If you are an entrepreneur facing the purchase or sale of a business, it is wise to engage an adviser. Someone who will assist you with expertise throughout the entire process, so that you can keep the focus on your own work.
But what do you base your choice of adviser on? Which adviser is good? Which one suits you? And who will achieve the desired result for you? Just a few questions that come to mind. Choosing the right adviser is not an everyday, but crucial, choice.
Knowledge, experience and expertise are preconditions when choosing an acquisition advisor, that is logical. In addition, trust plays an important role in the acquisition process. Trust between the entrepreneurs and their advisers, trust between the deal team working on the purchase or sale process and trust towards the market.
Trust between entrepreneur and adviser
As a business owner, you are entering a process with which you are mostly unfamiliar, nor do you always know all of the solutions that are available. You need to be able to trust that the adviser is 100% dedicated to your interests and listens to your wishes, after which you determine the right route together.
This route can take 100 different directions, but the one that fits best is a combination between your wishes and the possibilities presented by your adviser. In addition, one thing is certain: a buying or selling process never goes exactly as suggested. It is not a straight road and together you will have to take several turns and bumps to still reach the desired destination.
Trust between deal team
In an acquisition, legal, financial, fiscal and process aspects come together. All specialties that must work together toward the goal you have in mind as an entrepreneur, and as a team. These specialists must dare to be critical of each other, each having his or her own role in the process.
An internal friction within the team is allowed, as this usually benefits the end result. Questioning each other critically usually leads to a higher level. The team will usually consist of trusted persons around you and the various specialists who will help you achieve the goal. As an entrepreneur, you are the best judge of whether these forces can work together, with your acquisition advisor being the lynchpin of this team.
Confidence in the market
Trustworthiness to the market is a valuable commodity. 'What you see is what you get' and what you communicate to the market must be 'spot on'. For this reason, diligence in preparation is key. Returning during a process to issues that have been communicated to the outside world is not pleasant and creates distrust of everything that is to come in the remainder of the process.
Taking time in preparation, a thorough analysis and not rushing into the market can usually help. The confidence of potential buyers or sellers in the process, in you as a business owner and in your acquisition advisor makes a process go smoothly.
As stated before: a process never goes exactly as planned. But if a turn or a bump comes along, then it is very pleasant that you work together as a team to find the best solution. But above all, as an entrepreneur, you must have confidence in your adviser, that the 'click' is there.
We hear many business owners who say that the foundation of their success was laid by following their gut in relationships. Our tip would be to do the same when choosing your acquisition advisor. Knowledge, skill and expertise is of course a prerequisite, where trust can make the difference towards a pleasant and successful process.
