Your business may just be you, but you know that nothing can survive in a vacuum. Businesses need vendors, organizers, customers and a lot of other elements to be successful. In the same way, there are a lot of people who may be involved in a successful business sale.
- Who are the people who can help business owners?
There are two types of professionals who may help you sell a business. A fiduciary professional has the ability to do certain things legally on behalf of a company or interest, and they also have legal responsibility for the results. Other professionals may offer advice or conduct services but the owner of a business is ultimately responsible for the consequences.
- What sort of fiduciary professionals can help?
An accountant is probably helpful to work out the value of the business and keep all of the assets in line. This is very important if a business owner is negotiating the sale price. A broker may take on some of the responsibility of recruiting, interviewing and approving a buyer.
- What kind of advice outside these matters do business owners need?
The market is something to be studied to make sure that a business owner makes the most profit from a deal. A market researcher may help figure out the right time and buyer to maximize the proceeds.
- Is a lawyer helpful during a business sale?
Yes, an attorney can represent a seller’s interests during a business sale. This fiduciary relationship means that many owners can work on their futures while someone else handles the details.