Experience comes with exposure to many situations time and time again.
There are many ‘inter-dependent’ skill sets necessary to sell a company. You have research and analysis, you need somebody with the ability to stand back and identify opportunities often for unknown potential buyers. There are presentation skills and the research necessary to hunt out potential buyers.
All this before you even get to talk to somebody
We specialise in a number of sectors. The process of selling a business is relatively standard but experience in certain sectors does make the task easier. At certain stages in the process you need very specific expertise. Negotiation requires planning and an understanding of the real opportunity for the potential buyer. There is an art of knowing when to ask questions, when to listen, when to qualify and when to ask if the buyer will be making a serious proposal.
Professionals required to make a sale work
Some businesses can be sold without due diligence and without any complicated contracts. But most companies are bought after a due diligence exercise and a solicitors contract. Most limited companies will require warranties and a ‘letter of disclosure’. Solicitors do contracts and solicitors experienced in company sales are far better than those who are not experienced. Accountants do due diligence- they check that the business is as you have said it is. Again specialists are faster and usually more efficient.