Selling a business is a lengthy and complex process that requires high-level expertise. You should begin forming a business advisory team that includes an investment banking firm to market your business, a valuation professional to help you gauge business value and determine the selling price, an experienced M&A attorney, and a tax advisor who specializes in the sale of closely held businesses.
Even if you’re not planning to sell your business anytime soon, it’s still smart to begin the business succession planning process now. This way, you’ll be ahead of the game when you’re ready to exit the business.
Dan Fales and Tony Schweier are shareholders at Clark Schaefer Hackett, a local business advisory firm.
Clark Schaefer Hackett is a Goering Center corporate partner, and the Goering Center is sharing this content as part of its monthly newsletter, which features corporate partner articles.