M&A Advisor Tip: Buy your buddy a beer, not experience

I’m all for friendships, but I wouldn’t risk my financial future on one. Unfortunately, many business owners do just that. If you’re like me, many of your professional advisors have become your friends, and you want to honor those relationships.

But M&A is a specialist’s world. If you engage your usual advisor (e.g., attorney) to conduct a business sale and they are not a specialist in M&A transactions, you could be risking everything you worked so hard for. Think of this as brain surgery. You wouldn’t use your general doctor who has done your annual physical for the last 25 years. So why would you not bring in a specialist with the largest financial transaction of your life?

Find someone with the right experience to protect you, your family, and your employees. When the sale is done, you’ll have the resources to throw some new business (and some beers) your friend’s way.

For advice on exit planning or selling a business, contact Al Statz, CEO of Exit Strategies Group, Inc., at alstatz@exitstrategiesgroup.com. Exit Strategies Group is a partner in the Cornerstone International Alliance.