Do You Know Your Banker?

Mergers and acquisitions is the theme this month and this week I want to talk about the personal relationships within your business relationships that make a big difference.

Your Banker. 

Not your accountant, not your tax person, I’m talking about your local banker. I have personally known my banker for over 20 years and when I have a question, I pick up the phone and I call her. We know each other, we chat about our families, we talk about what we’ve been up to in life. Someone who both handles your finances on a continual basis and understands the trajectory of your business is someone who will be a huge asset in your buying or selling journey. 

Your Team 

These are the people who make it happen, day after day. Communicate with your team when the time is right, so they know exactly what is happening with the company. Be conscious of the right time. Many deals fall through in the buy and the sell so make sure you are giving the information when it is appropriate. Do not incite fear, but come from a place of growth, excitement and, of course, opportunity. You can do this by holding regular meetings, sending out updates via email or even using a dedicated Slack channel. Be open and honest. Good leadership is always looking out for how you can help your team grow and thrive.

Your Mentors

You have mentors for a reason. They have been with you over the years as you’ve navigated challenges and opportunities. This is the time to lean on the coaches, consultants, colleagues and other people in your network who have your best interests at heart and can be a sounding board as you talk through decisions with them.

Your Attorney

This is another person who will be a big piece of the buying and selling process. Speak to them before you draft any contracts, sign any paperwork, etc. They can simplify what might seem daunting to you and can answer the legal questions that will certainly come up when it comes to merging, buying or selling. 

Your Family

If you are making a major decision within your business, you also need the ear of the people who love and support you the most. What will change within your family if you buy, sell, merge? Can a change in business also mean a change to your lifestyle? Will you be working more? Less? Traveling more? Less? Making more money? Investing a lot of money? These are conversations that matter when it comes to making the right decision professionally and personally. 

Yourself

Yes, you! Listen to your gut and your instincts. When you built your business, you had a goal in mind. Maybe you never thought about selling or merging, but now you’ve found yourself in that spot. Stay true to your initial values and only align yourself with people who you trust, respect and who you see yourself growing with for years to come. 

Have you sold a business? Bought a business? If you have a story to share, I would love to hear it!