The sale of a business is referred to as “taking one’s chips off of the table” because, the completion of the sale transaction, if carried off properly, pays the seller out and ends his or her risk in connection with the company.
Read moreDeveloping a network of trusted advisors can seem like a daunting and expensive task — the kind of chore you know you need to do but are always tempted to put off in favor of more pressing concerns.
Developing a network of trusted advisors can seem like a daunting and expensive task — the kind of chore you know you need to do but are always tempted to put off in favor of more pressing concerns. If this is you, there is a good chance you see advisors as necessary expenses that don’t add value to your business. Here are some tips for finding the value an advisor adds to your business, and some tips for identifying advisors that will drive your business forward rather than holding you down.
These are useful for businesses in any stage, and the best businesses build these networks long before it’s time to sell. So, if you’ve got time, stick it on the refrigerator and grow it over time. If you’re in a hurry start working the phones.
Consider these things when you work with an advisor:
Use the resources below to help evaluate potential team members.
Feel free to contact Stock Legal for further assistance.
Find a team you want to work with
It’s best to start with a casual meet and greet — plan on an open conversation to learn about the person, his or her experience and approach, and determine if that is a good fit for the way you like to proceed. This can usually be accomplished in a short meeting - an introduction from a trusted mutual acquaintance can really speed up the process. Discuss your general needs, but don’t expect a solid plan in response. Good advice requires research and preparation.
Come to the meeting prepared with:
Here are a few questions to get the conversation rolling:
Professionals to consider:
The sale of a business is referred to as “taking one’s chips off of the table” because, the completion of the sale transaction, if carried off properly, pays the seller out and ends his or her risk in connection with the company.
Read moreAt this point in the transaction, we’ve negotiated and signed a Letter of Intent (“LOI”). After the LOI is signed, the buyer and seller will begin the due diligence process.
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