Business Brokers Blog: Guide to Buying or Selling a Business

The Business Sale A-Team

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Just like the A-Team could solve the world’s problems in a moment’s notice business owners need their own “A-Team” when it comes to business sales and transition planning.  Let’s take a look at the critical team members:

• Business Intermediary – Business intermediaries, or business brokers, are the deal makers that bring together third party buyers and sellers.  While not every business transition will be or needs to be a third party sale the advice of a business intermediary can be invaluable.  Business Intermediaries can provide information on current deal flow, pricing, and the business sale environment in general.
  
  
• Attorney – No matter what one’s business transition might look like an attorney will play a critical role on the advisory team.  Attorneys will draft the necessary purchase documents, non-compete agreements, consulting contracts, and other legal documents.
  
  
• Accountant – Every financial transaction has tax implications.  The sale of one’s business is perhaps the largest financial transaction one can undertake.  Deal structure and deal taxation can greatly impact a seller’s net cash from the sale and an accountant should be consulted early and often during the transition process.
  
  
• Financial Advisor – What financial resources will you need post-transition to maintain your lifestyle and living expenses?  A financial advisor can help you draft a succinct plan regarding your financial needs after the transition.
  
  
• Coach – In addition to the other A-Team members listed above a coach can be valuable asset during transition planning.  Coaches can provide objective advice and act as a negotiator and intermediary amongst decision makers.  More importantly, coaches can help owners dive into their true goals, motivations, and desires.  Knowing the ultimate goal is key during the transition process; one should always begin every project with the end in mind.

Do you have your A-Team assembled?  If not contact us today to begin your transition planning and we’ll make sure you get the best team of advisors possible around you.

Written by: Kelcey Lehrich, Business Intermediary, Confidential Business Sale, Inc.