Your brokerage is your largest personal asset, your life's work, and a key component to supporting your future.
That's why if you're exploring best practices, selling or succession, going it alone can be an expensive choice. Consulting with an industry-focused strategic advisor will best achieve your goals.
Let's set the stage for why I think this is so important. As a personal financial consultant to business owners and sellers, I've seen what happens when owners go it alone. I've seen the following scenarios all too often:
- Owner receives a call from a potential buyer. Owner is impressed with the price, negotiates for a bit more and is pleased with the sale and his/her negotiation skills.
- Owner knows a competitor who has sold their business to a consolidator. This competitor refers his acquirer to the owner. Owner sells the firm to this buyer.
- Owner wants to give the brokerage to a child who has been working in the business. Owner realizes that the child may not be as entrepreneurial as him/herself and must decide between nervously proceeding with a transition or selling the business.
While these seem like decent decisions on the surface, in my experience, these situations often leave owners with far less than they could have received.
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