I met with a friend over the weekend who plans to put his business on the market over the next few months. My best advice is to pick his captain.
The first thing you have to decide is who is the most likely buyer for your business. Is it an individual, a private equity investor, or a strategic buyer? Your answer will impact which advisors are best suited to help you.
There are plenty of business brokers and M&A advisors out there. Interview several of them and obtain different perspectives. Listen to how they plan to help you through the process. Who do they think your likely buyer is? Are they the most experienced to help you find the buyer most likely to buy your business?
Stage one of the process is to pick the captain. Who is going to lead the process for you? Once you’ve settled on this decision, the real work will begin.