Get Help From The Professionals

Wednesday, August 26 2015

When it comes to preparing your business for sale or transition, work with the right combination of professionals. Their training and experience can have a significant impact on your finances and your ability to choose the transition that’s right for you.

A Business Transition Coach is like a general contractor who helps you capture your vision, understands all the pieces, coordinates the process, and brings in the right people at the right time to get the job done. Find a coach who can help you to co-ordinate the process and keep you on track with your goals.

A Leadership Coach can add significant value to your business by motivating you and your people to focus on high priority activities that generate the results you are looking for. Investing in people can turn staff into a powerful and valuable business asset.

Pick a Mergers and Acquisitions Lawyer who has demonstrated experience in handling deals similar in size and nature to your business. They require good business sense. Your lawyer needs to understand that it’s all about getting a good deal and not about being confrontational.

A Tax Lawyer ensures that your after-tax costs are minimized. They have expertise in all areas of taxation related to selling your business including corporate and personal income tax, international tax, and the taxation of trusts and estates. A pro-active approach achieves savings in an increasingly complex tax system.

Determine whether your current Accountant has the expertise to provide support through the transition or sale of your business. Do they have previous experience? If you are concerned, address it directly or consider using someone else as you prepare to sell your business.

A Business Broker or Investment Banker brings experience, advice and concrete leads to help you sell your business. They’ll undertake a thorough valuation and recommend specific actions that will increase the business’s value prior to the sale.

A Financial Advisor can recommend tax-advantaged tools that will help you manage risk in the period leading up to the sale of the business and ultimately, to transform business assets into personal wealth.

A timely, thoughtful approach to selling your business begins at least three to five years before your target sell date. When you choose the right members of the team, you assemble a group of professionals with education, experience, and skills who will help you to achieve your goals and prepare you and your business for transition.