> ## Documentation Index
> Fetch the complete documentation index at: https://exit.85advisors.co/llms.txt
> Use this file to discover all available pages before exploring further.

# Welcome

> A guide for clients of 85 Advisors: how a sale process works, what we need from you at each stage, and how buyers will assess your company.

Client guide

# Selling your company, one step at a time

Understand how buyers will assess your business, what to prepare before going to market, and how the terms of an offer affect what you receive. This guide explains the process and the decisions along the way. Your company’s timetable, requests and documents are managed separately in your client portal.

Where to start

[Preparing for a sale →
Start with the information, decisions and preparation that will matter when buyers begin their review.](https://exit.85advisors.co/working-with-us/readiness-checklist.md)

[Understanding the process →
See the stages of a sale, the decisions you control and what we handle on your behalf.](https://exit.85advisors.co/sale-process/overview.md)

[Evaluating an offer →
Look beyond headline price to cash at closing, contingent payments and certainty of completion.](https://exit.85advisors.co/examples/comparing-offers.md)

The four phases of a sale

[01
Preparation
The financial picture, the valuation range, and the teaser and CIM.](https://exit.85advisors.co/sale-process/preparation.md)

[02
Marketing
Approaching the buyers you approve and collecting first-round proposals.](https://exit.85advisors.co/sale-process/marketing.md)

[03
Diligence
Management meetings, the data room and final proposals, ending with a letter of intent.](https://exit.85advisors.co/sale-process/diligence.md)

[04
Closing
Confirmatory diligence, the purchase agreement, consents and the close.](https://exit.85advisors.co/sale-process/closing.md)

Explore the guide

> **[How we work together](https://exit.85advisors.co/working-with-us/how-we-work.md)**
>
> Who does what, the decisions that are yours, and how we keep you informed.

> **[Your portal and the data room](https://exit.85advisors.co/working-with-us/portal-and-data-room.md)**
>
> What each page of your portal is for, and how the data room works.

> **[Glossary and FAQ](https://exit.85advisors.co/reference/glossary.md)**
>
> Deal terms in plain language, and answers to the questions owners ask most often.

> **[Preparing for diligence](https://exit.85advisors.co/diligence/financial-information.md)**
>
> What buyers will ask for, area by area, and how to get it ready.

> **[How buyers value software](https://exit.85advisors.co/valuation/how-buyers-value-software.md)**
>
> What still drives value, and what AI has changed.

> **[From price to proceeds](https://exit.85advisors.co/valuation/price-to-proceeds.md)**
>
> How a headline price becomes the cash you receive, with a worked example.

> **[Software metrics](https://exit.85advisors.co/metrics/arr.md)**
>
> How buyers rebuild ARR, retention and margins from your data, and where the figures go wrong.

> **[The AI defensibility diagnostic](https://exit.85advisors.co/metrics/ai-defensibility.md)**
>
> Eight questions buyers now ask, with what strong and weak answers look like.

> **[Worked examples](https://exit.85advisors.co/examples/normalized-ebitda.md)**
>
> Normalized EBITDA, the working capital target, an earn-out and two competing offers, in numbers.

Questions about your own sale?This guide is general. For anything specific to your company, contact your deal lead.


This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.