There are team of advisors that you will need as you are in the process of selling a business. Just like how you run your company and have directs who report to you. You will need a team to wave you towards the closing table. A business broker should engage with all parties involved in selling a business. This is to make sure that everyone is moving in the right direction. In addition, that individual will market the business. If you don’t have a business broker, then that role will fall upon you as the seller. So let’s get right into who are all the parties involved in selling a business.
First and fore-most you will need an accountant who knows your business inside out. That individual will be critical in answering financial questions that the buyers may have. In addition to creating several reports for the due diligence, your accountant will facilitate the due diligence. Next would be a great attorney who specializes in business sale transaction. This is very important. You will need an attorney who understand the language of business contracts. Here is an excellent resource – https://www.lawyers.com/legal-info/business-law/buying-selling-businesses/the-process-of-buying-or-selling-a-small-business.html. The attorney can negotiate in keeping the best interest of you while coursing towards closing. In case there is an impasse between the attorneys. We always advise both sellers and buyers (and the business broker) to get on a conference call to resolve the issues. By this method we have saved a lot of deals and successfully brought them to the closing table.
The accountant and the attorney will also need to work hand in hand to draft up and finalize the contract. You, as a seller need to keep a close eye on both your attorney and the accountant. This is to ensure everyone is communicating and working efficiently towards the end goal – the closing. For more details head on over to https://gillagency.co/how-to-sell-my-business-a-step-by-step-guide#buildteam. You should read more information on who are all the parties involved in selling a business on our site.
