Yet when the moment comes to buy, grow, or eventually exit, many find themselves unprepared for the legal and strategic realities that determine whether they walk away with what they deserve, or walk away wondering what went wrong.
Joanna Oakey, has seen it play out hundreds of times. A commercial lawyer and managing director of Sydney-based firm Aspect Legal, she has spent more than two decades advising businesses at every stage of acquisition and exit.
She is also the host of two popular Australian business podcasts and the author of Buy, Grow, Exit, a practical guide that won the 2023 Australian Business Book Awards' Book of the Year.
Her core message is straightforward: most business owners leave money on the table, and most of the time, it’s avoidable.
Here is what she wants you to know.
Laying the Foundations for a Strong Future Outcome
The single most important shift any business owner can make is to start thinking about their exit long before they intend to have one. This isn’t about being pessimistic, it’s about the discipline that sale-readiness creates.
A business that is genuinely ready to sell at any moment has clean, well-documented financials. It has systems that don’t depend on one person.
It has protected intellectual property, solid customer contracts, and staff arrangements that hold up to scrutiny. These are not just things a buyer wants to see. They are the hallmarks of a well-run business full stop.
As Oakey explains, businesses that are run in a sale-ready state are not only more valuable at exit, they are also stronger and more resilient day to day.
Buying a Business: More Than Just Finding the Right Price
If you are looking to purchase a business, the temptation is to focus on price above everything else. Everyone loves a bargain right, but price is rarely what makes or breaks an acquisition.
According to Oakey, successful buyers approach acquisitions through five key drivers: preparation, price, process, protection, and primary value. Skip any one of these and you create exposure.
Due diligence is also a key area where many buyers underinvest. It can feel like it’s all just a formality once you’ve found a business you’re excited about, but it is your only real opportunity to verify what you’re actually buying.
Goodwill, client relationships, supplier agreements, and key staff are all assets that can disappear quickly if the transition isn’t handled correctly. The time to identify those risks is before you sign, not after.
It is also worth being clear on why you’re buying.
An acquisition done well can dramatically accelerate growth, in some cases achieving years of progress in a single transaction, and can significantly improve the profit multiple when you do eventually sell.
Done poorly, it drains cash, disrupts culture, and creates legal problems that linger for years. The difference usually comes down to preparation, clarity of strategy, and the quality of advice before the deal is concluded.
Growing by Building a Legal Fortress Around Value
At its core, growth is about identifying what drives value in your business and then protecting it. Every business faces risks - operational, legal, financial, and those risks directly impact the price a buyer is willing to pay. The stronger your protections, the lower the perceived risk, and the higher the value.
The other critical question to ask yourself is simple: what actually makes my business valuable? Is it the brand, the systems, and the customer base or is it you? If the business would struggle to operate without your direct involvement, you have a key-person problem.
Solving it is one of the most valuable things you can do, both for the health of the business today and for what you’ll achieve when you eventually sell.
Selling: The Cost of Being Unprepared
Owners who go to market without adequate preparation consistently achieve worse outcomes. They attract fewer buyers, receive lower offers, and take longer to close.
The sellers who do best, are the ones who understand what buyers are actually evaluating. A buyer is not paying a premium for your history (or hearsay), they are paying for their confidence in the future.
Stable, transferable revenue, documented processes, and minimal key-person risk are what command full value. The more clearly you can demonstrate those things, the stronger your negotiating position.
Structure also plays a critical role. The way a business sale is put together, whether through upfront payments, deferred consideration, or earnouts, can materially affect both risk and outcome for buyer and seller alike. Getting this right requires careful planning and experienced advice.
A Practical Next Step & An Upcoming Event Not To Miss
For those wanting a clearer understanding of how to approach buying or selling a business, there are opportunities to learn directly from experts working in this space every day.
A practical, in-person session is being held in Parramatta on Monday, 4 May 2026, designed specifically for small and medium business owners.
Tickets are currently available for a limited time at $9.90, and include a copy of the award-winning book Buy Grow Exit.
