Selling a business can be a very complex, time consuming and daunting task.  We highly recommend that you do not cross this chasm alone, but seek out professional advice and expertise.  While typical roles include that of a business appraiser, business broker, lawyer and possibly your CPA, there is one other professional specialist you should really seek counsel from:  your financial advisor.

The majority of business owners sell due to burnout and/or retirement.  Securing the proper terms on a deal and planning for the future can make our break your wealth and level of comfort many years into the future.  A seasoned Financial Advisor is key to this process so you can live out your life in comfort and provide for your heirs.  The Bernstein Journal identified three key principles that should impact a business owner’s approach when seeking to sell their business:

 1) Setting long-term personal financial goals is critical in setting terms of a deal and managing the proceeds
2) Assessing spending needs and cost of living first helps ensure maintaining lifestyle
3) Creating trust vehicles and shelters can increase deal value and fulfill financial goals

Most business owners think about their financial advisor only after the sale of the business or at the witching hour.  Pro-actively seek counsel before the listing and selling process to ensure your personal financial security.