Why selling your business is a team activity | The Business Journals

English: Portrait of College Football Team, The "Pirates," in Partial Uniform, and with Man in Business Suit 1879. (Photo credit: Wikipedia)

Andy Kocemba, Contributing Writer
May 18, 2015, 6:58am EDT

Growing up, I learned a lot about home improvement from my dad, and today I am an avid “do-it-yourselfer.”

The primary reason I am able to be successful in my home projects is that I know my limits. My dad always said, “If it’s behind the walls, I don’t touch it.” Meaning, he knew when to call the plumber or the electrician, and I have learned to do that as well.

The same can be said about the process of selling your business. To maximize the value of your business, make the process smooth, and keep the business healthy until it is handed over, you must draw in your team of experts.

You have grown your business by being an expert in your field, and have likely relied on a team of experts. When you are beginning to sell your company, it is time to draw them in even closer.

Who you need

Here are the more critical team members you will want to include as you sell your business. Keep in mind the team will function best with one quarterback or captain. It doesn’t necessarily matter who, and it could even be you, but make sure it is known who is leading the team.

Business broker/M&A advisor

This is often the team who gets the ball rolling. They will be the ones who bring the business to the marketplace in a presentable fashion, beginning the search for a buyer. They are matchmakers and can be good quarterback choices to guide the deal through to a successful closing.

Accountant

Most likely you have been working with this person for years, and he or she will continue to be instrumental in successfully selling your business. Clean and organized financial statements both maximize the value of your business and earn the trust of potential buyers. Buyers want to know that “the house is in order.”

Attorney

A good transaction attorney will be able to analyze documents on your behalf, looking out for your best interests. Make sure the attorney has experience in business transactions.

Financial advisor

Hopefully you have built your business well and upon closing the transaction, you will have a sizable amount of money you need to put somewhere. A good financial planner can help you come up with the plan best suited for you and your family.

Something to remember regarding all members of your team: Make sure they are deal-makers, not deal-killers. You are the boss and you have decided to sell your business. Make sure each is aligned with your mission. Help yourself by asking for help from your team. Recognize your limits when you are entering the “behind the walls” phase. It will lead you to a successful transaction.

Article LINK

For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at Eric@EdisonAvenue.com or 239.738.6227. Also, visit our Edison Avenue website at www.EdisonAvenue.com or my personal website at www.BuySellFLbiz.com.