Accounts that do not reconcile
Management accounts that tell a different story from the audited accounts, or bank statements that tell a third. Fix: reconcile all three for at least the last three years, and explain every difference in writing.
Tax positions never tested
Positions taken on company income tax, VAT and withholding tax that no one has examined. A buyer will price the worst case. Fix: have them reviewed now, and settle what needs settling.
Related-party trading
Sales to, purchases from, or property rented from the owner, the family, or businesses they control, at terms no outsider would agree. Fix: put every arrangement on written, arm’s-length terms, or end it.
Contracts that leave with the owner
Customer contracts, licences and leases with change-of-control clauses, or held in the owner’s own name. Fix: list them, read them, and move them into the company with the counterparty’s consent.
Title and permits
Land without registered title, and operating permits that have lapsed or were never issued. Fix: regularise them before a sale begins. It takes longer than owners expect.
None of these stops a good business being sold. Each one changes the price, and how long the sale takes.