Following the preparation step of selling your business, comes one of the most integral parts of the process, building your team! Why is this step so integral, you might ask? Well, a good team can mean the difference between selling your business or not, or negotiating a good deal or not - are you starting to get the picture?
Building a team of qualified and experienced advisors will you set you up for success from the start in learning how to sell your business. One key thing to keep in mind here is transactional experience. It is very important to hire team members who have “been there, done that,” this way they are equipped with the knowledge and the personal experience to get you through your sale process.
Each business transaction is different, but a typical team will include an attorney, a financial advisor, and a business broker. These three people will be able to facilitate the process from ideal decision making and negotiation, to creative deal making and contract assignments. The quality of your advisory team will largely dictate the end result of your business sale. As an example, what would happen if you choose a commercial real estate agent over a business broker? While a commercial real estate agent is fully licensed to list your business and complete your transaction, it is highly unlikely they already have access to a large database of active buyers ready to make a purchase.
Or say you choose to list your business yourself, and you even have the good fortune of identifying a buyer, but once you get to financing the deal, the deal slows down and the buyer decides to walk away. An experienced business broker is going to know how to properly qualify a buyer before moving forward with a transaction and they have close financial contacts to move the deal along quickly so no one loses interest and walks away!
For more information on our business sale process or to meet with a knowledgeable broker, please visit our website or schedule a free consultation today!
Rachael Holstein joined the Transworld Team in 2016 as Marketing Coordinator. Her working experience has been largely focused on Business Development and Marketing in the finance, architecture, property management, and information technology industries. A long time resident of Cleveland, Ohio, she attained her Undergrad from John Carroll University and a Master’s Degree in Global Interactions from Cleveland State University. She relocated to Denver in 2013 for a change of scenery and a bit of adventure.