Getting Your Business Exit-Ready: Selling on Your Own Terms

As published in CanadianSME.ca on September 9, 2026.

By Maheen Bari featuring Charlie Kim and Matthew McGuigan

The article examines the importance of preparing a business for sale well before an owner is ready to exit. Drawing on their experience, they explain that while many owner-managers may be mentally ready to sell, their businesses are often not transaction-ready. Incomplete corporate records, outdated contracts, inconsistent financial reporting and insufficient tax planning can create delays, increase professional fees and ultimately reduce the value a seller receives.

They also address common misconceptions about the M&A process, including the belief that signing a letter of intent means a deal is close to completion. In reality, the process can take several months and involves extensive legal, tax, financial and operational due diligence, third-party consents and negotiations around working-capital adjustments, holdbacks, indemnities, representations and warranties and other key terms.

The article further explores how assignment restrictions, change-of-control provisions, informal financial practices and oral agreements with key customers and suppliers can create unexpected challenges during a transaction. They emphasize that early legal and financial preparation—including documenting material arrangements, separating personal and business expenses, improving financial reporting and undertaking tax planning—can help sellers avoid surprises, strengthen their negotiating position and preserve value.

Read the full interview in their latest CanadianSME September issue