Your Ideal Deal Team
Assembling the best professionals to form your Ideal Deal Team is key to successfully navigating the often unpredictable and turbulent journey of selling your business.
Your Deal Team is comprised of four professionals, and their teams, that will work on your behalf to help you navigate complex sale negotiations and represent your best interests:
- Business broker
- Financial Advisor
Don't wait too late to select your Deal Team
At Benchmark Business Group we recommend you select your Deal Team up to three years in advance of the date you will list your business for sale. Although you may not be working closely with them for that entire period, you should engage with them to identify the opportunities your business has to prepare for buyer due diligence, optimize sale proceeds, and explore the dynamics that may negatively impact your sale proceeds. You won't regret looking ahead to anticipate tax issues and developing strategies for investing proceeds to minimize taxes and maximize your return.
Make sure your Deal Team has experience in business negotiation and sales
Although you may have existing relationships with professionals now, you want to ensure your team is qualified for, and has experience in, business sales. Unless you are working with a Business Broker to increase the value of your business pre-sale, the Business Brokerage you select to represent you and your business will likely be a new relationship. As with all of your Deal Team professionals, we recommend you ask people you trust for referrals and interview candidates to ensure they are a fit prior to making your decision.
Look for professionals with experience, reliable systems, and the depth of a qualified team. Don't assume that your usual accountant and attorney will be able to advise you. It's vital to know that not all professionals are familiar with the intricacies involved in selling a business. Many specialize, by choice or by the chance of geography, in other areas of investments, tax, law or finance. Even professionals who know your business should be asked about their experience with business sales. If your professionals are not experienced with business sales, ask them who they would recommend, and select carefully. The amount of your net sale proceeds can depend on the advice of your Deal Team.
Choose early, select wisely, and assemble a reliable team of professionals that you trust to guide you through a successful transaction!