Selling Your Business? The 13 People You Should Have on Your Team

For most business owners and CEOs, the process of selling a business is a significant event that very few have experience with. To ensure the best case scenario, and the maximum selling price, it is wise to build a team of trained professionals to help you from start to finish. You don’t have to go it alone.

Here is a list of who, in our experience, makes the best team:

1. Chief Financial Officer

The Chief Financial Officer (CFO) has extensive knowledge and accurate data on your company’s historical financial information. Their role is to manage the selling team and assist you in the selling process. This is a role that B2B CFOs play for clients across the country.

2. Accountant

Your accountant will play a key role in drawing up the historical and projected financial statements of your company, as well as preparing other needed documents for a proper valuation of your business.

3. M&A Company of Investment Banker

An M&A company can give you valuable advice about potential buyers. Be careful, though. Most of them will require you to sign a binding contract, so it’s best to have an attorney to review all the documents.

4. Attorney

Hire an attorney who has extensive knowledge and expertise in exit strategy sales transactions. Their role is to carefully review and analyze any document prepared during the process of selling a business.

5. Tax Specialists

No offer should be considered until the tax specialist on your team has investigated all the potential tax issues that might occur.

6. Auditors

Most buyers require an examination from a Certified Public Accountant (CPA) for two years before the sale. Therefore, you need a professional accountant to examine your business’ financial statements and ensure everything is in order.

7. IT Specialists

IT specialists play a vital role in your exit strategy. They will advise the other team members about important information, such as licensed software used by the company, location of important hardware, passwords and usernames, and so on.

8. Wealth Manager

You should bring a wealth manager early in the selling process. Their role is to analyze the estimated value of your assets after taxes so that they can provide for your financial future.

9. Insurance Advisor

As much as you plan, life has a way of surprising you with unexpected risks. The role of an insurance advisor is to prepare you for unplanned events. They can give you advice on current and future risks, such as unexpected claims, changes in insurance policies, accidents that weren’t adequately covered, and so on.

10. Banker

Bankers are competent business advisors, so it’s paramount to have them on your team. They will assist you with the lending activities as well as help fund some of the purchases.

11. Appraiser

The value of your business depends on a variety of factors. An appraiser specialist will help you establish the primary methods of valuation and the business value.

12. Business Broker

A business broker can put your business in front of a large pool of potential buyers. They can contact potential buyers and tell them key facts about your business without revealing any sensitive data until they show definite interest.

13. Key Employees

Your employees can make or break the exit process. That’s why you need to ensure that they are properly informed and trained in regards to your desire to sell the business.

Selling a business is an equally exciting and thrilling moment for any entrepreneur. To make everything go smoothly, you need to ensure that you have the best people on your team. A B2B CFO can serve as the leader of your team as we have years of experience in this role. In fact, our CEO wrote the book on successful exit strategies.

If you are considering the sale of a business, please contact me or call me (901.277.6165) as I would love to see if we can help you build your success team.

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