Qualified advisors are essential for an effective business sale. The right advisor can have a huge impact on the success of the sale of your business, improving the value, reducing risks, and avoiding mistakes.
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Larger businesses may choose to use a specialist business broker and/or corporate financial advisor.
These are involved at an early stage to take care of producing credible sales documents, valuing the business, finding and vetting prospective buyers, and negotiating a sale on your behalf.
Business brokers operate similarly to real estate agents. However, their practice is limited to business entities.
In most cases, though, a small business owner may want to pick a DIY (Do It Yourself) or FSBO (For Sale by Owner) route in an effort to avoid paying a commission to an intermediary.
Nevertheless, you may want to call a business broker for a free consultation. Many brokers offer no-charge, no-obligation evaluations of small businesses. They can provide a broker opinion of value and help you identify obstacles to a successful sale, as well as give you ideas for improvement to increase the value of your business.
You may need an accountant. The accountant concentrates on the financial aspects of the business sale, like preparing financial reports and projections for the business.
Also, you may need to meet a professional tax advisor to handle sale-related business and personal tax planning. Your accountant may be a tax specialist or may be able to introduce you to one.
Qualified financial and/or retirement advisors are trained to help you set financial goals and priorities and recommend specific steps to meet them. They give advice on how you should allocate your funds from the sale, what kind of insurance you may need, and explain how certain moves may affect your tax liabilities.
SCORE is a nonprofit organization that provides free business mentoring services to small business owners in the United States. More than 10,000 volunteers provide these services, with all volunteers being active and retired business executives and entrepreneurs. In addition to mentoring, SCORE also offers free and low-cost educational workshops, both online and in-person.
Advisory and Consulting Agreement Template
NB: The advisors/mentors listed above represent entities that have no business relationship with ExitAdviser. Feel free to negotiate your own terms with an advisor.
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