a few obvious ones are 1) appoint a board with a credible non-exec Chair 2) ensure all corporate governance procedures are in place and well documented 3) appoint a competent CFO who can draw up timely management accounts and budget

I agree with redacted One other key consideration is ensuring that the tax status of the business is compliant and up-to-date. In a small, owner managed business - this can become a big stumbling block in the formalisation process. Another important consideration is ensuring the right people are allocated/hired to perform tasks that were previously heavily reliant on the owner. Proper controls need to be implemented, followed and monitored to achieve this. Oftentimes, this means leveraging existing reporting systems to their full capability or implementing an entirely new system from scratch, depending on the circumstances. I see you're based in Cape Town - I'd be keen to meet up and chat further?