Who can help me sell my small business?

BDC, the federal Crown bank for entrepreneurs, says it is important to assemble the right team to help you achieve your goals for a sale. It names an accountant, a lawyer, a business valuator and a broker or other intermediary among the people who can help a seller. Each does a different job, so ask which of them your own sale needs. This page sets out what BDC says each one does so you can decide whom to call first.

The accountant

BDC says an accountant is important for helping you prepare year-end and interim financial statements, projections and other documents that buyers typically ask to see as part of due diligence. BDC adds that an accountant can also ensure the transaction is structured in a way that minimizes tax liability from the sale. Ask your accountant at what stage the structure needs to be settled.

The lawyer

BDC says you will need a lawyer familiar with business transitions to supply information to buyers during due diligence, to negotiate the purchase agreement and to address legal issues that may arise. Ask whether the lawyer has handled the type of sale you expect, such as shares or assets.

The valuator

BDC says it can be helpful to hire a business valuator to give you a realistic picture of what your business is worth. CBV Institute describes a Chartered Business Valuator (CBV) as a professional who delivers an independent, credible answer when a decision turns on what a business is worth. A valuation is information for you, not a promise of what a buyer will pay.

A broker or other intermediary

BDC says a business broker or investment banker has access to a broad network of qualified buyers whom they can discreetly approach on your behalf, and can help you navigate the sale process. Ask whether a broker needs a licence where you are selling. In British Columbia, BC Financial Services Authority says some real estate licensees may act as business brokers where no real property is involved, and that no licence is required for an asset sale with no real estate component. Confirm the rules where the business operates. Should I use a business broker to sell my business? weighs the choice. Helping the buyer after closing is a separate question, covered in Is the seller required to help after the sale closes?