Welcome back for part two of our Buying and Selling a Business in Colorado series. Now that you are prepared to sell your business we can move on to building your team. This step of the process while not as involved as many of the other steps is one of, if not the most important step of the process. Continue reading to find out why!
Assembling your team of advisors will poise you and your business to achieve the highest ROI possible on the sale of your business. While each business transaction is ultimately different; a typical advisory team includes an attorney, financial advisor (wealth manager, tax planning partner), and a business broker. Each member of this team will need to have extensive experience in the process of selling businesses.
The quality of your advisory team will largely dictate the likelihood of selling your business and at what price it is sold. This is why working with a great advisory team is one of the most important steps in this process - because they will dictate the conclusion.
Buyer's Key Differences: This step of the process for the buyer is quite similar. Buyers should work with a business broker so they can utilize the broker's network and resources to find a great business for them. A broker will also have the knowledge to narrow down a buyer's options so they ultimately purchase a business that fits their expectations, goals, and lifestyle. Keeping in touch with an attorney and financial advisor is also key. These two professionals can help buyers prepare for the future impact buying a business will have on their life and finances.
If you are ready to take the next steps and build your team please schedule a complimentary consultation with one of our brokers.
Rachael Holstein joined the Transworld Team in 2016 as Marketing Coordinator. Her working experience has been largely focused on Business Development and Marketing in the finance, architecture, property management, and information technology industries. A long time resident of Cleveland, Ohio, she attained her Undergrad from John Carroll University and a Master's Degree in Global Interactions from Cleveland State University. She relocated to Denver in 2013 for a change of scenery and a bit of adventure.