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The Team You Will Need TO CLOSE A WINNING DEAL AND SELL YOUR BUSINESS
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Most entrepreneurs only sell their business once — so it’s important to get it right. That’s why hiring the right team of professionals, who understand the ins and outs of selling businesses, is so important. Below are some of the essential positions you’ll need to fill. However, keep in mind that “almost all business owners have an attorney and an accountant … with whom they feel comfortable working … but those people might lack experience in selling businesses, which could result in the seller leaving thousands of dollars on the table.” The Attorney The attorney’s role in the sale is to give the seller legal advice on what can hurt them in the process. However, “there’s a big difference between an attorney who knows how to prepare real estate deeds and divorces, and one who knows what is involved in the sale of a business.” Don’t settle for an attorney just because you know them — find an attorney with the skill set and time to guide you through the sale of your business. The Accountant “Sometimes an accountant who has worked for the business owner for years is not in tune with the marketplace in which the owner operates. … That accountant may throw out a valuation that is nowhere near the market value of the business. There have been times I’ve sent the business owner back to their accountant to ask them how knowledgeable they are about the industry.” Accountants don’t sell businesses for a living. Their appraisal is not the end-all be-all. A Business Intermediary Accountants and attorneys are crucial parts of your team, but neither of them sell businesses for a living. “This is why you want to be represented by an experienced intermediary who does work on the front lines every day. … A business intermediary is a crucial part of the selling process of your business, keeping you focused on your goal to sell your business for the highest value. “Just as in sports, if a seller doesn’t have the right team of players in the game, they will either get defeated or become hurt in some way. … Get the right players involved to help you through this difficult and complex process and alert you to situations so that you don’t get blindsided along the way.”
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