Forming Your #advisory team
Assembling an advisory team to help you sell your business can be a big challenge but one that's worth the investment. The right advisory team can help you maximize the sale of your business and make the experience of selling a business a rewarding one. In this action you'll learn how to select a team of people whose experience and insight will help make the sale of your business a success.
Form Your Advisory Team: Step-by-StepYour advisory team's role is to help you prepare for and manage the sale of your business, including closing the deal. The key is to locate resources with experience in selling a small business. These steps will guide you in selecting and preparing your team of advisors: Locate an attorney and an accountant with experience in selling small businesses like yours. You may be lucky enough to already have on your team an attorney and accountant with experience in selling small businesses. If, however, your current attorney and accountant are lacking this experience, it's important that you search for professionals who do. Use your network of professional and personal contacts, industry associations, and even your current attorney/accountant to help you find these key resources. Identify other advisors. People in your industry who have bought or sold businesses similar to yours can be an extremely valuable resource. If you have professional or business acquaintances with relevant experience and whose opinions you respect, ask them to advise you on the sale of your business. Their backgrounds may provide important insight that neither your accountant or attorney have. Prepare your advisors. Once you've located your key advisors, tell them about your planned exit strategy. Ask for their advice and assistance in preparing for and carrying out the sale. They may provide you with immediate guidance, or they may wait until you have specific questions or need help on a particular task. Ask them to identify areas they think a buyer would examine or would want information about. This will help you start to prepare your business for sale.
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