How do you Select the Right Adviser? Three Key Questions to Ask…
You have decided to sell your business, but how do you select the right adviser to help you prepare and sell? There is usually no shortage of options – from your friends and family, to accountants and lawyers, to the specialist advisers (like us). All of them will claim to know how to find you the right buyer and get you the best price, so how do you sort through and find the right option for you? Here are three key questions to ask of yourself, and the adviser before you make your decision…
1. Can I work with you?
Approachability is significant. It doesn’t matter how skilled someone is, or how well connected, if you can’t work with them and you don’t have a good relationship the road will be long and difficult.
Selling a business is often an emotional journey, and if you include full preparation, it can be a long one too. It is essential that your adviser is someone you can get on with, through the rough and the smooth. This may sway you towards family, friend or long-standing colleague – but there is also value in remaining impartial and bringing a third-party perspective.
“We completed our business sale recently! I want to thank the EH team and recommend them as approachable advisors who really care and deliver!“
2. Can I trust you?
Trust is an interesting word as it can mean so many different things. Unfortunately, there are advisers out there who are unscrupulous and who simply cannot be trusted at all. But more than just talking about honesty and credibility, I am talking about integrity – doing the right thing in the right way.
The more interesting questions when it comes to integrity are…
- Can I trust you to give me an honest valuation range, not just promise the value you think I want to hear?
- Can I trust you to tell me bad news as quickly and openly as you tell me good news?
- Can I trust you not to give up if the right buyer is more difficult to find than we’d hoped?
- Can I trust you to walk the fine line between marketing my business and maintaining confidentiality? (see our previous article 5 ways to balance confidentiality for more on this subject)
3. What’s your focus?
This question is a lot harder to ascertain, because the standard response of any adviser will be ‘to sell your business for the highest price’ or similar variation on that theme. Like any business, advisers are there to earn money and be profitable – as a business owner, this should not come as a surprise – in other words, they are looking for a result. But are they focused on their own results, or the result that best suits you?
How much time do they spend finding out what result you want, or working with you to help you define this? A good adviser will spend as much time working out what you want as explaining what they can do for you. And it shouldn’t just be about financial reward either, in our experience the amount of money you realise is only one of several outcomes you are hoping for. Many clients we work with don’t take the highest offer they get, because of things like terms, speed of exit, what happens to their staff, what happens to the brand or perhaps a future role for them.
Choosing an adviser could be the most important thing you do when preparing your business and selling it, so I hope these questions help you in thinking about who you want to work with. Everyone is different, and who you chose to work with will depend on what suits you best. One final piece of advice I would give is to do your due diligence. Meet with your adviser, check out their approach, get an initial report from them… a little time invested now will be more than worth it in the end.
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FAQs – Selling your company
How do I sell my business?
At Entrepreneurs Hub, we talk about five key areas that make the difference between success and failure when selling your business. Read more…
How much can I sell my business for?
Determining your business’s value is more than just calculating a number it’s complex with key factors, that said the basic equation is actually quite simple. Read more…
How long does it take to sell my business?
The timeline varies depending on the complexity of the deal and how ready the business is for sale. On average, the process takes around twelve months – sometimes less, sometimes more.
While preparing your business for sale, Entrepreneurs Hub conducts in-depth research to identify potential acquirers. You’ll have the opportunity to review and approve this list before we make any approaches. Once the business is fully prepared – often the most time-consuming step, we begin marketing it. Typically, you’ll start seeing initial interest within a few months, with follow-up meetings happening shortly after.
As these meetings progress – coordinated and facilitated by Entrepreneurs Hub, you’ll begin receiving initial offers. At this stage, we’ll help you assess the strategic fit between your business and potential buyers. When you decide to move forward with an offer, an exclusivity period begins, during which the acquirer conducts Due Diligence (DD).
The DD phase typically lasts two to three months, depending on the complexity of your business. Once complete, the sale is finalised, and you’ve successfully sold your company.
How do I sell my business quickly?
Selling a business quickly is possible, but speed shouldn’t come at the expense of value or deal security Read more…
When is the best time to sell?
Selling your business is a major milestone, and the start of an exciting new chapter, whether that means new ventures or a well-earned retirement.
In our experience, the best time to sell is when you don’t need to – when your business is performing well – not necessarily tied to the calendar. That said, timing can still play a role.
Timing the Market
Strong economic conditions, sector growth, and buyer confidence boost valuations. Don’t wait for a “perfect” market – a well-prepared, well-performing business sells in any climate.
Plan Ahead (12–18 Months)
The best outcomes come from early planning: clean financials, solid forecasting and growth potential.
Spring & Autumn Are Active Periods
The M&A market is typically busier in spring and autumn while summer and winter tend to be slower due to holidays and year-end distractions. However, the unpredictability of deals and negotiations makes this hard to target. We do deals all throughout the year – the key is to work with someone who can keep driving the deal forward whenever it happens.
Financial Year- End
Selling your business well is a long process and aiming for your financial year-end milestone is a virtually impossible task. But it is worth bearing your financial year in mind as buyers will want to review the most up-to-date accounts available.
The best time to sell is when your business is ready, and you are too. With the right preparation and positioning the right timing follows naturally.
Can I sell my business online?
Yes, you absolutely can sell a business online. Many platforms specialise in connecting business sellers with buyers. Read more…