Buying and Selling a Business. Garrett Sutton
Other Professionals
Most small business owners will use additional professionals at one time or another. These professionals may include insurance brokers, marketing consultants, advertising and public relations experts, real estate brokers and architects/designers/contractors.
Insurance brokers help to make sure a business is neither under- nor over-insured. Either case can be from significant to devastating for an entrepreneur. Be sure you are using a broker, not a salesperson, and one who is an expert at business-related policies and experienced in insuring a variety of businesses. The insurance broker can check out the business plan and know what sorts of insurance you will need, as well as how much. In some cases involving larger businesses, you will want to use a risk management consultant to analyze the risks associated with the business and suggest the appropriate level of coverage for each risk.
From worker’s compensation to disability, life to fire and on and on, business insurance needs can be staggering. Don’t try to figure it out on your own. You don’t want to find out you are inadequately covered in the middle of a crisis. Nor do you want to be paying premiums for coverage you don’t need.
Marketing consultants can help research market potential for a target business and can be useful if your own search has only made you more uncertain. Of course, you will want to be sure that the consultant has experience in the industry into which you are considering moving.
Advertising and public relations experts are valuable for the transition and the early stages of your new business venture. First impressions, you know. Make sure yours is a good one. Remember that a sale of a business is a newsworthy event for which a public relations expert may be useful.
Real estate brokers come into the game once you have decided to purchase a specific company. They can help you analyze location for suitability, growth potential and market rates for rent. They are especially valuable if you are purchasing a company in an area unfamiliar to you.
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