Table of Contents
01
The mindset: Exit as an operating model
02
The execution blueprint 
03
Embedding exit readiness into the operating model
04
The bottom-line:
CFOs are underprioritizing
readiness.

Exit Readiness Playbook

How PE-backed CFOs can turn readiness into a state of mind
12-24 months to exit
under 12 months to exit
According to our Exit Readiness in Private Equity survey report,

72% of sponsors say their portfolio CFOs are falling short on exit readiness and optimization initiatives. It’s often not because they lack relevant transaction experience; it’s because they treat exit as an event, not as an operating model. Most CFOs think about exit readiness as a 3–6-month checklist and fire drill before sale, not as the 1–2-year transformation of how Finance operates, reports, and creates value.

This playbook is built to fix that. It’s for PE-backed CFOs who want to move from episodic exit prep to always-on optimization, embedding readiness into how they operate, report, and create value every day. Because the next era of private equity won’t reward those who get ready when it’s time to sell; it will reward those who are ready all the time and utilize the runway to the exit to maximize exit valuations.

Download the full report.

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01

The mindset: Exit as an operating model

Sponsors have made it clear: they expect CFOs to maintain a seller’s mindset every day, even when no deal is on the table.

97% but only 20% of sponsors of CFOs want continuous exit readiness operate that way.
97% but only 20% of sponsors of CFOs want continuous exit readiness operate that way.
97% but only 20% of sponsors of CFOs want continuous exit readiness operate that way.

High-performing CFOs understand that readiness isn’t a sprint, it’s an infrastructure. It’s how you run finance, shape your narrative, and prove that every number stands up to diligence.

To operationalize exit, CFOs must manage across three dimensions: execution, foresight, and readiness: run for today, report for tomorrow, and ready for sale every day.

81% but only 61% of sponsors of CFOs want exit prep to begin 12–24 months before sale  start only 3–6 months out, a timing gap that costs value 
81% but only 61% of sponsors of CFOs want exit prep to begin 12–24 months before sale  start only 3–6 months out, a timing gap that costs value 
81% but only 61% of sponsors of CFOs want exit prep to begin 12–24 months before sale  start only 3–6 months out, a timing gap that costs value 

But not every CFO has the luxury of a long runway. Some inherit mid-hold chaos, compressed timelines, or sponsor pressure to move faster. The good news: exit readiness isn’t about how much time you have; it’s about what you do with it. The fundamentals never change, alignment, data, value creation, diligence, and value capture), only the depth and the pace.

That’s why we’ve built two playbooks: one for transformation when time allows, one for acceleration when it doesn’t. The fundamentals (alignment, data, diligence, value creation, and value capture) never change; only the depth and the pace.

02

The execution blueprint

BluePrint 1
The Marathon | 12-24 Months to Exit
BluePrint 2
The Sprint | Under 12 Months to Exit
BluePrint 1
The Marathon | 12-24 Months to Exit
BluePrint 2
The Sprint | Under 12 Months to Exit
This is all about transformation and optimization. Use your runway to create value, not just prepare for it.
01
Reassess the VCP and build the future CIM outline
  • Define the future CIM outline and equity narrative that will anchor the exit story.
  • Identify the KPIs that prove growth and resilience: the metrics investors will use to validate and bolster the thesis.
  • Reallocate capital toward short-cycle, high-impact initiatives with clear EBITDA and short payback; defer long-horizon projects with limited near-term ROI (e.g., full-scale ERP).
  • Validate which levers the market values most (e.g. margin expansion, recurring revenue, scalability) and focus resources accordingly.
  • Integrate AI initiatives into the VCP to demonstrate sustainability, embedded intelligence, and operational efficiency
Top four barriers to readiness (from sponsors) 01 Poor data quality 02 Lack of CFO exit experience 03 Under-resourced finance teams 04 Weak scenario planning Top four barriers to readiness (from sponsors) 01 Poor data quality 02 Lack of CFO exit experience 03 Under-resourced finance teams 04 Weak scenario planning Top four barriers to readiness (from sponsors) 01 Poor data quality 02 Lack of CFO exit experience 03 Under-resourced finance teams 04 Weak scenario planning
02
Stand up a Transformation Management Office (TMO)
  • Establish a cross-functional team (Finance, Ops, IT, HR) accountable for the delivery and results of every initiative.
  • Build program dashboards to monitor progress, quantify value, and identify drift early.
  • Integrate change management into the TMO: clear communication, aligned incentives, and transparent accountability.
  • Operate the TMO as a mini private equity firm inside the company: fast, analytical, and results-driven.
03
Unlock hidden value in the P&L and balance sheet
  • Conduct a comprehensive diagnostic across SG&A, pricing, vendor spend, SKU mix, and working capital to surface EBITDA and liquidity levers.
  • Use AI-enabled analytics to detect cost anomalies, margin gaps, and missed revenue, then quantify each lever’s valuation impact (EBITDA gain × exit multiple).
  • Execute 90-day sprints to release cash and realize value (through term renegotiations, inventory rightsizing, collections acceleration) and differentiate one-time gains from sustainable improvements.
04
Quantify and track value creation

Automate a quarterly valuation bridge that links baseline, realized, and in-progress initiative impacts.

Build a value dashboard aligned to sponsor metrics (EBITDA, liquidity, and multiple expansion) and update it in real time through FP&A tools.

Visualize and communicate progress regularly to sponsors to reinforce transparency and confidence in outcomes.

