Navigating the current financial markets can present real challenges, especially for advisors looking to sell their businesses. After all, we are in the midst of a global pandemic.

Despite the circumstances, the economic environment is very favorable for a sale. The markets are rallying toward their pre-pandemic levels and valuations are still very strong overall. Further, taxes are at an all-time low.

The catch? This won’t last forever. If you’re an advisor considering the sale of your wealth management firm, now could be the perfect time to put a plan into motion—ideally before year-end. We will likely see both the tax landscape and economic environment change significantly following the upcoming election, so it is important to proceed with a keen sense of urgency if you’re seriously considering the benefits of a sale.

That said, selling your wealth management firm should not be a rush decision, but rather something you prepare for in order to optimize your maximum value. Below are three steps you can take right now to increase your business’s value as you prepare for sale.

• Make yourself replaceable. A business is worth more when it is not dependent on one person. Find a successor who can take the reins and ensure your business doesn’t stop when you’re ready to leave. If you don’t have the time to devote to this task, reach out to a firm that can help.

Just as important as finding a successor is creating an ensemble business that is systematized. Ensure your firm takes a team approach and establishes a process enabling every client to have the same great experience as the next—from how they’re greeted to the tools and software used to construct their financial plan—regardless of who is serving them.

• Diversify your client base. When someone buys a business, they want to ensure the assets being purchased are not concentrated. Take a long, hard look at your client roster. What would happen to your revenue stream if you lost your largest client? Would it significantly change your business’ valuation? If the answer is yes, it is time to work on diversifying your revenues. Consider everything from the type and size of your clients to their age and geographic location. Buyers want businesses that are both stable and poised for growth, and your client base needs to reflect that.

• Make sure your performance is up to par. When it comes to performance, there are two things to keep in mind: profitability and growth. Businesses are purchased based on profits, not revenue. Review your margins—do they line up with your ideal sale price? Also, is your business’ growth coming from market appreciation or new clients? Acquirers want to see the latter. There needs to be a process in place for business development. Whether you rely on a marketing engine or lead-generation system, you need to prove that you attract a steady flow of new clients.

It can take several months to sell a business. If you’re thinking about taking some chips off the table, time is of the essence.

Stuart Silverman is president of Bluespring Wealth Partners, a company focused exclusively on acquiring registered investment advisor and wealth management firms through streamlined succession strategies.