12 Tips before selling your business – Tip 5 of 12

12 Tips before selling your business – Tip 5 of 12

Question:

Who should be on my team when I sell?

It’s important for entrepreneurs to figure out whose services will bring them through the sales process and help them get the best price for their business. Do you need an accountant? How about an appraiser, attorney, consultant and business broker? The buyer is typically going to have a good team to go over your business, so you should, too.

Many business owners get distracted during the exit strategy process and find themselves involved in performing administrative tasks. This is a serious mistake. The business owner should continue to increase the value of the business. This is typically done by continued focus on those things that increase the future value of the business. Those activities are typically increasing sales, finding new customers, building better relationships with current customers, etc.

According to Frederick D. Lipman, “your first step should be to assemble an outstanding professional team to advise you. Most business people select their professional team on the eve of their sale. This is far too late in the sale process. By selecting your professional team several years before the target date for your sale, you can obtain their guidance in the presale years as to methods of minimizing the obstacles.”

Answers to these and many more questions can be found in The Exit Strategy Handbook. See Chapter 3, “The Success Team,” page 31.

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