Posted 11-10-2008 5:21 pm by
Even if you are the kind of person that likes to do things on your own, it is a good idea to enlist in a team of professionals to help you with the process of selling your business.
Even if you are the kind of person that likes to do things on your own, it is a good idea to enlist in a team of professionals to help you with the process of selling your business. The reality is that it is too easy to make a mistake that can get you in legal trouble or that can cost you money that you could make from the sale. In addition, selling a business can be a very time consuming endeavor. But, by having the right professionals working on your behalf, you can keep your time freed up so you can focus on other aspects of your personal and professional life. Here is a look at some of the professionals you might want to get involved in the sell of your business.
Accountant
If you have already been utilizing the services of an accountant to prepare your tax returns and to create financial statements on your behalf, he or she will probably be quite knowledgeable about the financial status of your business. In addition, your accountant probably has other clients who are in the same time of business as you, which means he or she can give you an idea of how your business stands in comparison to others within your market. Therefore, your accountant is a good person to talk to in order to determine whether or not your business is likely to be attractive to potential buyers. Your accountant will also be able to draw up financial statements for you to use while negotiating the value of your business.
Lawyer
A lawyer is also essential because he or she can draw up the legal documents involved in the selling of your business. Even if you already have a regular attorney who helps you handle the legal aspect of your business, you might want to consider hiring one that specializes in mergers and acquisitions. This way, you can be certain the lawyer has the experience to complete the deal properly and will not have a personal bias against completing the sale of your business. After all, once your business is sold, your regular lawyer may lose you as a client. As a result, he or she may pick apart your deals in an effort to sabotage their success.
Business Broker
If you already have a buyer lined up or if you plan to search for a buyer on your own, a business broker is not necessary. If you don't already have a potential buyer, however, a broker can substantially increase the exposure for your business and can help you increase your pool of potential buyers. Although you will have to pay the broker a fee for his or her services, most business owners find the fee to be well worth it because of the time it saves in closing a deal.
In addition to these professionals, you might also want to consider hiring a business appraiser and a tax expert to help you complete your deal. In addition, you may need to consult with a bank or other financier in order to discuss financing options that you can work out with the potential buyer. Just remember that, although these services do cost money, the cost is worthwhile because it will keep you better protected and will likely increase the amount of money you are ultimately able to receive for your business.
AARON MULLER| ADVANTAGE COMMERCIAL BROKERS
BUSINESS BROKER, COMMERCIAL PROPERTY SPECIALIST
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