A good business adviser is more than a guiding hand in the development and sale of your company – they are a driving force. They will provide valuable insight as you ready your business for the sales process, connect you with the right people and ensure that each step is conducted in a professional, streamlined manner. But how do you know if an adviser is right for you, and what should you expect from them? Here, we explore how to find the best adviser for your business’s needs, so you can get the most out of the sale of your company.
Experience is everything
When you’re looking for an adviser, one of the most important things to consider is experience. You want an adviser with deep expertise in your sector, as they will understand your competition and the ins and outs of negotiations. Furthermore, they’ll have established relationships with potential buyers, whether they are trade buyers or investors interested in your field. Consider the adviser’s reputation in your industry and their track record with past business sales. Their history will tell you a lot about what they will bring to your company’s sale.
Strategy and approach
Don’t assume that your potential adviser’s vision of success is the same as yours – ask them what they see as the best-case scenario for your sale. How do they value your business? What approach are they taking to your business valuation? How do they balance a realistic figure with the drive to get the most from the deal? Ask them to lay out their strategy in detail, and think about how it coincides with yours. You don’t need to have the same vision from the outset – it can even be helpful to have the insight of someone with an approach that differs from your own – but you need to be able to communicate well with each other and present a unified front.
Managing expectations
As you choose your adviser, it is crucial that you determine exactly what their duties entail. This way, you can manage your own expectations and those of your potential adviser. As a baseline, you’re likely to need someone to locate buyers, set up secure data rooms for your deal, facilitate the signing of NDAs, send out teasers for your company and conduct negotiations. However, you may also want your adviser to assist you with reviewing your company’s performance and carrying out due diligence so you can address any possible concerns that buyers could raise. Setting out your adviser’s responsibilities from the start will help ensure that you are always on the same page, and that every action is being taken to help the sale along.
A business adviser plays a vital role in selling a company. Their attitude, approach and experience can make all the difference in the seamlessness of the process – and the profit you make from the sale. Dedicate the proper time and energy into finding a trustworthy, knowledgeable adviser, and you’ll reap the benefits throughout the sale of your company and beyond.