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Know Your Friends’ Specialties…and Limitations

Know Your Friends' Specialties...and Limitations

Friendships are the key to life, however, unless they are a specialist in the area you need, separation is good! Many business owners, like me, have become friends with their business advisors. We enjoy working with each other and treasure those relationships. When it’s time to sell or transition your business, a non-specialist friend may not lead to your best outcome.

M&A is a specialist’s world. If you engage your usual advisor (e.g., attorney) to conduct a business sale who is not a specialist in M&A transactions, you could be risking everything you worked so hard for. If you, your child or your spouse needed brain surgery, would ‘hire’ your general doctor who has done your annual physical for the last 25 years? Shouldn’t you bring in a specialist in the largest financial transaction of your life?

Find someone with the right experience to protect you, your family, your employees, and your legacy. When the sale is done, you’ll have the resources to send new business your friend’s way in addition to maintaining your remarkable friendship.