Building Your Expert Team to Sell Your Business

By: Avion Wealth | Published 03/11/2024


When planning to sell your business, the difference between a good deal and a great one often comes down to the team you have in your corner. Selling a business isn’t just a transaction; it’s a major life event that requires strategic planning and execution to maximize value. Let’s take a look at the expert team you need to help you.

The Expert Team for Maximizing Business Value

1. Wealth Manager: Your wealth manager is the linchpin in aligning the sale with your long-term financial goals. The sooner you can bring in a wealth manager who has expertise in the process of selling a business, the better they can get to know you to serve your needs.  While their role might be more strategic and advisory, they ensure that the proceeds from the sale fortify your overall financial health and wealth strategy.  They also serve as the “quarterback” of your expert team.

They offer a holistic perspective, connecting the dots between the sale and your future wealth management plans. The right wealth manager will be a team player, working well with other professionals able to introduce to professionals (such as those listed below) to round out your team.  When you choose a wealth manager, you want someone who is not receiving a commission from the sale and can serve as an unbiased advisor.  Work with a fiduciary, and you’ll  know that he or she is acting in your best interest.

2. Attorney: You need a business-transactional attorney, ideally with specialized knowledge in mergers and acquisition.  Your attorney will help you navigate the legal complexities of the sale. They are the dealmakers adept at finding solutions that protect your interests and keep the transaction moving forward.

3. Certified Public Accountant (CPA):  Clean, clear, and compliant financials are non-negotiable, and a CPA with experience in business transactions is invaluable. They ensure your books are in order and provide crucial advice on the tax implications of the sale. Work with one early to get your financial documents in order.

4. Business Broker/M&A Specialist/Investment Banker:  Depending on the size of your business, one of these professionals will be key in finding the right buyer and negotiating the best terms. They act as the intermediary, keeping the sale confidential, marketing your business, vetting potential buyers, and facilitating the negotiation process.

5. Business Valuation Specialist:  Knowing the worth of your business is foundational. An independent valuation specialist provides an unbiased estimate of your business’s value, which is crucial for setting expectations and negotiating with potential buyers. Engage this professional early in the process so you can get a first look at what your business is worth and make operational enhancements to help improve your valuation.

6. Banker:  Especially important if financing will play a role in the sale, a banker familiar with business sale transactions can offer insights and facilitate financing solutions for potential buyers.

7. Executive Coach Selling a business can be an emotionally charged process. An executive coach can help you manage the stress and emotions that come with selling your life’s work, ensuring you make clear-headed decisions.

Creating a Cohesive Team

The success of your business sale hinges not just on the individual expertise of these professionals, but on their ability to work together as a cohesive team. This synergy ensures that every aspect of the sale is considered from multiple professional perspectives, providing a well-rounded strategy that addresses legal, financial, operational, and emotional factors.

Selecting Your Team 

Selecting the right team members requires due diligence. Look for professionals with a proven track record in business sales, ideally in your specific industry. Personal recommendations, interviews, and reference checks are all crucial steps in assembling a team that you can trust and rely on.

The Role of The Business Owner

As the business owner, your role is to be the orchestrator, ensuring that your team’s advice aligns with your goals and vision for life post-sale. Regular communication and meetings with your expert team will keep everyone on the same page and focused on the end goal: maximizing the value of your business in a way that supports your future financial well-being.

The Value of Team

Selling your business is a multifaceted endeavor that requires more than just a desire to sell. It demands a strategic approach backed by a team of experts dedicated to ensuring you get the best possible outcome. By assembling a team of seasoned professionals, you’re not just preparing your business for sale; you’re setting the stage for your next chapter in life, ensuring it starts with a strong financial foundation.

At Avion Wealth, we specialize in working with business owners and entrepreneurs who are preparing to sell their business. It’s never too early to have a conversation about your exit plan, even if you do not intend to sell in the near term.  Find out what steps to take next to ensure you will be able to sell your business while maximizing your wealth.  Schedule a call with one of our Certified Financial Planners™ today.

By Paul J. Carroll, CFP®

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