Personal Lawyer – These can be the same but are often different as the personal lawyer can advise the Buyer as an individual shareholder. This is common when more than one person owns the shares. They can also assist with any post-sale consultancy contracts, share schemes or employment. Accountants – The Buyer generally first engages a specialist M&A accountant to assist with the due diligence process and business modelling. The M&A accountants are also generally needed throughout the process to answer accounting queries and assist the Buyer with personal tax matters. They will also review the SPA to make sure the numbers are correct and generally manage the closing account process. Both parties will rely on the incumbent accountant who initially is responsible for producing historical accounts. They will generally be asked to produce management accounts up to the current period as well as closing accounts after the sale. Personal Financial Planner – The Financial Planner can work with the Buyer to develop a comprehensive investment strategy for the Buyer and their family that maximises returns and minimises tax. Tax Advisor – They will work with the accountant and wealth manager on any business or personal tax matters relating to the transaction. Property Lawyer – If the business has freehold properties, usually a de-merger of the property out of the company being sold is executed, which requires specialist assistance.
Which Advisor?
There are many different advisors that will be happy to have the project work. The following are a few basic principles that will help a Seller choose the right one:
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