The owners of Kiddicare, a family-run business in Peterborough, are likely to be in line for a windfall after Morrisons agreed to buy the business for about £70m as part of its expansion into online retailing.

Various independent retailers might be asking themselves how they might achieve a similar sale. There are no easy answers. Owners will need to actively groom their business. Part of that will be about developing sound fundamentals, such as a strong balance sheet, healthy profitability and a good product. Retailers know that the latter is king in any sale. In Kiddicare's case, that product was its online retail technology platform, which is evidently cheaper to acquire than develop from scratch.

Equally important is getting the business into good shape legally, making sure the intellectual property is properly protected. The acquirers will also have taken steps to investigate whether adequate information security measures were in place, such as system back-up and disaster recovery.

Morrisons clearly seems to see the the software developer, Scott Weavers-Wright, the son-in-law of the founders, as key to the project as evidenced by the fact that he will carry on as chief executive.

This brings us on to the next point: tying key people to the business is essential. Employment contracts of the key people who developed the business and in this case have driven innovation should be up to date.

What factors deter buyers? Liabilities will have to be disclosed and any outstanding legal disputes should be resolved. Similarly, the group's tax affairs should also be checked for good order.

Tough new laws on bribery are due to be introduced this year and are now an important consideration for investors. Adequate procedures should be put in place to minimise the risk of any employee or agent of the company being involved in bribery in the UK or overseas.

Once all those boxes have been checked, independent retailers can then start to think about how they can best market their product to potential acquirers.