In 2020, this firm handled $12,623,538 worth of business sales and acquisitions.
That’s closed deals. Deals that funded.
That doesn’t even include the additional $3.2M worth of commercial real estate acquisitions or leases that were negotiated and signed.
Just business sales. Buyers and sellers exchanging money for valuable companies.
And they were companies of all kinds, industries, and sizes.
There were restaurants. (Lots of restaurants.)
Medical practices.
Accounting firms.
Gym franchises.
Phlebotomy services.
Hair salons.
Aircraft repair.
And in representing all these business owners, both buyers and sellers, I’ve noticed a pattern.
The best deals have the best deal team.
I’ll explain:
When I work a deal, I want to know who else is on the squad.
There’s no point in me advising in a bubble. We need the other advisors on board too, so we’re all working in synch.
Here are some examples:
When I allocate the purchase price between equipment and goodwill in the contract, I want feedback from the CPA on the tax implications.
And what’s the point of reviewing insurance requirements in the contract if the coverage is excessive and expensive? A good insurance agent can quickly scan coverage requirements and make suggestions.
Why put a deal together if no one has their pulse on the status of the loan that’s going to fund the whole thing? Having the lender involved and providing routine updates is key.
Not to mention – a good broker can be invaluable at smoothing out the relationship side.
Disconnect between advisors creates delay, rework and inefficiency.
And frustration. Lots and lots of frustration for the business owner.
A collaborative approach, however, means deals close on time.
Without surprises.
With lower risk.
So, business sellers and buyers: select your team carefully and then CONNECT them via email introductions.
Get everyone on the same page from the jump.
And watch the deal run faster, better and pain free.
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