Selling Your Business – Who Do You Need on Your Team: Part 1 – Business Broker

When it comes to selling your business, there can be a lot of unknown factors that many first-time sellers might not be aware of or even think about. It's critical to have the right team on your side to help you through the sale of your business and to make sure you're getting the best deal available to you. Transaction Talk welcomes you to their first episode out of a four-part series that details what business owners need to know about selling their business. In this episode, Aaron Fox, Managing Director at Transworld, explains the vital role a business broker plays in the selling of a business.

Key Points:

[2:55] Why are business brokers so critical when business owners are getting ready to sell their businesses?

[3:45] Should you reveal more information to your business broker than you would to your business lawyer?

[4:50]Remember, these people are working for you. It's important to be honest and upfront with what's going on.

[9:15] The key players on your team should be: Accountant, attorney, financial advisor, and a business broker.

[9:30] Aaron explains why these four people are important during the selling process.

[12:25] What type of attorney should you get when you're selling the business?

[18:15] How do you maximize your profits and sell price?

[20:45] After you find a buyer, what's the next step towards moving the deal forward?

[25:25] When does it make sense to reveal tax returns and other sensitive financial documentation?

[28:35] How long does the due diligence of a business typically take?

[34:35] ]After due diligence, there's still a lot of moving pieces that need to be checked. Insurance policies, payroll, bank underwriting, business plans, etc all need to get finalized.

[39:50] What can business owners do to make the closing process a lot smoother?

[42:45] What should sellers look for in a business broker?

[46:45] As a business owner, you need to keep operating your business as normal until you have the money in the bank. You are still the owner and things should not be slipping through the cracks!

[47:55] A good team is when all parties involved are communicating with each other. It's important to get these four key team players in a room together and collaborating.

Tip of the Day:

Remember, your team is there to help you and they're working in your best interest. Talk to them, ask them questions, and readily share information with them.

Mentioned in this Episode:

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Aaron Fox

Phone - 781-773-8922

Email - aaron@tworld.com

Quotes:

"Finding a buyer is maybe 10% of the work and the other 90% comes from getting that deal across the finish line."

"Your business broker is going to make sure your business is priced right, how do we justify cash flow, how do we tell the story, and how do we find these qualified buyers. Your broker keeps going and going."

"The biggest mistake is not telling your trusted team upfront that something might come up during due diligence."

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing in this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.