Utilizing Professional Advisors in the Business Selling Process
Selling your business is a complex process. To reach a successful outcome, you should consider engaging professional advisors early, long before you actually decide to sell.
Preparing a business for transition requires a team of professionals, including accountants, attorneys, financial advisors, tax specialists, and others, as well as those who can bring all those professionals together for your benefit.
Your team needs to bring knowledge and experience that will positively impact the selling of your business. Getting them in place one to three years ahead of the sale can boost your company’s value, increase your profits, decrease your taxes, and improve the odds of your business selling for what it’s worth.
Here are some helpful tips for using professional advisors in the business selling process.
Choosing Your Advisors
Beyond the aforementioned benefits, drafting your team of professional advisors early on has other advantages, such as avoiding certain risks and roadblocks.
Selling your business can take time, so you should be prepared to work closely with your team on an ongoing basis. Open communication and trust are crucial, as is choosing the right professionals for the right roles.
Sunbelt Business Brokers can assist you in putting together your dream team of advisors by leveraging the connections they’ve made in the industry.
Financial Advisors
A financial advisor, or wealth manager, holds an especially important position on your team. Your financial advisor can provide a comprehensive plan for the proceeds from selling your business. They can also guide you in investing and growing your money, minimizing taxes, and protecting your wealth now and for the next generation.
Business Brokers
A business broker is key to preparing your business for sale and getting the team to work together effectively. The capable professionals at Sunbelt Business Brokers can manage the sale from beginning to end.
Here are just a few of the tasks a business broker can handle:
- Business Valuation: Analyzing market conditions, financial performance, and assets to assess the value of your business
- Marketing: Developing a strategy to promote your business and creating marketing materials
- Qualifying Buyers: Verifying serious buyers’ finances and intent
- Negotiating: Working out a mutually agreeable price and terms
- Due Diligence: Overseeing the process of verifying the company’s financials and operations
- Closing: Finalizing the sale
You can kick off your collaboration with a business broker by estimating the worth of your business using our free business valuation calculator.
Working With Advisors
Selling a business is no small task. The financial, legal, and tax considerations are numerous and complex, creating many potential pitfalls along the way. Getting your team on board one to three years ahead of your planned sale can keep you from making expensive mistakes and uncover unseen areas of value in your business.
Sunbelt Business Brokers can see to the planning, preparation, and execution of the sale while you focus on doing what you do best: running your business. Through clear and direct communication with your broker, you can be confident you have the resources and support needed to make sure everything goes smoothly.
Selling Your Business Is a Team Effort
If you think you might want to sell your business down the road, it’s smart to begin building the team of professionals you’ll need now. We understand what’s at stake in the process and can help you get what your business is worth with no disruptions or unpleasant surprises.
Talk to one of our brokers today and discover how much easier it can all be with the right people on your side.
