Managing the Sale of Your Business: The Team Approach
The sale of a business involves a number of activities, each requiring a different skill set:
- Business valuation
- Determining the selling price and deal structure
- Developing the teaser and Confidential Information Memorandum (CIM)
- Buyer research
- Buyer qualification
- Working with prospective buyers
- Managing the due diligence process
- Managing the closing of the sale and post-closing activities
No single person can be an expert in all these areas, yet quite often deals are managed and executed by only one person. For example, it requires a much different skill set to value a business than to write a CIM. Business valuation requires someone with years of experience selling businesses; creating the CIM requires marketing and analytical skills, professional copywriting experience, and design skills. It’s unlikely that one person can do both the valuation and the CIM well.
We don’t make that mistake.
We use a team approach to professionally manage the entire process, ensuring each activity is performed by the right person, or by several people.
The other benefit of taking a team approach is that all members of the team are intimately familiar with your business. Two, three, and four heads are definitely better than one.