Building the Right Advisory Team: Who You Need on Your Side When Selling Your Business

Selling your business without the right advisory team is a lot like trying to build a championship-caliber football team without a franchise quarterback and a great coaching staff. You can have a good roster, loyal fans, and a winning history, but without the right leadership under center and a highly coordinated team, achieving exceptional performance is difficult.

For business owners, the decision to sell is a defining moment, and the advisors you choose will significantly influence whether the outcome meets expectations or falls short of what your company is worth. When the stakes are this high, assembling the right advisory team isn’t optional; it’s the difference between a bad result and a championship outcome.

The sale of a privately held business is complex and time-consuming. Owners who try to manage the process alone often find themselves juggling buyer demands, negotiating unfamiliar deal structures, gathering extensive due diligence information, and managing confidentiality while still trying to run the business. The right advisory team not only protects your interests but also increases the likelihood of achieving a premium valuation, favorable terms, and a transaction that aligns with your long-term goals.

Below, we outline the core advisors that every business owner should consider when preparing for a sale, and the role each plays in maximizing value.

1. Investment Banker: Your Guide Through the Sale Process

An experienced investment banker is the quarterback of the transaction process. Their role is to develop the transaction strategy, market the business, manage buyer interactions, drive competitive tension, ensure the owner keeps leverage during negotiations, and coordinate the broader team of advisors throughout the entire transaction process.

Key responsibilities include:

• Preparing the company for sale - includes analyzing financial performance, identifying value drivers, positioning the company in the most compelling light, organizing due diligence information, and preparing management for every step in the process.
• Creating professional marketing materials – developing presentations, financial models, and other materials that shape buyers’ perceptions of your business.
• Running an efficient buyer outreach process – contacting the right strategic buyers, private equity firms, and family offices that are most interested in your industry sector to generate competitive interest. The best bankers also assess cultural fit and other non-financial criteria to find the right buyer for you and your company.
• Negotiating terms and valuation - structuring offers, clarifying deal terms, and advocating for the seller’s interests throughout the process.
• Managing the timeline – ensuring the process stays on track and that momentum isn’t lost, which is critically important for keeping competitive tension among potential buyers.

2. M&A Attorney: Protecting Your Legal and Contractual Interests

Not all attorneys are the same. When selling a business, you need a specialist in mergers and acquisitions. A general corporate attorney may not be familiar with the nuances of deal structures, reps and warranties, indemnification, escrows, or working capital adjustments.

An experienced M&A attorney will:

• Assess current contracts and legal matters before the business goes to market to identify risks and proactively address issues that could Impact the transaction
• Draft, review and negotiate transactional documents with a focus on protecting your interests during and after the transaction
• Guide you through legal diligence to ensure that legal, tax, employee, and regulatory matters are properly addressed

While the investment banker negotiates the business and financial aspects of the transaction, the M&A attorney ensures the legal framework aligns with the negotiated terms and protects you long after the deal closes.

3. CPA or Accounting Advisor: Ensuring Clean Financials and Smoother Diligence

Buyers will analyze all aspects of your company’s financial performance. To make a transaction go smoothly, a seller needs to produce detailed, high-quality, reliable financial information.

A CPA or accounting advisor can help by:

• Reviewing financial statements before the business is marketed to buyers
• Producing a Quality of Earnings (QoE) report, which typically includes adjustments and normalizations that support valuation
• Helping prepare data room materials and related schedules
• Advising on tax implications of different deal structures

We strongly recommend owners commission a sell-side QoE report before launching a sale process. The QoE report will reduce surprises, support valuation, and increase credibility with sophisticated buyers.

4. Wealth Advisor or Financial Planner: Preparing for Life After the Sale

A liquidity event is often the largest financial moment in a business owner’s life. It’s essential to plan for the wealth created by a successful sale, ideally before the company goes to market.

A trusted wealth advisor can help you:

• Understand your personal financial goals
• Model after-tax proceeds from various deal structures
• Develop investment strategies tailored to your risk tolerance and lifestyle needs
• Coordinate with tax advisors to minimize liabilities
• Prepare for the impact of the sale on estate planning or long-term family goals

Many owners underestimate how much clarity this type of planning provides during negotiations. When you know what you truly need from selling your business, you negotiate from a position of strength and have conviction regarding “how much is enough”.

5. Estate Planning Attorney: Aligning Family, Tax, and Legacy Considerations

Selling your company may raise questions about estate planning strategies. There may be opportunities to reduce taxes or distribute proceeds across generations in a tax-efficient manner.

An estate planning attorney can help with:

• Restructuring ownership prior to a sale
• Developing or refining trusts and gifting strategies
• Minimizing estate and inheritance tax exposure
• Coordinating with wealth advisors to support long-term needs

Owners should consider estate planning as early as possible. Once a transaction is underway, certain opportunities may no longer be available.

6. Other Specialists Who May Play a Role

Depending on the nature of the business or complexity of the transaction, other specialists may be valuable:

• Industry consultants can validate market positioning and your company’s growth opportunity
• Environmental advisors may be needed for manufacturing, industrial, or real estate intensive businesses
• Real estate appraisers are useful when property is part of the transaction
• Insurance advisors can assess post-closing risk management needs

The professionals at Shields & Company can help you determine what advisors can streamline the process and prevent last-minute surprises.

Putting It All Together: A Cohesive Team that Works for You

Each advisor plays a distinct and significant role, but the key is assembling a team that collaborates effectively. An experienced investment banker typically acts as the central coordinator, ensuring that advisors stay aligned and that the owner can focus on running the business throughout the sale process. Owners who build a strong advisory team benefit from a more competitive sale process, better valuations and deal terms, a higher probability of success, and a reduced burden on internal resources.

The sale of a business is a once-in-a-lifetime event for most owners. With the right advisory team in place, you can approach the process strategically, protect your life’s work, and position yourself and your family for long-term success.

If you are thinking about selling your business in the near-term or several years down the road, the team at Shields welcomes a conversation about assembling a team of advisors that can guide you through a successful transaction.