Decision readiness checklist
For founders, boards and shareholders
A practical pre-market checklist for situations where a sale, capital raise, succession route or restructuring option is being considered, but the right path is not yet fixed.
Use this as a short internal discussion tool before a route is taken to market.
1. Clarify the real objective
☐ Can the principal decision be stated clearly in one sentence?
☐ Is there a clear shared view of what the situation is really about?
☐ Would all key decision-makers describe the objective in roughly the same way?
This may be about liquidity, growth capital, risk reduction, succession, a strategic partner, or something else.
2. Test the five anchors
☐ Price — Is there a clear view of what outcome would be acceptable, and what would not be enough?
☐ Control — Is there a clear view of what governance, ownership or decision rights must be preserved, shared or changed?
☐ Timing — Is there a clear view on why now, and what would improve or worsen if the decision were delayed?
☐ People — Is there a clear view of what each route would mean for management, key staff and the wider business?
☐ Legacy — Is there a clear view on what should remain intact beyond financial outcome?
3. Check internal alignment
☐ Are the key shareholders broadly aligned on the preferred route?
☐ Does the board understand the decision in the same way as the owners?
☐ Is management aligned, or could the route create avoidable tension later?
4. Check information readiness
☐ Would the business stand up to credible scrutiny from buyers, investors or lenders today?
☐ Are current financials, forecasts and key commercial assumptions coherent?
☐ Are the main risks, dependencies and unresolved issues already known internally?
5. Check route readiness
☐ Have the main alternatives been considered, not just the first route suggested?
☐ Would it be possible to explain clearly why this route is preferable to the obvious alternatives?
☐ Is the business ready for the consequences of market engagement if the process starts?
→ Interpret the answer
☐ Mostly yes: the situation may be ready for a more formal route.
☐ Mixed: the route may still be right, but important questions should be settled first.
☐ Mostly no: further thinking is likely to improve the eventual outcome more than early execution.
Related next steps:
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