The recent best seller, The Exit Strategy Handbook, highlighted the impending flood of businesses for sale as an estimated 12 million baby boomers exit their businesses over the next 10 to 15 years. With that number of business on the market, only those that have their business “ducks in a row” can expect to sell their business for anything close to what they expect. Critical to creating a market ready business is the acquiring a team of advisors to advise the business owner . The following advisors are highly recommended by The Exit Strategy Handbook.
- A B2B CFO partner to serve as the Team Manager, to coordinate the members of the team and assist with the process.
- A banker to assisting with lending alternatives.
- An attorney to serve as the legal advisor and complete legal documents.
- Tax specialists to provide tax strategy alternatives.
- Auditor to perform a review or audit of financial statements.
- A wealth manager to provide pre-sale advice and post sale wealth management.
- An appraiser to provide business valuation alternatives and determine the business value.
- An insurance advisor to provide advice on current and future risks.
- A M&A company or an investment banker to find the best buyer for the business.
- An IT specialist to provide IT documentation and advice.
- Key employees to provide important information and assist in the transition.
The above list of key advisors are professionals that are critical to helping guide the business owner, The advisors keep the process of preparing the business for transition so that the business owner can keep focused on growing the business and maintaining the growth projections.