If you are a business owner and you are considering selling your business, what are you looking for in a business intermediary? Interview your candidates and have them walk you through their process and approach. Ask about their experience in selling businesses, and about the businesses in your industry. How do they target the buyers for your business? Will you be comfortable working through the marketing and due diligence process with them?
When selling your business consider who will be answering the following questions that Brent Beshore asks in his article, “Should You Hire an M&A Advisor to Sell Your Business?”
- Who will source and vet potential buyers? (phone calls, buyer/seller meetings & site visits)
- Who will gather the history of my business including detailed financials, customer and vendor contracts, employment and real estate agreements and legal actions.
- Who will negotiate the deal? (the letter of intent, due diligence and final paperwork.)
- Who will keep me emotionally in check during this whole process?
- Who will be proactively pushing the deal forward on my side?
If you’ve never completed a transaction like this from the selling side, you might want to consider engaging an experienced and knowledgeable intermediary. Emerald Coast Business Intermediaries would like to sit down and discuss an exit strategy with you.
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