After years of running your business, you’ve decided to sell. Maybe the “next generation” doesn’t want to take over the business, or you’ve decided to retire or start a new business; maybe you just feel the time is right. If you’ve never sold a business before, you’re probably wondering what you need to do to get from “I’ve decided to sell” to “congratulations on the closing.” Putting together the right team should be your first step.
Your best chance of having a smooth and successful transaction is to put the right team together, which will consist of an accountant, a lawyer, selected key employees and in all likelihood, an investment banker. Yes, the outside members of the team are an added expense, but it will be money well spent. Let’s take them in order.