7 ways board meetings support successful private equity exits

Preparing for exit is never just a task for the final quarter. It starts much earlier, in how the business tracks progress, handles risk, and tells its story. The numbers matter, but so does everything that sits behind them.   

Board meetings help bring that together, giving management and investors a regular point to check where things stand, fix what’s missing, and stay aligned on timing. When meetings are structured with care, they make the final stages of the investment feel more controlled. 

In this article we’ll answer:  

• What good preparation looks like for a private equity exit 
• The role board meetings play in private equity exits 
• The importance of narrative in an exit 
• Best practices to use board meetings throughout a private equity exit

What does a well-prepared exit look like? 

No two exits follow exactly the same path, but the signs of good preparation tend to look similar. The business knows what story it’s telling. The numbers support it. Key risks are either resolved or well understood. Leadership is aligned. And the board has a clear view of timing, process, and what buyers will care about most. 

That kind of readiness doesn’t come from rushing through checklists in the final quarter. It’s built gradually, through regular conversations, structured reporting, and a shared understanding of what a good outcome looks like. 

According to recent research from EY, “Exit readiness activities play a critical role in optimising returns. Firms start thinking about the exit plan early, with close to half starting exit readiness assessments 12 to 24 months before sale.” 

This is where board meetings often make the difference. When they’re used well, they create a rhythm that helps everyone stay close to the plan, providing a forum to test assumptions, raise concerns early, and make sure nothing is left too late. And they help maintain momentum at a point in the investment cycle when it’s easy to get distracted or slow down. 

Here’s how board meetings help teams prepare for a smoother exit: 

7 ways board meetings support a private equity exit 

A good exit takes work. Not just in the final sprint, but across months, sometimes years, of preparation. Buyers want more than numbers, they want answers. They want to know where the business is heading, how decisions have been made, and whether the team is ready for what comes next. 

 Board meetings help with that. They keep the story consistent, surface gaps before they grow, and maintain alignment when timing starts to matter. 

1. Keep the story on track 

Exits fall apart when the story doesn’t hold. The numbers might be fine, but if the narrative shifts or feels unclear, confidence drops. According to Guillaume Cazalaa, Wesley Hayes & Paul Morgan from McKinsey’s Private Equity Practice, “A clear and evidence‑backed equity story detailing the asset’s potential may be the most important element of a successful exit.” 

Board meetings help keep that from happening. They provide a regular point to ask: are we still on the path we said we were on? Do the results back that up? Is anything starting to drift? 

It’s vital to make sure the logic of the deal still makes sense, to the board, to the team, and eventually, to the buyer. 

Use board meetings to: 

• Check that strategic priorities still match the exit plan 

• Ask whether the right results are being surfaced in reporting 

• Spot where messaging is changing, and why 

• Make sure the board and management are telling the same story 

2. Spot blockers early 

Most deals don’t fall apart because of one big issue. It’s the small things that pile up: gaps in reporting, unanswered questions, risks that were flagged but not followed up. They slow the process down or give buyers a reason to hesitate.  

As Alastair Green, Wesley Hayes, Laurens Seghers, and Eyal Zaets from McKinsey highlight, “Investors can capture more value by performing a readiness scan 18 months before the intended exit and by instructing management to focus on value‑adding performance improvements during preparation.” 

Board meetings are where those issues should come to the surface, giving the team space to raise what’s holding progress back, and give the board a chance to deal with it before it becomes a problem. 

 Use board meetings to: 

• Pre-empt potential buyer objections and whether they've been addressed

• Keep a running list of open risks and who’s responsible for resolving them 

• Make time for uncomfortable conversations before they become urgent 

• Push for progress on anything that’s slowing the process down 

3. Focus on the numbers that matter 

Potential buyers won’t just look at growth, they’ll look at quality. They’ll want to understand what’s driving performance, whether it’s repeatable, and whether the business is where it said it would be.   

Board meetings are a chance to keep that focus sharp. Not every metric matters equally. Some carry more weight during due diligence. Some speak directly to the deal story. The board can help make sure the right ones are being tracked, understood, and shared clearly. This is where the exit either gains momentum or starts to drag. 

 Use board meetings to: 

• Review a short list of metrics tied directly to the exit case 

• Ask whether those numbers are being tracked consistently 

• Look at what’s changed since the last board cycle and why 

• Challenge where gaps or inconsistencies might raise questions 

4. Keep timing in view 

Exits rarely move at a steady pace. Some stall, others pick up quickly. What matters is whether the board stays close to the timing, and whether the decisions being made support the pace of the process. 

Board meetings are a chance to stay clear on the expected exit window and how it’s evolving. They help the board ask whether the business is ready, whether key milestones are being hit, and whether anything needs to shift to avoid creating friction later.  

