The gap between running well and selling well costs founders millions. While strong operations create confidence, sophisticated buyers evaluate transferability through systematic preparation spanning years, not months. Understanding the 36-24-12 month preparation timeline transforms good businesses into premium acquisitions before ever going to market.

While founders focus on financial metrics, buyers obsess over a different question: what happens when you leave? Sophisticated acquirers build models that translate founder dependency into specific valuation discounts, often 20-30% of enterprise value. Understanding how buyers quantify this risk—and systematically eliminating it—separates premium exits from discounted sales.

Some founders get term sheets; others get polite rejections after diligence. Both had strong financials. The difference? Buyers don't evaluate current performance—they underwrite future transferability. Understanding this buyability gap transforms good businesses into premium acquisitions.

Your P&L shows 22% EBITDA. You see success. Buyers see questions about revenue quality, margin consistency, and scalability. Understanding how acquirers actually analyze financials—and the specific adjustments they make—can mean the difference between 4x and 6x multiples.