The 5 Key Documents You’ll Need Before Selling Your Business

Understand Your Buyer. Defend Your Valuation. Don’t Go in Alone.

If you’re thinking about selling your business, the first thing buyers will ask for isn’t your pitch
— it’s your paperwork.

And not just any paperwork.
 We’re talking about clean, defensible, investor-ready documents that answer one key question

Can I trust what I’m buying — and is it worth what you’re asking?

At Strategix Asia, we understand what buyers look for — and where sellers often get caught off guard. Our role is to help SME owners navigate that process with clarity and confidence.

This guide will give you a clear idea of the five most critical document categories that shape buyer perception and valuation. But more importantly, we’ll share why having the documents alone isn’t enough — they need to be positioned, explained, and reviewed with strategy.

Before We Begin: A Quick Reality Check

This article will help you understand what buyers expect. But knowing what’s needed is not the same as preparing it well.

Most SME owners don’t have the time and resources to:

    • Present operational clarity without overexposing the business
    • Normalise financials the right way
    • Translate raw data into a compelling buyer narrative
    • Investor outreach and screening

That’s where M&A consulting services make the difference — and why we recommend engaging early, even 12–24 months before your intended exit.

1. Financial Statements (3–5 Years)

Buyers trust numbers — but only when they make sense.

Expect buyers to ask for:

    • Profit and loss statements (monthly and annual)
    • Balance sheets
    • Cash flow statements
    • EBITDA and normalised earnings

But it’s not enough to have them — you need to explain them. Are there one-time expenses? Founder-related costs? Year-on-year fluctuations? Buyers will notice them — and they’ll ask.

Without clear context, you risk lowball offers or lengthy due diligence delays.

We work with clients to clean, structure, and position their numbers to withstand buyer scrutiny. A strong financial story isn’t fabricated — it’s clarified.

2. Owner’s Add-Back Schedule

Defend your true earnings. Back it up.

Many businesses show lower net profits due to personal expenses or exceptional one-offs. That’s normal — but you need a defensible add-back schedule to prove your earnings power.

Examples include:

    • Owner’s salary above market rate

    • Family members on payroll

    • Renovation or legal costs not recurring

    • Related-party transactions

Here’s the catch: If you can’t document it clearly, buyers won’t add it back.

We help clients develop structured, credible add-back reports that justify higher valuation multiples — and we know what buyers will accept and what they’ll push back on.

3. Customer & Revenue Breakdown

Show where the revenue comes from — and how secure it is.

This is where buyer intentions become clearer. They’re not just buying cashflow — they’re buying your customer base, retention rate, and revenue quality.

You’ll need:

    • Top customer summaries (revenue %, relationship length)

    • Any dependency risks (e.g. one client = 40% of revenue)

    • Contract renewal data

    • Payment terms and revenue seasonality

Even a strong topline revenue can raise red flags if buyers detect volatility or over-concentration.

We guide sellers on how to present customer and revenue data in a way that builds confidence — not concern.

4. Operational Documents & Org Chart

Can the business run without you? That’s the buyer’s real question.

Buyers want assurance that they’re not buying chaos — or worse, buying you. If your business can’t run without your involvement, your valuation will take a hit.

You’ll need:

    • A clear organisational chart

    • Defined roles and responsibilities

    • Documented SOPs for key functions

    • Software tools and workflow systems

Well-documented operations reduce key-person risk — and that increases buyer appetite.

We help our clients build this out when needed, or refine what’s already in place, so it reads like a business worth investing in — not a black box.

5. Legal, Tax & Compliance Records

This is where trust is either built — or broken.

Buyers will want full transparency on your legal and tax structure. Any misstep here — an expired contract, unresolved liabilities, or missing filings — can stall or sink a deal.

Prepare to show:

    • ACRA filings and company constitution

    • Shareholder agreements

    • Key customer and supplier contracts

    • Lease agreements and IP ownership

    • Tax records: Form C, GST, CPF, payroll taxes

But it’s not just about having documents — it’s about whether they’re clean, current, and complete.

We work closely with our clients and legal partners to pre-screen documents, flag gaps, and get ahead of questions before buyers even ask.

Final Thoughts: Documents Don’t Close Deals — But They Shape Them

Every buyer comes with questions. Your documents provide the answers — or they don’t.

If you’re planning to sell a business in Singapore, these five document categories give you a framework. But preparing them well — and positioning them right — takes strategy, not guesswork.

At Strategix Asia, our M&A consulting services go beyond paperwork. We help SME owners understand buyer intent, defend their valuation, and enter the market with confidence. Whether you’re 6 months or 2 years out, we can help you get exit-ready — the smart way.

Don’t just tick boxes. Build a case. Let’s start there.

Book a consultation