50% of sponsors cite inconsistent value-tracking as a top CFO weakness  50% of sponsors cite inconsistent value-tracking as a top CFO weakness  50% of sponsors cite inconsistent value-tracking as a top CFO weakness 
05
Build scalable systems and an AI-enabled data foundation
  • Standardize and automate reporting through a connected ERP– FP&A–BI architecture; cleanse and align data to eliminate reconciliation delays and strengthen control.
  • Document system design decisions to institutionalize governance and showcase operational maturity to buyers.
  • Layer AI capabilities (predictive forecasting, variance automation, and anomaly detection) on top of the data foundation, tying each enhancement to measurable outcomes like faster close cycles, reduced manual effort, and sharper insights.
85% of buyers factor AI adoption into valuation discussions, making it a visible signal of maturity 85% of buyers factor AI adoption into valuation discussions, making it a visible signal of maturity 85% of buyers factor AI adoption into valuation discussions, making it a visible signal of maturity

CFO takeaway:

Transformation without proof is storytelling. Build the data, CFO takeaway: tools, and cadence that make value creation undeniable.

This is all about simplifying and accelerating. When the window is short, precision and control create credibility.
01
Align on the equity story, fast
  • Co-author the narrative with your sponsor; define value drivers and proof points.
  • Build a one-page equity story dashboard linking KPIs to thesis.
  • Validate every claim with data: no soft metrics, no surprises.
69% of sponsors say CFOs underestimate the time and complexity of exit prep, especially in the final year of hold 69% of sponsors say CFOs underestimate the time and complexity of exit prep, especially in the final year of hold 69% of sponsors say CFOs underestimate the time and complexity of exit prep, especially in the final year of hold
02
Build and control the sell-side data engine
  • Create an AI-ready data cube – a single connected source for finance and operations – that powers diligence views, variance analyses, and automated roll-forwards.
  • Pre-build diligence deliverables (trend analyses, KPI databooks, management narratives) to anticipate buyer requests and maintain real-time accuracy throughout the process.
  • Establish a central diligence hub with clear ownership, timelines, and aligned assumptions across Finance, Ops, and QoE teams.
  • Position the CFO’s office as the command center – controlling the narrative, ensuring data consistency, and setting the tempo for diligence rather than following the bankers.
71% of sponsors say misaligned equity stories delay diligence or reduce perceived value  71% of sponsors say misaligned equity stories delay diligence or reduce perceived value  71% of sponsors say misaligned equity stories delay diligence or reduce perceived value 
03
Tackle incomplete integrations 
  • Inventory and assess all open M&A integrations, quantifying unrealized cost and revenue synergies.
  • Prioritize high-impact synergy capture: cross-sell, up-sell, vendor consolidation, process standardization, and system integration.
  • Finalize reporting harmonization to ensure consistency across financial and operational metrics.
  • Build a pre-exit integration tracker that clearly documents remaining value and proof of synergy realization for buyers.
57% of sponsors say incomplete post-deal integrations are among the top three reasons valuation stalls before exit 57% of sponsors say incomplete post-deal integrations are among the top three reasons valuation stalls before exit 57% of sponsors say incomplete post-deal integrations are among the top three reasons valuation stalls before exit
04
Execute low hanging value creation initiatives to squeeze every last drop of value
  • Revisit top-line levers (pricing optimization, cross-sell, up-sell, channel mix).
  • Execute near-term cost takeout (procurement renegotiations, SG&A consolidation).
  • Accelerate working-capital improvements and document results in cash and margin terms.
  • Package the full impact into the equity narrative. Proof beats aspiration every time.
  • Review all materials with a buyer’s lens to front-run the diligence process and avoid surprises.
62% of sponsors say last-mile EBITDA and cash-flow initiatives deliver the highest ROI during exit prep  62% of sponsors say last-mile EBITDA and cash-flow initiatives deliver the highest ROI during exit prep  62% of sponsors say last-mile EBITDA and cash-flow initiatives deliver the highest ROI during exit prep 

CFO takeaway:

In a sprint, you don’t build systems, you build confidence. CFO takeaway: Every day is diligence day.

03

Embedding exit readiness into the operating model

  • Integrate exit-aligned KPIs into monthly reporting and operational reviews.
  • Run quarterly mock diligence to pressure-test data accuracy and narrative credibility before buyers do.
  • Automate recurring processes to eliminate manual dependency and ensure repeatability under scrutiny.
  • Tie readiness to accountability by linking key metrics to performance incentives and updating the AI roadmap twice yearly to demonstrate measurable progress.

CFO takeaway:
Exit readiness isn’t an initiative; it’s an identity.

04

The bottom-line:
CFOs are underprioritizing
readiness.

The CFOs who fall short on readiness aren’t underperforming; they’re underprioritizing. The ones who get it right make readiness a discipline: aligning early, measuring constantly, and automating relentlessly.

Because in private equity, you don’t win the exit at the end. You win it from the very beginning.

72% of sponsors believe readiness gaps directly reduce buyer confidence, slowing diligence and compressing multiples 
believe readiness gaps directly reduce buyer confidence, slowing diligence and compressing multiples
Making exit readiness a permanent state of mind

For PE-backed CFOs or PE sponsors looking for more than insights—for a playbook to create and sustain an always-on readiness mindset—Accordion has built the framework. Think of it as the cheat sheet for closing the sponsor–CFO gap, embedding value creation into the operating model, and transforming exit readiness from an episodic scramble into a continuous discipline.

Ready to operationalize this approach inside your company or portfolio?

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