Straight talk for owners and dealmakers.

Twelve questions a buyer will ask before you sell.

If you can answer these cleanly, you are closer to ready than most. If a few make you wince, that is your punch list, and better to find it now than at the closing table.

1. If you, or your key person, were gone for a month, what would break?
2. Can you tie every dollar of profit you claim to the bank account?
3. Which add-backs could you defend to a skeptical buyer, out loud?
4. What share of revenue rides on your single biggest customer?
5. How much of the revenue recurs, versus starts from zero each year?
6. Who makes the day-to-day decisions when you are not there?
7. Is the plan written down, or is it in your head?
8. Could you raise price 10% and keep nearly every customer?
9. Do the monthly numbers close cleanly, and on time?
10. What is the business actually worth, and what would you net after the deal?
11. Who are the two or three most likely buyers, and why?
12. What will you do the day after the check clears?