Here are some essential tips:

Know the True Value: Consult with your finance advisor, accountant, and lawyer to assess the true value of the business. This involves obtaining accurate information and evaluating the business's performance over the past three years.

Plan for the Future: Ensure you have a strategy for maintaining or increasing the business's income. Consider how the business will operate without the current key person and if you can sustain or improve its success.

Bank Assessments: Banks and lenders will scrutinize your plan and the business's potential without the key person. They need to see a solid history and future projections to lend against the deal confidently.

By thoroughly understanding the business and planning strategically, you can increase your chances of successfully financing and thriving in your new venture.