8 Essential Contacts For Your Network
As you approach the transition of your business, begin developing new contacts in your network. Build relationships with specific experts who can help you with the unique process of selling.
A business transition coach
Find someone you like and trust as a business transition coach. This person will keep your interests in mind; tell you the truth; and, will not sugarcoat what you have to do to get your business ready for sale and yourself ready for the next stage. He/she will work closely with you to assess what you need to do and will coach you through the tough spots.
Learn about the options available for transferring ownership or shares. Will the bank finance a buy-out? Will they transfer the operating lines and loans to the new owners? Will they release your obligations and liabilities when the deal is done?
A lawyer with experience selling companies
It might be your current lawyer if they have experience, or you may need to seek out new counsel. Find someone who understands that you are looking to complete a good deal, not to find all the reasons to avoid closing.
An accountant with the necessary experience
Again, it might be your existing accountant; however, it is a good idea to get to know others who have the training and experience to help you prepare your business for sale and minimize taxes.
A business broker or merchant banker
It might be false economy to sell your business on your own in order to save the fees associated with a broker. I’ve interviewed a number of owners who have sold their businesses. Some did it independently and thought it went ok. Those who worked with a broker couldn’t imagine doing it on their own.
A financial advisor
Find someone who has the experience and credentials to help you minimize taxes and invest enough money for you and your family – before you make the big sale and after.
A travel planner
Start taking more time away from work so your employees learn to operate without your supervision. Your business is worth more if you don’t have to be there to run it. Besides, you may want to check a few items off your bucket list before you retire.
Other business owners
Check with others who may be working toward selling their business, as well as those who already have. Join a CEO group that is focused on the process.
August 5, 2014
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