Selling Your Business – Who Do You Need on Your Team: Part 2 – Financial Advisor

Transaction Talk welcomes you to the second episode of a four-part series that details what business owners need to know about selling their businesses. Your hosts Jennifer and Eric interview the Managing Partner of Boston Partners Wealth Management, James Connors, to discuss the important role a financial advisor plays in the sale of a business. They break down when you need a financial advisor, how they help business owners confidently know their numbers, and so much more.

Key Points

[2:45] Why is it so important to have a financial advisor on your team?

[4:35] What are some of the common reasons why a business owner wants to sell their business?

[8:10] How does James walk his clients through an exit plan and/or strategy?

[9:40] Selling a business after being a part of it for so long is a very scary thing, but by having the numbers by your side, you become a bit more confident in the process.

[13:10] What should somebody look for in a financial advisor?

[16:35] The communication style of the financial advisor is very important. Do you understand what they're saying?

[17:00] You should always ask your financial advisor's philosophy on risk.

[18:10] What happens if you have to switch financial advisors midway through a deal?

[22:30] It's important to talk to your financial advisor before you begin the sale process.

[24:05] What makes James different from other financial advisors?

[29:05] James shares a play-by-play of how a typical business sale goes down.

Tip of the Day:

In addition to the finances, start to think about what you're going to do with your life after the sale of your business. Reliving your Sunday every day gets boring quickly and people like to feel relevant. Business owners don't plan to fail, but they often do fail to plan.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

James Connors

Website

LinkedIn

Phone: 978.689.6995

Email: jconnors@bpwmteam.com

Disclaimer:

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 on 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.

Quotes

"When a business owner knows (his numbers) and he knows that everything is in good order, now they're confident and it replaces the fear."

"Look for an advisor that communicates clearly and effectively. You want to understand what they're recommending and be able to have open communication."

"We are all here to help the business owner optimize the best deal."