One of the most misunderstood variables in business sales is buyer and seller control of Advisors and just as important the selection of the advisor. In Main Street Transactions we always recommend you get CPA, Business Brokers, and Attorneys involved. But what must be understood is that YOU…..THE BUYER OR THE SELLER….are in charge of them and manage them.
When you speak to professionals who do hundreds of hundreds of deals you find that one of the primary causes of a deal failing to close is an advisor overstepping their scope of practice or failing to find solutions and only creating road blocks.
Here are some tips for selecting your advisors:
1. Insure that advisor has experience in business sales at the size and scale you are dealing in. What works for General Electric wont work for Jim Smith and Co
2. Make clear their scope of work and what you expect them to do and not do.
3. It is helpful if the 3 parties have worked together in the past….it makes for smoother communication and less static and frankly should not be a conflict of interest.
4. Make sure that advisor has a sense of urgency and communicates promptly…if they do not this will surely impact the deal.
5. Business sales are not about winners and losers….they are about doing a good deal for all.
For more on business sales go to www.businesses4saleorlando.com or www.tworld.com/michaelshea