Why Due Diligence is the Hardest Part
of Selling a Business

Every founder views their company as their own child, but to a potential buyer, that creation is full of structural flaws and risks. In this episode of Portus Perspectives, William Bissett explains why opening up the hood during due diligence is often the most painful and emotional part of the exit process.

Buyers are not looking for features; they are actively searching for vulnerabilities. One of the biggest red flags they look for is a business that is entirely dependent on its founder. When a buyer starts pointing out these flaws, it is incredibly easy to fall into the trap of founder resentment. However, losing your passion for the business during this critical phase can severely devalue your company at the closing table.

William discusses how to balance a deep pride in what you have built with the thick skin required to let a buyer tear it apart. By understanding the buyer’s perspective, founders can protect their life’s work and ensure a successful and profitable exit. Watch the full episode to learn how to prepare yourself mentally and structurally for the brutality of due diligence.

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It’s tough when you go sell your business because when, when you, when you go sell your business, uh, you’re opening that thing up to somebody to come in and tear it apart like they want to know what are all the flaws, what are all the risks right inside of your business? And in order to find out what all the risks are, they’ve gotta find out all the things in their view that’s wrong with your business.

Because if they walk in the door and they realize that sale’s is all about you, that accounting is all about you, um, that maintenance is all about you and on down the line, everything is about you. Well then when you’re no longer here, they’ve gotta make sure that somebody’s in place to handle all of that stuff.

And so when you go sell it, they’re looking for the flaws. They’re looking for the things that you built around you and not that you built, um, without you needing to be involved in. And so that’s a painful process. I mean, imagine somebody coming up and telling you all the things that are wrong with you or your kids or your spouse or your dog, right?

Like nobody wants to hear their baby’s ugly. Um, but at the end of the day, every business has flaws. Um, but you’ve got to come to appreciate the fact that they’re trying to find the flaws so that they can realize what they’re gonna need to do to make that business successful under them as an operation.

With that being said, loving your kid. In this case, your business is super important at the same time. Right. I was talking to a business coach back at the end of last year, and one of the things he said, which I’d never heard somebody say before, is many business owners grow to resent their business and as soon as he said it, I was like, yes, that’s exactly right. So many business owners get frustrated with employees and payroll and maintenance and um, lawsuits and everything else along the way, but. You’ve gotta love it because if you don’t love that business when somebody else is coming in and they’re picking apart all the flaws, it’s gonna show that you don’t love it.

You don’t have that passion, you don’t have that enthusiasm that you don’t think it’s a great business. Um, and if they’re coming in and picking it apart and saying it’s not a great business, and you’re sitting there in the background nodding your head saying, yeah, this is a crap business. Please buy it from me.

Those two things don’t go well together. Um, so you have to love your business. You have to show that it’s a great business to own. It’s, it’s provided for you and your family and your employees and, and your customers and your suppliers. Um, but at the same time, you have to have tough enough skin to allow the fact that they’re gonna see flaws in it the same way that you do.

Um, they’re not gonna see the same flaws. They’re just gonna see different flaws than you do. So you’ve gotta love it, but you’ve gotta have that tough skin to allow others to see that there’s some things that are gonna need to come in and put processes and systems around to make it a successful business for them.

ORIGINAL MEDIA SOURCE(S):

William Bissett: Surviving Due Diligence When Selling Your Business | Portus Perspectives

Originally Recorded: January 30, 2026

Portus Perspectives: Episode 3