If you’re thinking about selling your small business, a transition team is a necessary part of the equation. Transitioning out of a business necessitates expert advice and consult in every area of the process; allowing a professional to assess the strategy and situation will help you get the most out of the transition. To that end, using a team will cut down on the time you would otherwise spend planning, marketing, talking, negotiating, and working to find a potential buyer. We recommend teams for everyone undertaking a business transition, including those who have already been through a merger, acquisition, or divestiture.
So, when it comes to hiring a team, who do you need on your side? The people on your transition team should be or have experience as the following positions:
- Certified Financial Planner (CFP)
- Business Consultant
- Business Broker
These professionals are essential to ensure the health of the transaction. The Business Broker and Business Consultant will assist with transition strategy, negotiation, and sale. The CPA, CFP, and Banker will help you to assess the financial wellbeing of both your business and the sale itself. Each individual will assist at different parts of the business transition:
- Positioning for Sale
- Wealth Management
To reiterate, you will not have to hire five separate people. You should simply seek professionals who have experience or qualifications that encompass these five jobs.
Even if you have an accountant, broker, or financial advisor, you should still consider hiring a new team for the transition. Not all professionals are qualified to assist with mergers and transitions, and you will need experts with experience in business transitioning. If you’re having trouble finding qualified individuals, ask for recommendations from your accountant, lawyer, or broker. Additionally, local, industry-specific trade associations will have the resources you need to have a successful team.