When preparing for the sale of your business, one of the most important decisions you will make is choosing a team of trusted advisors. You’ll need to work with qualified, experienced advisors who can help you navigate the challenges of establishing income security in retirement, mitigating taxes for both you and your business, ensuring all legal documents are in place, identifying and transitioning to a new owner, investing the assets from the sale for retirement income, and much more. We typically recommend establishing a team three to five years before the anticipated sale. This way, you have time to implement strategies, clean up your business financials and establish a plan for the sale. Consider including the following professionals on your team.
Be sure you choose a fiduciary financial advisor who will put your best interests first. An advisor with experience guiding clients through business sales can help:
Your advisor should be willing to work with the other professionals noted above to make sure all aspects of your financial life are working together to help you achieve your goals. During the three years leading you to your sale, you should expect to meet with your team at least two hours a year. Once you have identified a qualified buyer, you will likely meet with your team more often.