Preparing for a liquidity event, whether it’s selling a business, divesting property, or launching an IPO, is a pivotal moment that demands more than just ambition. It requires foresight, precision, and a clear understanding of the legal, financial, and strategic landscape. These events can unlock significant value, but only if approached with the right preparation.

To help you navigate this journey, we’ve compiled three comprehensive checklists tailored to the most common liquidity pathways:

• Company / Business Sale Checklist: From ownership structures and capital gains tax to stakeholder alignment and due diligence, this guide ensures your business is ready for a smooth and value-maximising exit.
  
• Property Sale Checklist: Whether you’re selling commercial or investment property, this checklist covers everything from title verification and CGT planning to zoning compliance and stakeholder consensus.
  
• IPO Preparation Checklist: Going public is a complex, high-stakes process. This high-level guide outlines the structural, financial, regulatory, and operational steps needed to position your company for a successful listing.

Each checklist is designed to help you avoid costly oversights, streamline decision-making, and ensure that your transaction is not only compliant, but strategically sound. Whether you’re a founder, investor, or advisor, these tools will help you prepare with confidence and clarity.

Download below:

1. Company / Business Sale Checklist

Ownership & Structure:

• Review and confirm ownership structures (trusts, companies, hybrids).
  
• Review trust deeds, company constitutions, and purchase records.
  
• Assess appropriateness of structures for potential purchasers.

Tax & CGT:

• Understand capital gains tax implication.
  
• Obtain specialist advice, including modelling potential transaction scenarios and tax outcomes.
  
• Apply relevant CGT rollovers where applicable.

Due Diligence:

• Conduct early legal and financial due diligence.
  
• Consider a vendor due dilligence process to address any tax issues early, in order to minimise adjustments, and maximise value of the sale.

Shareholders & Stakeholders:

• Review and update shareholder agreements (if required).
  
• Clean up and confirm share registers — ensure all stakeholders are recorded correctly.
  
• Consider whether appropriate to make structural changes (e.g., buy out minority holders, restructure family arrangements).

Family & Strategic Decisions:

• Align family decisions on reinvestment vs distribution of proceeds.
  
• Consult with family stakeholders and review the family constitution.
  
• Consider the tax impact of future use of the proceeds.

2. Property Sale Checklist

Ownership & Structure:

• Confirm property ownership details (titles, deeds, trusts, companies).
  
• Verify purchase contracts and historical records.
  
• Assess structure suitability for tax efficiency and purchaser appeal.

Tax & CGT:

• Understand CGT implications for property sales.
  
• Obtain professional tax advice and model possible sale scenarios.
  
• Apply CGT exemptions or rollovers where eligible.

Due Diligence:

• Review zoning, planning, and development approvals.
  
• Ensure compliance with environmental, building, and safety regulations.
  
• Address any valuation or legal issues before marketing the property.

Stakeholders:

• Confirm all owners and beneficiaries are aligned on the sale strategy.
  
• Resolve any disputes or claims over ownership or usage rights.

Proceeds & Reserves:

• Decide on planned allocation of sale proceeds (reinvestment, debt repayment, distribution).
  
• Set aside tax reserves for settlement of future tax liabilities.

3. IPO Preparation Checklist (High-Level)

A pathway to IPO requires a longer runway than other liquidity event options, due to a heightened degree of requirements and the need to engage and prepare for significant external stakeholders to maximise the outcome. It is also not for every business, and sage advice should be taken from expert advisers.

Corporate Structure & Governance:

• Confirm optimal corporate structure for listing.
  
• Review and update governance documents and board composition.
  
• Assemble an experienced team to achieve the IPO.
  
• Address approach and whether listing is right for the business with stakeholders.
  
• Consider options for external advisors, including tax, legal and audit to manage the upcoming changes in listing.
  
• Engage with potential banks and underwriters.

Financial Readiness:

• Prepare audited financial statements in compliance with listing requirements.
  
• Address any accounting, tax, or reporting gaps.
  
• Undertake tax due diligence.
  
• Review corporate governance approach.

Regulatory & Compliance:

• Engage with relevant exchange and regulatory bodies early.
  
• Prepare listing documentation and disclosures.
  
• Ensure the business leadership is prepared and capable of managing the process.
  
• Address IPO prospectus requirements early.

Operational Readiness:

• Ensure internal controls, systems, and reporting processes meet public company standards.
  
• Align business strategy and growth plans with investor expectations.
  
• Consider your customer and public communications and processes – What might change?
  
• Manage post IPO risks and updates needed for insurances on change to public company.