In the numbers
One customer worth more than a third of revenue. Margins that fell in each of the last two years. A director's loan account nobody mentions. Debtor days quietly stretching. Stock that has not moved in a year.
None are fatal. All of them get priced.
In the room
An owner who answers every question personally because no one else can. A key manager who has clearly not been told. Vague answers about why last year was unusual.
Buyers are not looking for perfection — they are looking for candour.
In the paperwork
Unsigned customer contracts. Expired leases. No written employment terms. Software or vehicles owned personally rather than by the company.
Most of this can be tidied in a few weeks. Doing it before you talk to a buyer is worth real money.