Good preparation doesn’t lock the business into a fixed plan. It keeps it ready to respond when timing changes. 

 Use board meetings to: 

• Review the expected timeline and whether it still holds 

• Ask whether current decisions make sense given the exit plan 

• Identify which actions depend on timing and what flexibility exists 

• Keep internal planning aligned with how the deal may unfold 

5. Build confidence in leadership 

Buyers are not just investing in a business. They are backing the people running it. If there are gaps at the top, or uncertainty around succession, it can slow things down or weaken the deal. As Konstanze Nardi from EY explains, “When private equity firms don’t meet their valuation targets, many say they wished they had focused more on preparing management better for an exit.” 

Board meetings help check where leadership stands, allowing time to assess whether the current team can carry the business forward, and whether any transitions are coming that need to be managed in advance. 

This helps the board stay ahead of any issues and gives buyers a clearer view of what they are walking into. 

Use board meetings to: 

• Review the strength and stability of the current leadership team 

• Identify where succession plans need more attention 

• Discuss any upcoming changes and how they may be perceived 

• Align on how to present the team during the process 

6. Show progress on ESG 

Buyers are paying more attention to ESG. It may not be the deciding factor, but it often shapes how the business is viewed, especially in regulated markets or industries where brand matters. 

Board meetings help keep ESG work on the radar, bringing structure to progress tracking, and they encourage management to treat it as part of the value story rather than a separate conversation. 

The goal is to show that the business takes it seriously and has a clear plan in place. 

Use board meetings to: 

• Review progress against ESG goals already in place 

• Ask where ESG performance will come up during due diligence 

• Sense-check how ESG is positioned in external messaging 

• Clarify how initiatives link to business outcomes buyers will care about 

7. Keep the process moving 

Even when everything is lined up, exits can drift. The team gets busy. Small issues take longer than expected. Decisions get delayed. It doesn’t take much for momentum to slip. 

Board meetings help stop that happening, enabling boards to keep track of what’s moving, what’s stuck, and where support is needed. Without that structure, it’s easy for priorities to blur and progress to slow.   

Use board meetings to: 

• Ask what’s holding things up and whether it’s being dealt with 

• Check if next steps are clear and on track 

• Spot where delays are building up and what needs unblocking 

• Make sure the process still has the attention it needs 

How Sherpany supports private equity exit readiness through board meetings 

Exit preparation is a long process. It relies on meetings that are clear, focussed, and easy to manage, not only for the board, but for everyone involved. That’s where Sherpany helps. 

Our solution supports the full meeting lifecycle: before, during, and after. It replaces scattered tools and manual admin with one secure, integrated solution. The result is better-prepared participants, clearer records, and less friction as decisions become more time-sensitive. 

Here’s how Sherpany helps you stay ready at every stage: 

Before the meeting 

Exit planning needs alignment early.  Sherpany helps set that foundation with structured, well-prepared agendas and shared materials, all in one place:  

• Use templates to build agendas around exit milestones, transformation updates, or risk reviews 

• Distribute documents securely and ensure version control 

• Track preparation with meeting readiness indicators 

• Add context through embedded tools like Excel, SharePoint, or Miro for easier collaboration 

• Use comments and annotations to raise questions ahead of time, so meetings can focus on what matters 

During the meeting 

As the exit window approaches, decisions need to be made quickly and with confidence.  Sherpany  helps you stay focussed in the room :  

• Guide discussions with Presenter Mode and structured agenda timers 

• Record decisions in real time with pre-filled meeting minutes 

• Keep meetings on track with reminders and prompts 

• Use integrations with Microsoft Teams or Outlook to simplify access and reduce admin friction 

After the meeting 

Following up is just as important as what happens in the room.  Sherpany keeps follow-up actions visible and maintains momentum :  

• Assign and track follow-up tasks, even with external stakeholders 

• Keep a full audit trail of what was decided and when 

• Capture e-signed meeting minutes that are legally binding and FINMA-compliant 

• Use the Library and Intelligent Search to surface past decisions quickly when the next phase of the deal begins 

For private equity firms and portfolio leadership teams, Sherpany gives structure to a process that demands precision. It turns meetings into a tool for readiness, not just oversight. 

Use board meetings to achieve a successful private equity exit 

A strong exit depends on more than performance. It depends on preparation. That means having a story that holds up, fixing gaps before they grow, and keeping the process moving without last-minute pressure. 

Board meetings create the structure for that work. They help investors and management stay aligned, deal with what matters most, and keep decisions focussed as timing becomes more critical. 

For private equity firms and board leaders planning for exit, Sherpany helps make meetings easier to run and more useful to the outcome. If you’d like to see how it works, book a demo .