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Ext. PublicationOn the Sell Side: Back to the Basics | Podcast
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Private Equity in Motion
Preparing to sell often reveals issues business owners didn’t realize existed. In this episode of Weaver: Beyond the Numbers, Private Equity in Motion, Sean Muller and Brian Reed take a practical look at the foundational tasks every seller should complete before initiating a transaction. They outline key financial housekeeping steps that help sellers anticipate scrutiny and present their business with greater confidence to potential buyers.
Key Points:
- Evaluate and strengthen financial recordkeeping practices early to ensure accuracy, consistency and timeliness
- Lock down accounting systems and avoid retroactive adjustments to preserve data integrity throughout due diligence
- Remove placeholder accounts such as “Ask My CPA” to improve clarity and reduce confusion during diligence
What looks “clean” on the surface may tell a different story under review. Sean and Brian explain that sellers often believe their books are in order, only to reveal outdated processes, missing reconciliations or inconsistent entries once diligence begins. Buyers rely on accurate data from the start, making it critical to assess bookkeeping methods, daily procedures and system reliability before going to market. This early review allows time to identify and address gaps proactively before buyer scrutiny begins.
Data integrity becomes even more important once diligence is underway. Brian reinforces this point, stating, “When we go in and pull the information, it’s very imperative that they do not go back and make adjusting entries.” Even minor retroactive changes can lead to discrepancies between reports, prompt repeat questions from buyers and slow the process. Establishing hard closes and limiting system access helps preserve consistency and avoid preventable complications.
The conversation also highlights the risks of leaving ambiguous accounts, such as “Ask My CPA,” on the books. These entries can obscure true expenses, hinder analysis and create unnecessary confusion during diligence. Addressing these issues early helps streamline the process, but unanswered questions in the numbers can quickly become bigger questions about the business itself.
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