Exits aren't a last-minute decision, they're a multi-year process. Planning early means greater optionality and better outcomes, giving founders the leverage to chose the right move when the time comes. 

Australia’s exit landscape is shifting. IPO windows remain narrow, VC funds are under pressure to return capital, and we’re seeing renewed activity in private equity, secondaries, and strategic M&A. But for founders, choosing the right path for your business isn't just about valuation, it’s about investor timing, liquidity and ultimately, what you want your next move to be. 

In our recent webinar, “What Exit Is Right for You? Navigating Your Options in 2025,” we brought together a panel of specialists to explore different liquidity pathways; Georgia Barkell (Sprint Ventures), Justin England (Five V Capital), Amit Verma (ASX), and Simon Campbell (KPMG Deals) to unpack the realities of VC exits, IPOs, M&A, and PE buyouts. Sharing candid insights on timing, preparation, and pitfalls, they uncovered the realities behind what good looks like, providing founders with much needed knowledge on how to succeed in their chosen path. 

One of the biggest themes that emerged?  The importance of exit optionality. 

Why exit optionality matters 

If you play your cards right, exiting isn’t a single door but a corridor of choices. Early planning means you can have multiple viable exit paths when the time comes, and you're not forced into a single option under pressure, providing leverage to negotiate better terms, timing, and valuation because you’re not dependent on one buyer or one market condition.  

But IPOs, trade sales, private equity buyouts, or secondary transactions come with different timelines and expectations for founders and their teams.  The right path depends on your growth trajectory, cap table dynamics, and personal goals. As Ami tVerma noted, “An IPO isn’t an exit for founders, it’s another chapter.” Understanding your options early empowers you to make aligned, confident decisions when the time comes. 

Timing is everything 

Speaking of timing - one of the biggest takeaways from the panel was to start preparing well before you think you need to. This means having the right infrastructure set up from day one, or being prepared as if the opportunity will come tomorrow. A tight data room and clean contracts aren’t just hygiene; they’re leverage.  

For example, while IPOs typically take 6–12 months once your house is in order, planning should ideally begin 3–5 years in advance, with 2–3 years as the minimum. Trade sales and PE deals also require rigorous diligence and governance, and require you to be thinking about your buyers almost from day one - how can you be more attractive to the right partner? Preparing early means that when the time comes, you’re able to choose the path that's right for you.  

The market has shifted 

The last five years have been a rollercoaster for the exit market. COVID slowdowns, a boom in deal-making, and now a more selective environment. As Simon Campbell explained, deals are still happening, but parameters are tighter and processes longer. For founders, this means quality matters more than ever - being able to demonstrate strong fundamentals, explain your growth story, and outline governance that instills confidence means your business can make it past the first checks of your potential strategic partner.  

With VCs reaching the end of exit horizons, the pressure is mounting on startups to move quickly. Ultimately the choice is yours, but being prepared means you can achieve the best outcomes no matter the circumstances. 

Alignment is non-negotiable 

Justin England reinforced this point by highlighting how aligned expectations between founders, your strategic partners and investors can be a powerful driver of long-term success. “Spend as much time as possible before you take on investment determining what happens in 3–5 years,” he advised. Whether you’re working with VCs, PE, or strategic buyers, clarity on timelines and objectives avoids painful surprises later. 

Pitfalls to avoid 

The panel also shared key insights into common challenges founders face on the path to exit, including;  

• Waiting too long to prepare governance and financials. 

• Assuming exit means walking away completely, often it doesn’t. Aligning early with your strategic partners ensures the outcome fits your goals. 

• Listing too early without scale (for tech IPOs, think $200M+ valuation and $20-30M ARR). 

• Ignoring investor timeframes - VC funds typically expect returns within 7-10 years. 

• Poor communication with employees about what an exit means. 

Preparing for your exit doesn’t have to feel overwhelming. In fact, focusing on business fundamentals now puts you in the strongest position later. You don’t have to navigate the process alone, and the right strategic partners can ease the pressure and guide your planning. Ultimately, your exit isn’t just a transaction, but a step forward, and the right path needs to align with your growth trajectory, and cap table dynamics. 

At KPMG High Growth Ventures, we’ve seen firsthand how early planning can transform exit outcomes. Our team works alongside founders to navigate the complexities of IPOs, trade sales, and private equity-bringing together deep transaction expertise and startup experience to help you make confident, informed decisions. 

If you’re starting to think about your exit options, we’re here to help. Reach out to the KPMG High Growth Ventures team to explore what might be right for your journey.  

If you'd like to catch the full webinar to hear more from our specialists, find the full recording on our events page here.