

In practice, Tanguy della Faille starts by assembling a comprehensive pitch deck for prospective buyers. "This involves drafting an information memorandum anonymously, as confidentiality is paramount. We gather all key company data before ever reaching out to potential buyers."

"Then, once you have identified one or more interested parties, you enter negotiations," explains Thierry Dehout. "This is when we discuss price, payment terms, seller representations and warranties, and post-sale transition arrangements. The deal must be a win-win for both sides," he adds.

At the end of negotiations, the final critical milestone is the Letter of Intent (LOI). For Tanguy della Faille, "it marks the pivot point between broad market outreach and exclusive, one-on-one negotiations between seller and buyer. Following the LOI, focus shifts to a single candidate. The LOI also outlines all necessary framework items for a smooth transaction process."

FINDING THE RIGHT BUYER

Determining who is the right person to take over the reins is not always straightforward. "That is why the preparation phase is crucial," emphasizes Tanguy della Faille, "as it reveals the company's core strengths and weaknesses, allowing us to build a precise buyer persona."

"How do you select the best successor?" asks Matthieu Geelhand. "By ensuring you have choices! The ideal buyer might be found among private investors, competitors, suppliers, customers, key employees, private equity funds, or family offices. Having a choice between different strategic options and buyer profiles is vital for the seller."

ADVICE FOR ENTREPRENEURS

As a final word of advice, Matthieu Geelhand highlights psychological readiness. "During a sale or transfer, the owner wears two hats: CEO—because they must keep the business thriving—and seller—to manage the transaction process. Half of our client meetings take place in the evening or over the weekend. It is exhausting. Without proper preparation or if your workload is too heavy, you risk burnout. Furthermore, do not underestimate the emotional factor: you are selling your company, your baby. All of this must be taken into account."

Thierry Dehout agrees: "Successfully concluding your career is a real project in itself. You must be able to delegate and ensure the company can operate normally after your departure. This is not something decided overnight. You must also accept that your successor will manage the company differently."

In conclusion, Tanguy della Faille reiterates that a sale or transfer is a pivotal milestone for the business itself. "It is a delicate process, yet a completely normal and unavoidable stage in a company's life cycle—no one lives forever. Ultimately, managing your sale or transition well is the finest gift a leader can offer to their company and its employees."