Should I address my own personal debts tied to the business before I start planning a sale?

Yes, it's worth identifying these early, since personal guarantees and other debts tied to the business are one of the more overlooked issues in a sale. If you've personally guaranteed a business loan, an equipment lease, or a commercial lease, selling the business doesn't automatically release you from that guarantee — the lender or landlord agreed to rely on you personally, and unless they specifically agree to release you, often as part of the sale itself, you can remain on the hook even after you no longer own the business.

The trap is assuming this gets sorted out automatically at closing. It usually needs to be actively negotiated — with the lender, landlord, or other creditor agreeing in writing to release your guarantee, typically in exchange for the buyer, or the buyer's principals, providing a replacement guarantee or otherwise satisfying the creditor.

Making a list of everything you've personally guaranteed or co-signed for the business, before you're negotiating a sale, lets a business lawyer build releasing those obligations into the purchase agreement and closing conditions from the start, rather than discovering them late.