It doesn’t matter if you’re 23 or 63. If you’re an entrepreneur planning to sell your business someday, you need to start preparing for that day—now, if possible.

Not only will you get a bigger payday when you eventually sell, you’ll probably enjoy enhanced profitability and productivity today.

That was one of the chief lessons from the Selling Your Business Forum presented June 23 by Thinking Bigger Business Media. It was sponsored by Wrenn Insurance Agency, Twin Financial, Apex Business Advisors and Seigfreid Bingham P.C.

Couldn’t make it? Here are some of the best lessons from today’s workshop on planning to sell your business …

Start Early

Jack Fiorella of Fiorella’s Jack Stack Barbecue developed a succession plan that his family executed over the course of 15 years. They had to make adjustments along the way, but having a plan greatly simplified things, he told attendees.

You’re Going to Need Help

Many entrepreneurs say their business is their biggest asset, but when they get ready to retire, they don’t have any way to cash out.

A team of advisers—your attorney, your accountant, your business coach, your insurance agent and a business intermediary experienced in mergers and acquisitions—can help you come up with a strategy, said Katheigh Degen, co-owner of Twin Financial Inc.

You’re Going to Need a Buy-Sell Agreement

A buy-sell agreement spells out what will happen to a business in the event of the 4 D’s: death, divorce, disability and departure, Degen said. They’re particularly helpful in businesses with more than one partner.

Build Something Worth Buying

There are a few big ways you can build your company into something that buyers want to acquire, said Valerie L. Vaughn, a certified business intermediary with Apex Business Advisors.

• Build a management team and systems that can run the business after you’re gone. Buyers want stability.
• Build a sales and marketing team that can bring in revenue without your presence. This is a biggie—too many entrepreneurs are the face of their business. If you’re gone, will your company’s biggest customers fly off, too?
• Your financial records must be clear, accurate and reflect the actual value of your business.
• Beware customer concentration. The more your company depends on a few customers or industries, the higher the risk that your company’s revenue could be hurt in things don’t go as planned.
• Curb appeal isn’t just for houses. Your business’s offices, uniforms and vehicles should look sharp. If your website is clunky, update it. If your social media profiles are never updated, either get them lined out or delete them.

Undress Your Business

Selling your business—and all the due diligence that comes with that—is a little like letting a stranger see you naked. What should you do?

“Undress yourself first,” says Angie Armenta, a corporate attorney and shareholder at Seigfreid Bingham. That is, take a closer look at your company first, so you can address its flaws before someone else can point them out.

Answer 5 Key Questions

Armenta shared five big questions that can help with due diligence:

• Are your corporate records in order?
• Can you demonstrate ownership of your assets? Do you really have control of your company’s logo and code … or do your contractors retain some interest? Buyers won’t want to deal with an X factor.
• Can key employees leave and compete with you? Confidentiality and noncompete agreements can help reassure buyers that your employees won’t leave and undermine them later.
• How could your contracts impact the sale? Can your buyers continue your company’s lease if necessary, or renegotiate deals with vendors and suppliers?
• Is your company properly licensed and registered? As your business grows, you might have accidentally fallen out of compliance with regulations, especially if you have a telecommuting employee in another state or your team is doing work outside your home state.