Who Am I Missing on My Team to Sell My Business?
As you start thinking about the process of selling your business, compare this process to a game of baseball. Where do all pick-up baseball games start? With picking your team.
So, captain, who’s your first pick?
While captains are typically great players also, they may not have the expertise needed to fill the roster with the best possible team. You’ve built your business to what it is today, and that’s exactly where your expertise lies. So, how would you know how to assemble the correct team to help sell your business?
The short answer: You don’t have to. That’s where the coach comes in.
By coach, we’re referring to your wealth advisor. At Centura, we help facilitate the sale of your business by providing forensic analysis of your current professional roster and recruiting heavy hitters when necessary.
So, what do we look for when recruiting for your business’ sales team?
The Team You Need to Sell Your Business
Although there are various other positions you might need to fill depending on your unique business, here are five non-negotiable team players that can help sell your business.
Accountant/CPA - The Catcher
The right accountant or CPA acts as your catcher because they can help recommend the best course of action through an analysis of your business.
Depending on the complexity of the sale, a CPA who has specific experience structuring a business for the sale can act more as a consultant during the selling process.
What is the Accountant's Role On the Team?
Your accountant or CPA plays an integral role in the sale of your business. They are involved in the pricing, due diligence, and negotiation process of the sale. The accountant will need to review your records and advise you on the best structure for your business sale while considering one of the biggest challenges in the sale of your business: taxes.
Appraiser - The Shortstop
People say that the secret to building a successful baseball team is to be strong up the middle. Here’s where your shortstop, or appraiser, comes in.
What is the Appraiser's Role On the Team?
The appraiser’s role on the team is to evaluate your business’ value. Does your business involve intellectual property, proprietary processes, brand awareness, and other assets that can be difficult to put a monetary value on?
If so, it may be helpful to enlist the help of an appraiser. This professional thoroughly understands your business and what other, similar businesses are selling for. Their main goal is to set you up for success with the appraisal.
Attorney - The Umpire
Like an umpire, the attorney ensures the rules are followed; the attorney is responsible for making sure you can walk away without any potential liabilities and with the money you intended to collect.
What is the Attorney's Role On the Team?
Your attorney plays a key role in preparing to sell your business, including a guiding hand in both:
- The due diligence process
- And, the negotiation process
Your attorney oversees the entire process and helps make sure your business is compliant throughout the sale.
Business Broker - Long-Relief Pitcher
Your business broker helps call the shots during the sale of your business. They are involved in the pricing, marketing, due diligence, negotiation, and closing process of the sale.
What is the Business Broker's Role On the Team?
Every decision that is made is run through the business broker to ensure it is best for your business. Business brokers are in it for the long haul and have the stamina to last throughout the entire sales process.
Wealth Advisor - The Coach
Your wealth advisor helps see the game from a high level, making sure your team plays as effectively as possible. Where do you need to fill in the gaps to get a better business valuation? What players do you need to ‘win’ the sale?
What is the Wealth Advisor's Role On the Team?
If you’ve ever been a part of a sports team, you know that the coach has the ability to make an exponential impact on the game. At Centura, our goal is to do just that; to positively impact your selling experience by understanding what will make you most successful.
How exactly do we provide this exponential value to our clients? Read on to understand our process and see how our advisors bring value and expertise to every encounter.