Our Business Consulting advisors answer a recent question one of them received, below:
Question: I am considering selling my company, but I’m concerned about unanticipated surprises after the fact. What are some common pitfalls you have seen?
Answer: In our experience, the best way to avoid pitfalls is to understand what to expect and prepare to address action items at all stages of the sale. We teach our clients to prepare for the post-sale period in two important ways:
- Understand what your role will be.
Transactions succeed when sellers know their role after the deal is done. Make sure you have a clear understanding of what you will be asked to do post transaction.
- Agree on expectations.
Clearly define what can you expect from the other party, and when. We have found that creating a 180-day plan facilitates this process.
Having clarity on what to expect can make this complex process more approachable for potential sellers.
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