The Preparation Behind a Successful Business Sale?
Selling a substantial business is rarely as simple as preparing a listing and waiting for a buyer.
When a business has complex operations, significant assets, financial pressure, staffing challenges or an owner who can no longer remain actively involved, it may not be ready for the market—even if it has operated successfully for decades.
The sale of Haigh Australia demonstrates why careful preparation, operational involvement and experienced transaction management can be more important than rushing a business onto the market.
In this case, Oakshield did not simply list the business. Norman Emanouel and his team became closely involved in stabilising its operations, addressing the issues affecting its value and preparing it for a suitable buyer.
The business was successfully sold 17 months later for a result above the owners’ initial expectations.
A significant Australian manufacturing business
Haigh Australia was an established manufacturing business with a long operating history and a substantial industry presence.
At the time it was presented for sale, the business had:
These were considerable strengths. However, the size, history and assets of a business do not automatically make it ready for sale.
The financial position, operational systems, liabilities, customer relationships, staff structure and quality of management information all influence how buyers assess risk and determine value.
The published Haigh Australia business profile provides further information about the company and its position at the time of the sale.
Why the business could not be sold immediately
Oakshield was introduced to the owners after illness left one of the principals unable to continue running the business as before.
After meeting the owners, Norman spent several months understanding their circumstances and establishing the trust required to take responsibility for such a significant undertaking.
The initial assessment identified that the business was not yet ready to be presented to serious buyers.
Despite its history, brands, employees and substantial asset base, there were financial and operational issues that could have reduced buyer confidence and weakened the eventual sale outcome.
These included concerns around:
However, this timeframe may not allow enough time to make substantial improvements to profitability, management structure or owner dependency.
AIt is often suitable for owners who need to sell relatively soon and whose business is already in strong condition.
The balance sheet is a mirror of the business
As Norman explains in the video, a balance sheet can be considered a mirror.
When an experienced advisor examines it, they can see much more than a series of figures. It helps reveal what the business owns, what it owes, how it has been funded and whether its underlying financial position supports the owner’s expectations.
A company may have operated for 50 years and generated considerable revenue, but buyers will still want clear answers to important questions:
These matters must be understood and, wherever possible, addressed before qualified buyers begin their due diligence.
An 18-month business improvement strategy
Oakshield agreed to manage and prepare the business over an anticipated period of 18 months.
Rather than acting only as the selling agent, Oakshield became actively involved in the business. An experienced general manager—who had worked alongside Norman for approximately 25 years—was installed to oversee its operations.
The objective was clear: stabilise the business, improve its market readiness and create the conditions required to pursue the strongest reasonable sale outcome.
This involved working on the business itself before progressing the sale.
Although every situation is different, preparing a complex business commonly requires attention to areas such as:
01 Financial clarity
02 Operational stability
03 Reduced owner dependence
04 Staff and customer continuity
05 Accurate asset and business valuation
06 Buyer-ready due diligence
Sold in 17 months
The expected preparation period was 18 months.
Haigh Australia was sold after 17 months—one month ahead of that timeframe—and Norman reports that the result was significantly higher than initially expected.
This outcome was not produced by simply waiting for the right buyer to appear. It followed an extended period of hands-on management, operational improvement
and strategic sale preparation.The case demonstrates an important principle for established business owners:
“The value achieved during a sale is influenced long before the business is presented to the market.“
Support continued beyond settlement
Oakshield’s involvement did not end when the sale contract was completed.
Seven months after the transaction, Norman and his business partner were still assisting with the final transition, including clearing and handing the leased premises back to the landlord after the buyer decided not to remain in the building.
This post-sale work highlights a frequently overlooked part of a complex business transaction.
A successful exit can involve much more than transferring ownership. Property obligations, equipment, staff, customer commitments, operational handover and other responsibilities may continue after settlement.
Experienced transaction management helps ensure these matters are completed properly and that the former owner is not left to resolve unexpected problems alone.
What business owners can learn
from the Haigh Australia sale
Do not assume longevity guarantees saleability
Revenue does not tell the whole story
Preparation can protect negotiating power
A complex business may require hands-on assistance
The highest offer is not the only consideration
When should you begin preparing your business for sale?
Owners of established or complex businesses should ideally begin preparing well before they intend to enter the market.
Depending on the condition and size of the business, preparation may take six months, 12 months or longer. Haigh Australia required approximately 17 months of focused work before the sale was completed.
Starting early gives you options. It allows time to improve performance, address liabilities, reduce operational dependence and assemble reliable information without the pressure of an immediate sale deadline.
If illness, partnership changes or other circumstances have made the exit more urgent, an experienced advisor can help establish what needs immediate attention and whether the business can be stabilised before approaching buyers.
A different approach to selling an established business
Oakshield works with owners whose businesses may be too significant or complex for a simple listing-based sale.
The process begins by examining the whole business: its financial position, operations, people, assets, risks and future potential. Oakshield can then identify the practical work required to protect its value and prepare it for qualified buyers.
For an owner, selling a business may be a once-in-a-lifetime transaction. The objective should not be to reach the market as quickly as possible. It should be to enter the market properly prepared, with the business positioned to withstand due diligence and achieve the best reasonable outcome.
Considering selling an established or complex business?
Book a confidential conversation with Norman to explore your options.
Frequently Asked Questions
How long does it take to prepare a business for sale?
Can a financially challenged business still be sold?
Why not list the business immediately?
What makes a manufacturing business sale complex?
Manufacturing businesses may involve substantial equipment, property leases, inventory, employees, intellectual property, regulatory obligations and customer contracts. Each element must be carefully documented and considered during valuation, due diligence and handover.
