Getting your deal done is always exciting. Getting to closing, however, can be a stressful process. Whether you are buying a new business unit or selling all or a portion of your existing business, you will need a team of professional advisors to help you achieve your goals. Your team will include your broker, banker, accountant and your lawyer. If you put the right transaction team together it will help minimize the stress level in getting your deal closed. When selecting your team, you should pay attention to each of the factors listed below to ensure that your team gives you the best chance for success.
Experience: Each member of your team will contribute to a successful outcome. When selecting your team you should choose team members who are experienced in successfully completing transactions. Getting a deal done is about more than creating paper and drafting agreements. A deal maker must have experience in all types of transactions and be knowledgeable about the potential pitfalls. By knowing what can go wrong your advisor can help you ensure that it does not derail your transaction.
Attitude: Your team members should want to get your deal done as much as you do. They should understand that when you engage their services it is because you want to do the deal. Of course your advisor must point out potential roadblocks and sticking points to completing the deal, but their focus should be on overcoming these obstacles to ensure the deal is successful. There will be times when an issue is too serious to resolve, or too risky to accept, and your advisor should advise you walk away. Walking away should be the last resort after all solutions have been considered.
Value: Your advisor should keep you informed at all steps of the transaction. From the initial meeting, to progress reports to the final report, your team should ensure that surprises are kept to a minimum and are dealt with immediately. In addition, your advisors must bring value to your transaction. Your transaction has a certain value to you and you have taken into account various costs associated with the transaction. On some deals, it makes business sense to have your team members fully address every issue and potential risk regardless of the cost. On other deals, this approach simply does not make sense. By fully communicating your interests to your team, you can work together to ensure that your advisors provide the services in a manner that meets the requirements of your business deal.
Due to the diverse economic history of our region, the professional advisors in the Ottawa community have a broad range of experience and talent to help you get your deal done. By keeping in mind the factors discussed above, you can ensure that your transaction team is the right fit for your deal.
Brent Timmons is an Associate with BrazeauSeller.LLP. Brent practices in the areas of Corporate & Commercial Law, Family Business and Technology Law. To learn more about Brent, please go to www.brazeauseller.com. Brent can be reached at 613-237-4000 ext. 274 or btimmons@brazeauseller.com.
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