If you’re looking to sell your business, now might be the right time – especially if you’re well prepared.

From experienced owner managers who have waited years to squeeze value out of their businesses, to private equity firms looking to divest business assets, a lot of sellers are looking to take advantage of the positive deals climate in Canada. “It’s a seller’s market,” says John Merenda, a director in PwC’s Consulting and Deals practice, “and with that come high valuations.”

While the deals outlook for the remainder of 2015 is positive, sellers who put their businesses up for sale without any preparation are going to have a tough time achieving the value they think they deserve. That’s because the trend towards higher valuations, while a big draw for many sellers, can also be a major stumbling block when it comes to closing a deal.

“A lot of deals aren’t getting done because valuations are too high,” explains Merenda. “If a business isn’t prepared, asking for big multiples isn’t realistic.” So what can owner managers and other business owners do to make sure they get the highest value out of a potential sale or divestiture? The answer is deceptively simple: Do your homework and be prepared.