The problem
A founder-owned business often runs on its founder: the important customers, the banking relationships, the approvals. That is a strength while the founder is present. When a buyer arrives, it becomes a discount, because a buyer pays only for what will still be there after completion.
Two to three years out
Move the relationships that matter onto a management team. Put the accounts through an audit a buyer will respect. Separate personal assets from business assets, including any property the business uses. Settle shareholder arrangements between family members in writing.
The options
A full sale, for an owner ready to step back. A partial sale, which brings in capital and governance while the owner stays. A staged sale, in which the owner sells a stake now and the rest later, at a price set by performance.
Each suits a different owner. None suits an owner who starts planning in the month they want to stop. We buy all three ways, and the earlier the conversation, the more of them remain open.