Our Business Consulting advisors answer a recent question one of them received, below:
Question: I am considering selling my business. How do I know I’m choosing the best strategic partner?
Answer: Choosing an effective partner begins with knowing what you want to accomplish and why. Identifying these goals from the start will help you to evaluate the different suitors. We work with our clients to create a list of strategic partner attributes to use as a lens through which to evaluate options. Having agreed-upon, objective criteria in place allows a management team to quickly dismiss those organizations that are not a good cultural fit and identify the ones that are.
The sale of a family-owned or closely held business can be fraught with emotion. Having an outside party help compare and contrast alternatives creates an emotional buffer, freeing the leadership team to focus on the merits of each partner.
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