Assembling Your Team: Who You Really Need on Your Side (Lawyer, Broker, Accountant...or Not?) (Part 3 of 10)
- Peter Lopez
- Oct 11, 2025
- 5 min read
Updated: 1 day ago
So you've decided to sell your business and gotten your financial house in order. Now comes the big question: who should you actually have on your team? Walk into any networking event and you'll hear conflicting advice. Some folks swear you need an army of professionals, while others insist they sold their business with nothing more than a handshake and a lawyer.
The truth? It depends on your specific situation, but there are definitely some non-negotiables and some "nice-to-haves" when assembling your team. Let's break down who you really need and when you might be able to skip certain team members without shooting yourself in the foot.
The Non-Negotiables: Your Core Team
Business Attorney: Your Legal Shield
Unless you're selling a simple asset deal to your neighbor, you absolutely need a business attorney who understands transactions. This isn't your cousin who handles divorces or the guy who helped you set up your LLC five years ago. You need someone who deals with business sales regularly.
Your attorney will handle purchase agreements, review due diligence requests, negotiate terms that protect you, and make sure you don't accidentally agree to something that comes back to haunt you later. They'll also help structure the deal in a way that makes sense tax-wise and legally.
Red flags when choosing an attorney: They've never handled a business sale before, they seem unfamiliar with earnest money agreements, or they take weeks to respond to simple questions. Business sales move fast, and you need someone who can keep up.
Accountant or CPA: Your Financial Reality Check
Your accountant plays multiple roles during a sale. First, they help clean up your financial records so they're presentable to buyers. Nothing kills a deal faster than sloppy books that make buyers question what else might be wrong.
Second, they help you understand the tax implications of different deal structures. Selling assets versus stock, installment sales, earnouts: each has different tax consequences that could cost or save you thousands.
Finally, they're often the first line of defense during due diligence. When buyers start asking detailed questions about your financials, your accountant can provide professional responses that carry more weight than you saying "trust me, the numbers are right."
When you might not need a separate accountant: If you've been using a solid CPA for years who understands your business inside and out, stick with them. Don't switch horses mid-stream just because someone told you to hire a "transaction specialist."
Business Broker vs. Going Solo: The Big Decision
This is where opinions really diverge. Some owners swear by brokers, while others think they're unnecessary middlemen who take too big a cut.
When a broker makes sense:
Your business is worth less than $5 million
You don't have time to manage the sale process yourself
You've never sold a business before
You want to maintain confidentiality (brokers can market without revealing your identity)
You don't have a network of potential buyers
When you might skip the broker:
You have a specific buyer already interested
Your business is very niche and you know the market better than any broker would
The broker fees would significantly impact your net proceeds
You have experience with business sales and the time to manage the process
If you do work with a broker, make sure they specialize in businesses like yours and can show you recent successful sales. A good broker earns their commission by getting you a better price or terms than you could achieve alone.
The Supporting Cast: When You Need Them
Investment Banker: For Bigger Deals
If your business is worth more than $5-10 million, consider an investment banker instead of a traditional broker. They have access to more sophisticated buyers, including private equity firms and strategic acquirers who might pay premium prices.
Investment bankers also bring more resources to bear: research teams, marketing departments, and established relationships with buyers. The trade-off is higher fees and a more formal process.
Tax Advisor: Beyond Your Regular Accountant
For complex deals or if you're in a high-tax state, a specialized tax advisor can help structure the transaction to minimize your tax burden. This might be worth it if the tax savings exceed the advisor's fees.
Wealth Manager: Planning for Life After
Once you know you're getting a significant payout, a wealth manager can help you plan what to do with the proceeds. This is especially important if the sale represents most of your net worth: you don't want to make amateur mistakes with money you can't afford to lose.
Building Your Team Without Breaking the Bank
Start with Referrals
Ask other business owners who've sold recently who they used and whether they'd hire them again. Personal referrals from people in similar situations carry more weight than online reviews.
Interview Multiple Candidates
Don't hire the first professional you meet. Interview at least three candidates for each role and ask specific questions about their experience with deals like yours.
Negotiate Fees Upfront
Most professionals will negotiate, especially if you're hiring multiple team members. Some attorneys will cap their fees for straightforward deals, and some brokers will reduce their commission percentage for higher-value transactions.
Consider Bundled Services
Some larger firms offer bundled services: legal, accounting, and transaction advisory under one roof. This can sometimes be more efficient and cost-effective than managing multiple relationships.
Red Flags: When to Fire Your Team
They Don't Understand Your Business
If your attorney keeps asking basic questions about your industry or your accountant seems confused by your revenue model, find someone else. The middle of a sale is not the time for on-the-job training.
Communication Problems
Business sales involve tight timelines and lots of coordination. If team members are slow to respond, hard to reach, or poor communicators, they'll sink your deal.
Conflicts of Interest
If your broker also represents potential buyers, or your attorney has relationships with the other side that aren't disclosed, find new representation immediately.
The DIY Approach: When It Makes Sense
Some business owners successfully sell without brokers, especially in these situations:
Family transfers: Selling to family members or key employees often doesn't require a broker
Strategic sales: If a competitor or supplier has approached you directly
Simple businesses: Asset-light service businesses with straightforward operations
Industry connections: If you're well-connected in your industry and know potential buyers
Even if you go the DIY route, don't skip the attorney and accountant. These two professionals provide essential protection and expertise that's worth the cost.
Timing Your Team Assembly
Don't wait until you have a signed letter of intent to start building your team. Good professionals need time to understand your business and prepare properly. Start identifying and interviewing candidates at least 3-6 months before you plan to go to market.
However, you don't need to hire everyone at once. Start with an attorney and accountant, then add other team members as the sale progresses and you understand what you actually need.
Making the Investment Work
Remember that professional fees are an investment in getting the best possible outcome from your sale. A good attorney might negotiate terms that save you more than their entire fee. A skilled broker might find buyers you never would have reached on your own.
The key is choosing professionals who understand your specific situation and can demonstrate how they'll add value beyond their costs. Don't just hire based on the lowest fees: hire based on who you trust to protect your interests and maximize your outcome.
Your business sale is likely one of the biggest financial transactions of your life. Having the right team in place gives you the expertise and support to navigate the process successfully while letting you focus on keeping your business running strong through the sale.
The right team only helps if you understand the game being played
Advisors can be incredibly valuable — but only when their role, timing, and incentives align with your goals. Understanding how buyers evaluate risk, value, and deal structure helps you choose the right support at the right time, instead of assembling a team blindly.
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