Selling a business is one of the most complex financial transactions most owners will ever face. Even if you’ve successfully run your company for years, the process of selling it is a different skill set entirely.
That’s why assembling an experienced advisory team — including legal, financial, and transactional experts — is essential. The right team can protect your interests, maximize your sale price, and help you navigate the process with confidence.
Why You Shouldn’t Go It Alone
Most buyers have experience acquiring multiple businesses. Sellers, on the other hand, may only go through this process once in their lifetime. This knowledge gap can leave you at a disadvantage if you don’t have expert representation.
Your advisors act as both guides and protectors — helping you avoid costly mistakes while keeping the process on track.
Key Members of a Business Sale Advisory Team
M&A Attorney
- Reviews and negotiates the purchase agreement.
- Ensures compliance with laws and regulations.
- Protects you from post-sale liabilities.
- Advises on risk allocation, warranties, and indemnities.
A general business attorney isn’t enough — you need someone with mergers and acquisitions (M&A) experience who understands deal structures and negotiation strategies.
Hiring a litigator or non-business lawyer, even if they are your cousin, is going to cause even more problems as not only do they not understand M&A deals, their approach might be adversarial and they will fight everything.
Investment Banker or Business Broker
- Values the business and prepares marketing materials.
- Identifies and contacts potential buyers.
- Manages the sales process and keeps competitive tension high.
- Negotiates terms and coordinates due diligence.
For larger transactions, an investment banker is typically the best choice. For smaller deals, an experienced business broker can fill a similar role. A lot depends on your industry and finding a good fit.
No matter your choice, find a reputable group with experience. There are a lot of business brokers who provide no value and don’t do what they say they will but still want to get paid. Your M&A lawyer can help review and negotiate the agreement to help you avoid problems.
Accountant or CPA
- Prepares and reviews financial statements.
- Advises on tax implications and strategies to maximize after-tax proceeds.
- Helps clean up financial records for buyer review.
- Supports the due diligence process.
In some cases, sellers also hire a fractional CFO to help present the company’s financials in the most favorable light before going to market.
The Hidden Value of Professional Advisors
Advisors do more than handle paperwork and negotiations. They also:
- Maintain confidentiality throughout the process.
- Allow you to keep focusing on running your business (so performance doesn’t dip mid-sale).
- Bring market knowledge that can lead to better terms and higher offers.
When to Bring Advisors Onboard
The earlier, the better. Ideally, you should engage your advisory team 12–24 months before you plan to sell. This gives them time to help you position your business for the best possible valuation. A good professional advisor is happy to talk with you early about your desires and provide advice well before the formal process starts.
Bottom Line
Selling a business is not a DIY project. Surrounding yourself with the right experts ensures you’re protected, informed, and positioned for the best outcome possible.
FAQs
Q: Can I just use my regular attorney and accountant?
A: They may be part of your team, but it’s important they have M&A experience or work alongside specialists who do.
Q: How much do investment bankers or brokers charge?
A: Typically a percentage of the sale price (often 3–10%, depending on deal size), sometimes with a retainer.
Q: Do I need all three types of advisors for a smaller business sale?
A: Not always — but you should have at least an M&A attorney and an accountant with transaction experience.
