The Buyer Dream Team
Buying a business is a significant financial event for a buyer, and most certainly not the time to fly solo. You want a team of advisers to guide you through the Buying Process as well as someone who can coordinate with your team and the Seller’s team. Typically, your team should consist of legal advisers, financial advisers, and industry experts.
It is highly recommended that you seek out a Transaction Attorney and/or a Real Estate Attorney. Transaction attorneys are most typically used in business purchases. They are highly skilled at working through the financial, tax, planning, and procedural matters associated with buying a business. A real estate attorney is specialized in negotiation of real estate contracts and leases. If your business transaction involves real estate, it is highly encouraged that you have a real estate attorney on your team. Depending on your situation, you may also consider seeking additional legal counsel, such as an immigration attorney, employment attorney, licensing attorney, or industry specialized attorney.
When you own a business, there is simply no person more valuable than a great accountant or CPA. As you progress through the Buying Process, it is important to have an expert look at the financial data during the due diligence process. In addition to a regular CPA or accountant, you should also utilize the services of a Transaction CPA firm. Transaction CPAs are experts at negotiating deal structure and are knowledgeable in ways to structure transactions that are unfamiliar to typical CPAs. Bankers are another financial adviser typically involved in a business purchase because Buyers may or may not have all the cash needed to purchase a business outright.
If you are purchasing a business in an industry that you are not familiar with, utilizing the services of an industry expert could be very useful. Your industry expert could be someone you know who works in the industry, owns a business in the industry, or is a professional industry consultant.
The Broker is an important figure throughout the process; working through issues and obstacles that arise. Gateway Brokers keep all the players focused on the end goal. By working with a Gateway Broker, you are negotiating at arm’s length. This buffer keeps emotion out of the negotiations, protecting the relationship between Buyer and Seller. This leads to a productive working relationship for the training and transition period. Gateway Brokers have significant experience negotiating successful terms and conditions for the transfer of businesses, with the minimal amount of stress for the Buyer and Seller.
Gateway’s brokers are always willing to assist business owners and prospective business buyers with education, resources, and guidance through the process of buying and selling businesses. We are here to answer any questions to make the selling & buying process a smooth transition. Call or Email for a free consultation.