Learn The Secrets Of Prudently Using Business Advisors And Intermediaries And Make Selling Faster, More Lucrative, And Less Stressful.
We need the help of business advisors and intermediaries. And so will you. None of us is an expert on everything. Business advisors because they can bring expert knowledge needed to prepare you and your business for the desired sales transaction. Business intermediaries because you will probably need some expert help in the sales transaction.
A couple of comments related to prudence in your use of business advisors and intermediaries. It usually pays to get the best. They know what to do, and they do it once. You don't need someone with just enough knowledge to be dangerous. The other comment relates to maintaining control of the process. Frequently experts act as if they believe that they are in control of the entire process. They often assume that they are experts in a variety of areas, based on superior expertise in one specific area. Remember that they work for you, and not the other way around.
One particular type of business advisor and intermediary that you may need is a business process improvement advisor. This person, can help you improve your business processes in each of the functional areas that you believe to be in need of improvement, following the specific audit that you conducted. This is if you believe that you can't, or haven't the time to do it yourself. To explore this in greater detail, click on the link to
To refine your expectations on the value of your business, you will need the help of another of the business advisors and intermediaries. This person is likely to specialize in evaluating businesses, and placing a value on them. Although he may be an accountant, he is as different from your usual accountant as a neurosurgeon is from your family physician. You need to know more about what he does, and how he does it. Click on the following link for
Eventually you will need to have a buy sell agreement drafted. The business advisor you will need for this is a business attorney. Someone with the experience to know what works and what doesn't. During the more detailed discussion of this person and his role, you will learn about the pitfalls of making an inappropriate selection. To get into more detail on this subject, go to the following link to
. You may also wish to review
Buy Sell Agreements
for another perspective on their importance.
A business advisor expert on taxes can often maximize you selling price, while minimizing the buyer's cost. This expert can either be a tax lawyer, or a tax accountant. Many times transactions have failed because of tax consequences. And appropriate tax treatment has saved transactions headed for failure. Your tax advisor will impact some of the contents of the buy sell agreement. So the order of engagement needs to be carefully considered. Learn more about this by following the link to
Once you have prepared your business for sale, you will likely need a business intermediary to facilitate a transaction. There are a wide variety to choose from. Some will be contained in a business broker directory. They work entirely or in part on contingent compensation. Contingent compensation forms a large part of their ultimate remuneration. A little like real estate agents. Learn more about this diverse and fascinating group, by going to the following
. You can also review the information at
for another perspective on intermediaries.
Another category covered under business advisors and intermediaries, helpful to securing a transaction is different from the usual business broker. Someone in this group will do specific things to assist you in securing a transaction. However, contingent compensation will likely play no part in their remuneration. They come from the ranks of your professional advisors. Learn about them, and how to use them effectively by going to the following link for
Professionals As Intermediaries
Earlier brief mention was made of the notion that frequently with business advisors and intermediaries, the best costs less. Getting the very best people, they appear to cost more, because of their high hourly rates. However they can frequently solve a problem in a fraction of the time needed by someone that is merely a generalist. Years ago, I was involved in a Chapter 11 like reorganization of a public company. Foolishly we let our corporate lawyer deal with a fairly complex securities issue. Thousands of dollars later he had succeeded in digging such a deep hole that he could no longer see daylight.
In fact he said he thought the situation was hopeless. I turned to someone I knew, someone who turned out to have the greatest expertise on this problem in the city. He wrote us a one page letter in his role as business advisor, telling us exactly what to do. It may have taken him two hours in total, and we got the letter the same day I consulted him. The bill for a couple of hours work was huge. But much less than the bill from the other lawyer for not solving the problem.
You may choose to visit any of the other sections indicated on the left had side of this page, or to return from
Business Advisors And Intermediaries
. You may have already done enough online reading. You have decided to
Acquire The Manual Now
and begin to prepare your business for sale. As you have undoubtedly discovered, nothing can take the place of action. And by claiming your personal copy of this manual, you will have taken action in the form of that all important first step. The first step toward a more rewarding and lucrative outcome when you sell your business.