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Abstract Structure

Your Go-To Guide for Answering the Buy & Sell Application

Having a readiness review helps business owners understand where they stand before making big moves like selling, merging, or growing their business. It’s a smart way to look under the hood—evaluating things like financial stability, leadership setup, and growth plans—so you know exactly what’s working and what needs a bit more polish. 

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This kind of prep doesn’t just boost your business’s value, it smooths out the path ahead, helping you avoid surprises and feel prepared for whatever’s next. With that in mind, here’s your guide to answering those readiness application questions—no guesswork, no hassle. 

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Take note! If you’re not sure, just choose the best answer.

About You

​​The first 10 fields are easy to complete and serve as an introductory section. These questions are straightforward and help us gather some basic information.

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  1. First Name: Enter your first name.

  2. Last Name: Enter your last name.

  3. Email Address: This is your contact email for further communication.Provide a valid email address where you can be reached. Make sure it’s accurate and up-to-date.

  4. Phone: This is for a contact phone number. Enter your phone number with the correct format. If you have a business phone, provide that number.

  5. What is your role in the organization? Describe your job title or position in the organization (Owner or Senior Leadership Team)

  6. What would you like help with? This field asks you to specify what type of assistance you are seeking. Select the option that best matches your needs.

    • 1-I am not sure

    • 2-I want help scaling my business

    • 3-I want help selling my business

    • 4-I am interested in selling some of my business

    • 5-I am interested in selling all of my business

  7. What are the primary reasons you’re selling the business now? Choose the option that best matches your reason for selling.

    • 1-I’m open to a partnership or new strategic direction but want to stay involved.

    • 2-I feel I’ve taken the business as far as I can.

    • 3-I need financial liquidity for personal reasons.

    • 4-I want to focus on other ventures or personal interests.

    • 5-I’m ready to retire.

  8. How do you feel about someone else taking over leadership of the business? Pick the number that best reflects how you feel about new leadership taking over.

    • 1-I am concerned about changes to the company culture and direction.

    • 2-I would prefer to remain involved in some capacity.

    • 3-I am open to it but want reassurance the team will be taken care of.

    • 4-I feel positive about it and believe new leadership could bring fresh ideas.

    • 5-I am excited about handing over the reins and moving on to other pursuits.

  9. How emotionally attached are you to the business? Select the option that best describes your emotional connection to the business.

    • 1-Extremely attached; it’s like family to me.

    • 2-Very attached; I feel proud of what I’ve built.

    • 3-Somewhat attached; I have mixed feelings about leaving.

    • 4-Slightly attached; I’m ready for a new chapter.

    • 5-Not attached; I see it purely as an asset.

  10. Have you ever bought or sold a business before? Pick the option that best describes your experience with buying or selling a business.

    • 1-Yes, I’ve bought and sold businesses before.

    • 2-Yes, I’ve sold a business but haven’t bought one yet.

    • 3-Yes, I’ve bought a business but haven’t sold one yet.

    • 4-No, I’m new to this and would like guidance.

    • 5-No, but I’m considering buying or selling soon.

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About Your Business

1 / Organization Name

This field asks for the name of your company or organization

2 / Headquarters State

This is to identify the state where your business is headquartered. Choose the state abbreviation (e.g., FL for Florida).

3 / Years in Business

Enter the number of years your business has been in operation.

4 / Number of Full-Time Team Members

Provide the total number of full-time team members (Less Than 5, 6-10, 11-25, 26-50, More Than 50)

5 / What Do You Believe Gives Your Business the Most Unfair Advantage Over Competitors? 

​How to Answer: This question highlights what sets your business apart and gives it a competitive edge. Choose the factor you believe provides your business with a unique advantage.

  • 1-Proprietary technology or intellectual property (e.g., patents, software, trademarks)

  • 2-Network effects (e.g., the value of your product or service increases as more people use it)

  • 3-Exclusive partnerships or access to resources (e.g., key suppliers, distributors, or strategic alliances)

  • 4-Brand loyalty and reputation (e.g., a strong, established brand that customers trust)

  • 5-Superior talent or leadership (e.g., a highly skilled, visionary leadership team or workforce)

6 / What were your primary business goals for the last 12 months? 

How to Answer: This question looks at your business goals from the previous year to understand your focus and growth objectives. Choose the option that best describes your goals for the past 12 months. 

  • 1-Finalizing our business plan and securing initial funding or investment.

  • 2-Increasing our customer base and achieving a break-even point.

  • 3-Optimizing our operations and processes to improve profitability.

  • 4-Expanding our product/service offerings and entering new markets.

  • 5-Investing in research and development to drive innovation and future growth.

7 / What are your primary business goals for the next 12 months? 

