It is common to identify and prioritize opportunities to increase business valuation and act on them, when beginning the process of selling a business. Oftentimes, the result of this is an assortment of projects, some which become derailed at some point and could even derail your sales process.

Facing reality through productive questioning and well-organized implementation and accountability is the key. You must build a practical understanding of the project and of the people. This can mean taking some time to shift very emotional meetings into productive ones. Getting to the center of a challenge through determined and constructive probing, and then being proactive and moving forward is a balancing act.

Good questioning is at the center of some thorough methodologies I use to right derailed projects. Below are detailed problem-solving questions you can use if you find yourself in comparable circumstances. It can be as straightforward as the “Start-Stop-Continue” approach. In terms of “start, stop, continue,” think about the activities and deliverables. Work with the project team to reflect on:

• To help us meet our project goals, what should we start doing?  What could we add that would benefit us?
• Going forward, what should we stop doing?
• What should we continue to do?

For situations that require a more thorough examination, additional probing is needed. Questions must search deeper into project processes, problems, people and whole strategic alignment. Think about examining detailed operating plans, performance and personnel data, if available.

Raw data, rarely tells the whole story, however. Meet one-on-one with key personnel to ask prepared questions such as:

• What are the most difficult challenges facing the project and why is the project facing them?
• What actions are we taking to tackle these challenges now?
• What promising, unexploited opportunities for positive change are present, and how could we exploit them? To realize their potential, what must happen?
• What was the process for goal-setting? Were they excessively or inadequately ambitious? What were the consequences of them not being met?
• What is our method for measuring success? What measures were used? Did these measures encourage or discourage any behaviors? If so, which behaviors?
• Where do the chief issues exist? Are they in the organization’s strategy, structure, technical competence, culture, and/or politics?
• What are the most difficult obstacles to change? Are they technical? Cultural? Political?
• Are there islands of superiority or other high-quality resources that we can leverage? Who is performing well, what is functioning and what can we learn and apply somewhere else?
• What new skills and competencies need to be developed or obtained?
• What would you focus attention on, if you were me?

When examining the project plan, think about:

• Is every deliverable and its quality check point integrated as milestones?
• Is there time for rework in the timetable? Should it be mandatory?
• Are the pieces of work too big? Is going down another level with the work breakdown structure (WBS) possible?
• Are there milestones once every 2 weeks minimum?
• Are all dependencies where they should be?
• Can you rely on the timing on everything going precisely as intended? Is there a buffer when something doesn’t go as planned? Oftentimes, I plan for a 15% risk buffer.
• Are qualified resources appointed to all tasks and milestones? Are the resources getting the support and instruction they need?

You must convert desired outcomes into tangible steps for action to get a project back on track. Set targets and priorities and put structures in place to make order out of confusion. Create quantifiable milestones and accountabilities and report on them often. Focus the right people on the right details at the right time. With these important projects, concentrate on an elevated level of responsiveness, responsibility and communication, to improve the value of your business before you sell it and can move forward.

When selling a business, it is important to stay attuned to the multitude of preparation projects you may have going on, and act quickly to put them on track if necessary.

I invite and encourage you to use these ideas during your journey to sell a business.