Who's on Your Team?
Updated: May 17, 2020
Who is helping you do your deal? Many entrepreneurs like to do everything they can themselves. When it comes to closing a business, real estate, or contract deal, however, doing it yourself might cause unintended problems, especially when you try to be your own lawyer or accountant. You might miss something or include something that hurts you.
I suggest you consider building a team when you start working on a deal that includes a close confidant (e.g., spouse, business partner), an accountant who has experience doing deals, a lawyer who has experience doing deals, and a commercial banker (if you need financing). You might also consider whether you need a broker to help you find a deal and negotiate the initial terms and conditions. Each of these individuals will contribute expertise to help you find, evaluate, structure, and paper your deal. Yes, you will pay them for their services, but the value they bring to your deal (e.g., protecting your interests) should be worth their fees.
To paraphrase a quote I recently saw, working together eliminates the weakness of one person working alone and substitutes the strengths of the team members.
My next blogpost will offer guidance on how to find team members.