How to Answer: This field looks forward to understanding your strategic goals for the upcoming year. You can select from goals like:

  • 1-Finalizing our business plan and securing initial funding or investment.

  • 2-Increasing our customer base and achieving a break-even point.

  • 3-Optimizing our operations and processes to improve profitability.

  • 4-Expanding our product/service offerings and entering new markets.

  • 5-Investing in research and development to drive innovation and future growth.

8 / How Confident Are You That Your Growth Strategy Can Scale with Your Business Over the Next 3-5 Years? 

​How to Answer: This helps measure your confidence in the scalability of the current growth strategy. Select the statement that best reflects your confidence.

  • 1-We don’t believe our strategy will support long-term growth.

  • 2-We have doubts about the strategy’s ability to scale over time.

  • 3-Our strategy may support growth, but it requires adjustments to scale effectively.

  • 4-We are confident our strategy will support growth, with some minor improvements needed.

  • 5-We are highly confident that our strategy is designed to scale efficiently and support long-term growth over the next 3-5 years.

9 / How Well Does Your Growth Strategy Outline Specific, Actionable Steps for Achieving Business Goals? 

​How to Answer: This question measures whether your growth strategy includes clear steps that can be followed to achieve business objectives. Choose the option that best reflects how well your growth strategy is structured.

  • 1-Our strategy doesn’t have specific or actionable steps.

  • 2-We have some general goals, but the steps to achieve them are unclear.

  • 3-Our strategy includes some actionable steps, but they aren’t well defined.

  • 4-Our strategy outlines clear and actionable steps for achieving most goals.

  • 5-Our growth strategy is detailed with specific, actionable steps that guide day-to-day operations toward achieving our goals.

About Your Finances

1. What is your Average Revenue for the Past
3 Years?

​How to Answer: Estimate your average revenue over the last three years. Choose your answer from the range:

  • 1-Less Than $1 Million

  • 2-$1-5 Million

  • 3-$5-10 Million

  • 4-$10-30 Million

  • 5-More Than 30 Million

How to Calculate:

  1. Revenue is the total income a business generates from its primary operations, such as selling goods or services, before any expenses are subtracted.

  2. It can be calculated by multiplying the number of units sold by the price per unit, or summing all income generated from business operations during a given period.

  3. You would find revenue in the income statement (profit and loss statement), typically listed as the "top line" figure before any expenses are deducted.

  4. For example, if a company sells 500 units of a product at $30 each, its revenue would be $15,000 (500 units × $30).

2. How Has Revenue Changed Over the Previous Year?

How to Answer: Compare your current year’s revenue to the previous year’s and select the appropriate option.

  • 1-Down by more than 10%

  • 2-Down by up to 10%

  • 3-Flat / No change

  • 4-Up by up to 10%

  • 5-Up by more than 10%

3. What Percentage of Revenue Comes from Repeat Customers?

How to Answer: Estimate the percentage of your revenue that comes from repeat customers. Choose the percentage range that best represents your business.

  • 1-0% - 10%

  • 2-11% - 25%

  • 3-26% - 50%

  • 4-51% - 75%

  • 5-76% - 100%

4. Revenue from Recurring vs. Project-Based Work

How to Answer: Estimate the percentage of your revenue that comes from recurring vs. project-based work.Choose the option that best represents your business.

  • 1-Mostly project-based (80%+ project-based)

  • 2-Primarily project-based (20-40% recurring)

  • 3-Balanced mix (50% recurring, 50% project-based)

  • 4-Primarily recurring (60-80% recurring)

  • 5-Mostly recurring (80%+ recurring)

 

How to Calculate: Percentage of Recurring Revenue = (Revenue from Recurring Work / Total Revenue) × 100

  • Example: If you generate $15,000 from recurring revenue and $30,000 in total revenue:

    • (15,000 / 30,000) × 100 = 50% recurring revenue

 

Where to Find it: This information is typically found in the company's financial statements or sales reports, where revenues are broken down by recurring versus project-based income streams.

5. What Is Your Gross Profit Margin as a Percentage of Revenue?

How to Answer: Estimate your gross profit margin as a percentage of your total revenue. Choose the option that best represents your business.

  • 1-Less than 20%

  • 2-Between 20% and 30%

  • 3-Between 30% and 40%

  • 4-Between 40% and 50%

  • 5-Greater than 50%

 

How to Calculate: Gross Profit Margin = [(Revenue - Cost of Goods Sold) / Revenue] × 100

  • Example: If your revenue is $50,000 and your cost of goods sold is $25,000:[(50,000 - 25,000) / 50,000] × 100 = 50% gross profit margin

 

Where to Find it: This information is typically found in the income statement (profit and loss statement), where gross profit and revenue are listed.

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