Month 24. Honest baseline
Start with a private, no-strings valuation against the number you actually want. The gap defines the work. If the answer is "we're already there", you've still gained 12 months of preparation runway.
Month 18. Fix the obvious
Concentration risk, weak gross margin, missing management, ugly working capital. You can't fix everything but you can usually move the dial on two or three of them in 12 months.
Month 12. Operational rhythm
Monthly management accounts, clean Xero/Sage file, board pack, KPI dashboard. Buyers don't pay extra for these. They discount the absence of them.
Month 9. Adviser team
Corporate finance lead, deal-experienced lawyer, tax adviser, accountant. Cheap advice is the most expensive line item on a deal.
Month 6. Marketing materials
Information memorandum, integrated financial model, anonymous teaser, target buyer list. The IM tells the story; the model proves the story.
Month 3. Process
Approach buyers, manage NDA, run first meetings, collect indicative offers. Run a real process, not a passive "if you want to buy us, call us" exercise.
Month 1. Heads of terms & DD
Negotiate exclusivity carefully; this is where leverage shifts to the buyer. Have your data room ready before due diligence begins, not as it begins.
Month 0. Completion
SPA negotiation focuses on warranties, indemnities, completion accounts and deferred consideration. Headline price is only one of four numbers that matter.