Your business is likely your largest asset and one you’ve worked very hard to build. The relationships you have established both in and outside your business have been forged over time and the trust you have in your closest allies is of great value; especially in your most trusted advisers.
If you’re like most owners, you’ve had a long-standing relationship with at least one adviser. Typically, the CPA or attorney are your main points of contact when you have important decisions to make about the business and rightfully so. Having sound financial and legal advice is critical and knowing they’ve truly got your back is just as important.
One thing that is vitally important to know about your current advisory is whether they have any experience in business transition. While there are many well-versed accountants and attorneys out there, most are not experts in planning a business exit. It’s not only important to have expert advice, but it’s also crucial that the experts you choose are able and willing to work as a team. You have only one chance at a successful exit and it will likely be the most important financial decision of your life. Having a team of advisers who will work together as a collaborative team to help you create and implement a plan is essential to a successful exit and will allow you to leave on your own terms and not someone else’s. The truth is, no single adviser can have all the answers, but collectively they do. Advisers who are willing to work together to help you achieve your best possible outcome can and will save you time and money. You may think that a team will cost you more in fee’s and initially it may, but the actual cost of not having a team and getting conflicting or incomplete advice could cost you exponentially more than just fee’s. The rest of your life and its means of support depend on expert transition advice now (not after the liquidity event) so you can have the peace of mind knowing the future is secure for you, your family and all the stakeholders involved.