How to Engage a Business Consultant Correctly
As a business owner, you’re faced with hundreds of important decisions each day, many of these before you even have your first cup of coffee in the morning. Therefore you have to know how to engage a business consultant the right way.
One of the most crucial decisions is determining if and when to sell your business. This decision can be made much easier by making another important decision—how and when to hire an experienced business consultant to manage the sales process.
Why Engage A Business Consultant?
An experienced business consultant is an outside expert whom you engage to help you work through all of the issues concerning the sale of your business.
A seasoned business consultant like Andrew Rogerson in Sacramento is a terrific source of specialized knowledge. He brings you his vast industry, community, and business knowledge, as well as the skills, experience, and proven process to smoothly coordinate the sales transaction from start to finish. This includes the many tasks that you don’t have time to do, like marketing, business valuation, sales prep, negotiations, and due diligence. He knows what your competition is doing and how businesses like yours are fairing across the country.
Remember, even though you’re a whiz at running your company, it doesn’t mean that you know everything about how to effectively or efficiently market your business for sale. That’s why you should think about hiring an experienced business consultant when the question of selling your business arises. It also allows you the time to concentrate on running your company while Andrew works on selling it for the right price at the right time.
Perhaps this isn’t the right time. Andrew can help you determine that and when the most opportune will be to sell. Plus, with Andrew you have a sales specialist—an individual who focuses on California business transactions. He has years of experience in selling medical practices, technology companies, and retail in the state.
Here are a few things to keep in mind when starting out with a business consultant.
It’s critical that both you and your business consultant agree on the objective for the engagement. You both have to be sure you know what the end game is and what you’re working for. This could be to sell 100% of the business, a majority stake, only a minority stake, or to raise debt capital.
Because each of these objectives involves different types of investors and varying strategies, the business owner and the business consultant need to agree on the right objective at the outset.
Business owners frequently focus on the costs involved with the business consultant engagement. While this is important, you need to remember that there are many factors that go into the mix when structuring fee arrangements. Be certain that your business consultant arrangement is appropriately customized to the objectives for your specific sales transaction.
Small business owners should consider hiring a business consultant as a cost-effective way to close the gap in knowledge and skills when considering the sale of their company.
You should always ask about who your business consultant has worked with and about successful projects. Look for a sustained track record of success… like that of Sacramento’s Andrew Rogerson.
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If you have questions about the value of your business call Andrew Rogerson at 916 570-2674. For more information visit Rogerson Business Services.