Almost every piece of advice regarding the potential sale of your business starts with the same checklist: working capital in order, contracts signed, intellectual property secured. Yet a transaction rarely falls through because of what’s on that list. It falls through mainly because of what’s not on it: employees, timing, and surprises that no one saw coming.
The founding partners of Hogenhouck M&A, Rik Stikkelbroeck and Mark van Beusekom, have been guiding entrepreneurs for nearly twenty years through the most strategically important step in their lives: the sale of their company. Their conclusion is clear: Being “exit-ready” isn’t enough. What really matters is whether you’re “ready to act.”
Hygiene is the foundation, not the distinguishing factor
Clear and precise financials, watertight contracts, and properly documented IP: take care of these, preferably well before you start talking to buyers. These are the basics. You can’t do without them, but they don’t guarantee a successful transaction.
Anyone who thinks that a checklist they've ticked off will protect them from surprises is in for a surprise.
“Being ‘exit-ready’ means entering the process with the right mindset. Prepare what you can prepare, and be ready for the surprises that are bound to come.” Mark van Beusekom
What do we mean by “ready to act”?
"Ready to act" means you can take action at any moment. Say "yes" if the transaction makes sense. Say "no" if it doesn't. And keep doing business, no matter what happens.
That sounds simple, but in practice, this is where things often go wrong. Every transaction has a moment that no one could have foreseen. An agreement that turns out not to be legally watertight. A warranty clause that keeps a director up at night. A co-shareholder or partner at home who sees things differently than you do. It’s certain that something will happen. You won’t know what it is until it’s on the table.
“You get the best deal when you’re in a position of strength. If you’ve already committed to that one deal, you might end up with the worst one.” Mark van Beusekom
The most successful entrepreneurs we see at the table put it simply: if everything checks out, I'll go through with the deal. If it doesn't, I'll move on.
Four Principles of "Ready to Act"
1. Always keep your options open
A strong negotiating position starts with freedom of choice. Multiple buyers, multiple options, and the freedom to walk away. Anyone with only one option isn’t negotiating anymore—they’re just accepting the terms.
2. Don't let yourself get cornered
Not by a buyer, not by a deadline, and not by a process either. Professional buyers do nothing but close deals. Entrepreneurs who think they can stay in control on their own, without support, underestimate the process and are often outmaneuvered.
“Stay in control of your process. Stay behind the ball and make sure the play takes place in the opponent’s half.” Rik Stikkelbroeck
3. Keep Your Business on Track
Anyone who has already mentally accepted the sale stops running their business. Investments are put on hold, focus shifts, and results decline—especially during the process. Buyers see this immediately reflected in the numbers, and the seller sees it in the price. Keep running your business as if a sale isn’t happening: business as usual.
4. Start the conversation early
The sale often comes sooner than you think: a buyer calls, a co-shareholder wants to step down, the market shifts. If you wait until then to start thinking about it, you’ll be playing catch-up. So start sooner. Don’t be afraid to ask yourself tough questions: what is truly valuable to me? Have a conversation with your co-shareholders and your family: do we all want the same thing? And talk to an advisor who will tell it like it is—especially when the going gets tough.
Join us: the Ready to Act Roundtable
You don’t tell the real story behind a deal on a stage in front of a hundred people. You share it over dinner, with people who know what you’re talking about. That’s why Rik and Mark organize a “Ready to Act” roundtable a few times a year. A dinner at a single table at the Hogenhouck office with up to eight carefully selected entrepreneurs from various sectors, some of whom have already completed an exit. What’s not on the agenda? Valuation calculations. What is on the agenda? The real stories you rarely hear: where transactions and processes actually fall apart, what you can and can’t prepare for, and—most importantly—how to stay in control. What’s shared at the table is off the record: all conversations at the table are confidential. This creates space for an honest conversation. The best deal starts with you: knowing what’s valuable.
Are you thinking about the next step for your business? Now, or in a few years? Contact Romy Gayral and ask about the next Ready to Act roundtable.
