Working with Professionals to Sell Your BusinessOctober 24, 2018When we imagine the very wealthy, we often think of Wall Street executives and star professional athletes. But the truth is that the most common path to becoming rich is to own your own business. Business owners certainly dominate the ranks of the highest tax brackets – Merrill Lynch has estimated that nearly 80 percent of those with at least $5 million of investable assets are former entrepreneurs who have successfully exited their businesses. And around half of all Americans with net assets over $1 million grew their wealth by growing a business.Even if you don’t personally own a business yourself, you likely know someone who does. Selling one’s business is a major, often life-changing event. It often represents the opportunity to realize the potential of the wealth you’ve been building. It can also be very emotionally taxing. It’s not easy to walk away from something that you have poured countless hours and considerable sweat equity into. You may think of your business with the same type of pride as a parent.Naturally, you may want to be as hands-on as possible in making sure the selling of the business goes as smoothly as possible. Unfortunately, this is precisely where too many business owners run into major trouble. They have built a great business and grown it to great heights – so why can’t they be just as skilled as selling the business?Calling in the ProsThe fact of the matter is that building a successful business is an entirely different skill set altogether from selling one. Just as you likely rely on professionals for your wealth management and accounting, you should absolutely work with a professional to help facilitate the selling of your business. It’s important to work with someone who brings market awareness to the transaction, unencumbered by poor emotional judgments driven by personal attachment to the business.Think of it this way – you will likely only sell one business in your life: your own. A seasoned investment banker, on the other hand, will bring the knowledge and perspective of professionally specializing in this very type of transaction. As a professional that values experience and specialization, you have much to gain from working with a pro.What the Pros OfferHelping to identify the viable pool of potential buyers for your businessPromoting the sale of your company to the candidatesDeveloping strategies to enhance the value of your business and sales priceManaging buyer interest to ensure competitive bidding for your businessHelping minimize tax burden and unforeseen costsYou’re preparing to transition to a new phase of your life, whether it’s retirement or your next business challenge. Why not make the transition as smooth as possible by working with a professional to ensure that the sale of your business is as successful as possible?Reach out today to learn moreAbout the Author: There’s nothing Strategic Wealth Partners CEO Mark Tepper loves more in this world than winning. What constitutes a win for Mark? Successfully developing financial strategies for clients that get results. Since founding SWP in 2008, Mark put his competitive nature and years of experience to work putting points on the board for clients looking for... read more...Send a message toMark Tepper Reach OutSchedule a Virtual Meeting Book NowStay up to date on all the latest blogs.All we need is your email. Best Email* NameThis field is for validation purposes and should be left unchanged. Share It About the Author: There’s nothing Strategic Wealth Partners CEO Mark Tepper loves more in this world than winning. What constitutes a win for Mark? Successfully developing financial strategies for clients that get results. Since founding SWP in 2008, Mark put his competitive nature and years of experience to work putting points on the board for clients looking for... read more...Send a message toMark Tepper Reach OutSchedule a Virtual Meeting Book Now