If you are a business owner with an eye toward a successful exit, the most important work often happens long before you ever speak with a buyer. What ultimately drives value and deal certainty is how well prepared you are before the process begins.

Three foundational steps to take well in advance of a sale include reducing personal ownership through early estate planning and gifting, formalizing compensation through an employment agreement, and organizing key company documents in a virtual data room. I broke those down in a previous article. Business owners appreciated those suggestions, but many asked for more. Here are three additional steps you should consider now, before beginning a sale process.

1. Get your financial statements audited.

Buyers are more likely to accept your claims about the value of your business when those claims are backed by an audit from a reputable CPA firm. Audited financials can make a buyer’s M&A team more comfortable recommending the transaction internally, which can improve confidence in the deal and reduce friction during negotiations.

An audit can also help move the transaction faster. Issues that might otherwise surface for the first time during due diligence are more likely to be identified and addressed earlier, before the M&A process is fully underway. That can save time, reduce surprises, save money, and help preserve deal momentum.

In some cases, reviewed financials will suffice and are much cheaper, but an audit will usually make buyers happier.

2. Establish a board of advisors.

A strong board of advisors can help position your company more effectively for a sale. It may help you attract respected advisors who are known to potential buyers or who bring meaningful M&A experience to the table. Even without running a formal sale process immediately, a credible advisory group can strengthen how the market views your business.

A good board of advisors can also provide what many growing companies need most: credibility, contacts, counsel, and cash. Those advantages can improve decision-making, broaden your network, and make your company more attractive both operationally and strategically before you ever begin discussions with a buyer.

3. Build recognition for your company.

The better known your company is among potential buyers, the more likely those buyers are to become interested in acquiring it. Visibility matters. When the market already knows who you are and what you have accomplished, strategic interest can develop before you ever make an outreach effort.

One practical way to increase recognition without broadcasting that you’re for sale is by publicizing your company’s successes. Thoughtful public relations and visibility efforts can help with customer development, recruiting, and internal morale. More importantly in the M&A context, they can draw the attention of potential buyers without requiring you to solicit them directly.

Take these three additional steps now, before you engage in formal M&A discussions, to help maximize value and improve your position in a future sale process. Advance preparation still matters, and the more credible, organized, and visible your company is before the process starts, the better your chances of achieving a strong outcome.