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Once you’ve determined a valuation range for your company, as discussed in last week’s blog, the second step in selling a business is assembling a sell team.
As some are well aware, selling a business for its highest and best value requires a lot of time, patience, research, planning, preparation, strategy and teamwork. Keeping this in mind, we will move our focus to developing a sell team.
The assembly of the sell team is comprised of two components:
The internal members typically consist of the company’s executive management team, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) and/or controller. The internal team members will work extensively with the external team members in providing the company’s selling information, which includes the company’s financial statements and tax returns, business plans, marketing materials and other relevant documents.
The external team members are generally comprised of various professionals, including the external accountants, lawyers and other professional advisors who, from working with the internal team members, provide objective advice to the business owner (seller) and work in the business owner’s best interests. The external team members also provide services ranging from preparation of the necessary sell documents, analysis on the company’s historical financial operations and results, tax and structuring advice, as well as aid in finding and negotiating with prospective buyers.
Once the sell team has been formed, the next step is to start collecting and preparing the necessary information and data that a buyer will want to see. Stay tuned for next week’s blog where we delve deeper into the information collection process.
CPA, CA, CBV
Partner - Advisory Services
Mike has over 25 years of experience providing accounting and business advisory services, with a focus on the Canadian insurance industry.
CPA, CA, CBV
Alex Wong is a partner at Smythe Advisory and is focused on being a trusted business advisor to his clients.
CPA, CA, CBV
Director of Valuation Services
Paul Woodhouse focuses on providing financial advisory and litigation support services to clients.
Gagandeep specializes in M&A advisory engagements, as well as business valuations in the contexts of management buyouts and succession planning.
Arthur’s mandate is to assist Smythe clients in Western Canada in preparing for and executing business divestitures or acquisitions.