Podcast (E4): When should you build your deal team?

We are often asked what makes a deal successful? We decided to share our thoughts and experiences to help buyers and sellers have a more successful deal making process.

This blog is for informational purposes only. This blog is not legal advice, and no attorney – client relationship is intended or formed by this blog.  For more information or to contact an attorney at Foreman Law, please email info@goforemanlaw.com.

When should you build your deal team?

The earlier you start building your deal team, the better your team will be. This will give you some margin in your deal process as well. It can be really difficult to build a team when the game has already started. Interview your team in advance to see who is a good fit.

Who do you need on your deal team?

  • You – You need to lead your team and make sure everyone understands their role (even those who need to manage the deal process for you).
  • Your family – Family is a critical part of your deal process and your personal support structure. Make sure they have a clear understanding of the time demands and stress of the process, and plan for success at home where it matters most.
  • Co-owners/investors – If you are selling or buying a business, your co-owners or investors may be an important part of the deal process, and will need to understand their role and how the deal impacts them.
  • Investment banker/broker- If you need help to find a deal partner, an investment banker or broker can add a lot of value to your team. Experienced investment bankers and brokers can help you understand how to maximize the value in a sale, or find the right fit in an acquisition target.
  • Accountant – A good tax advisor is critical to understanding the tax impact of your deal and how to get the most out of any tax planning opportunities. Make sure your tax advisor has good experience on buying and selling a business.
  • Insurance Agent – Make sure your insurance agent knows the business and industry well enough to help you understand how to get the right kind of insurance in place as a buyer, and how to make sure to retain the right coverage after sale if you are the seller.
  • Wealth manager-If you are on the buy side or the sell side you will want to make sure your financial planner or wealth manager is helping you understand how the deal fits in with your overall financial plan, and can advise on any planning in advance.
  • Lawyer – Make sure you have a good attorney on your team with experience working with buying or selling businesses.
  • Other – Who else do you need on your team? Many times a subject matter expert, and key employees will need to be involved.

How should you manage your deal team?

  • Pick a leader – Decide who will lead the deal process and communicate that to everyone early.
  • Ask questions – Ask a lot of questions! It will save time and money later.
  • Set expectations – Make sure everyone knows your expectations and is on the same page early so your team will be focused on delivering value according to your scorecard.

Sam #1 Thought – Start building your team early!

Jacob #1 Thought – Everyone on your deal team is important. Everyone has a role.

Wellness Tip! Set good expectations with your family at the start of the deal process. It will make a difference for everyone!


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