Today, selling your business might be the farthest thing from your mind. That actually makes this the perfect time to prepare and organize for a sale. Lucrative acquisition inquiries from strategic buyers or private equity firms can pop up anytime. So staying prepared at all times is essential.

For nearly 30 years, I’ve seen small businesses miss out on offers they never saw coming. When the offer suddenly appears, it’s often too late to get organized quickly enough to cash in. As a result, the offers tend to fall through. Mostly because unprepared business owners scramble to produce five years of financial statements, employee records, and other key documents with limited time.

At Wells Fargo Middle Market Banking, we advise companies to always be prepared for unexpected opportunities by planning for a sale, even when they have no intention of selling. Save time, money, and headaches by taking these five steps toward perpetual readiness:

1. Make strategic planning a habit
Every business should have a strategic plan that is kept up-to-date and accessible at all times. A good plan includes well-defined financial goals and concrete steps to reach them. Discuss your growth objectives with your banker early and often to identify financial products and services that will help meet your goals. Build growth strategies into the plan, be flexible, and adjust as needed along the way. Potential buyers will want to see that there’s a sound vision for the trajectory of the company, based on its clear growth potential.

2. Upgrade your financial statements
If you haven’t already, upgrade to audited financial statements. Independent disclosures from an independent auditor provide a level of validation that is crucial to buyers and lenders during an acquisition. The result of this examination is a report by the auditor that attests to the fairness of presentation of the financial statements and related disclosures.

3. Mind your budgets
A simplistic budget may have worked for years. However, make sure your company’s budgets include information and detail that would be vital during a sale. Comprehensive budgets should include comparisons between actuals and forecasted results.

4. Clean up employee records
Maintain orderly and accurate employee records at all times. Prospective buyers will want a full accounting of the company’s talent. Human resource records — including insurance, compensation, and employee review records — should be up-to-date and readily available. In addition, evaluate your employee and leadership bench regularly to make sure the right talent and organizational structure are in place. This may be a chief concern for potential buyers.

5. Prioritize records management
Besides employee records, all relevant financial statements, reports, and key business information should be kept systemized, current, and backed up often. Also important is ensuring that the records are easily accessible. When an unanticipated acquisition inquiry arrives, time and resources can be wasted if your team has to scramble to find, verify, and update information at the eleventh hour. Consider building regularly scheduled records reviews, spruce ups, and backups into normal business processes.

The bottom line: Don’t wait until you’re planning to sell to prepare. Stay ready with ongoing preparation and organization. If an irresistible offer from a private equity firm or strategic buyer comes your way, your company will be poised to pounce.