Your business is strong. You’ve taken years building it but you decide that it’s time to sell. Millions of dollars may depend upon the next decision. The decision: whether to hire an investment banker and, if so, which one.

Do you need an investment banker? Maybe so, but hiring the wrong one means paying a fee for little or no value. Determining which investment banker is the right one for your situation requires knowing what you should expect in an investment banker in the first place.

Investment bankers (sometimes called “M & A advisors”) provide services beyond those of business brokers. Investment bankers should be experts in your industry and should know the preferences and practices of all of the buyers interested in it. They should be able to value your company, to advise you candidly and thoughtfully on the strengths and weaknesses of your business as a buyer would see them, to structure a selling process that suits your situation, and to help you negotiate the final terms of the sale with the buyer.

One of the biggest risks in selling your company is that customers and employees will learn of the potential sale before you are ready to share it with them. This can occur when a buyer conducts extensive diligence, signs one or more agreements, but nonetheless fails to close a purchase. The right investment banker can minimize the chance that this will happen by using his or her intimate familiarity with the practices, reputations, and financial standing of the buyers showing interest. Some buyers develop reputations for not closing deals, some do not have the resources to close them, and others may be undergoing strategic changes that render their histories less relevant in predicting their current behavior. The right banker knows these things.

Bankers are likely to encourage you to invite multiple potential buyers to purchase your company (though discussions will be on a “no-names” until the interested buyer signs an NDA). This is good, common-sense advice, since multiple bidders drive up prices for almost anything. Multiple offers also show more certainly what the market will pay. However, the prospect of an “auction” can scare off some interested buyers. If you decide that the auction is the best process for you, good bankers will run the auction very well. In fact, when a good investment banker is involved, and buyers are kept from knowing the identity of competing buyers or the contents of the competing bids, they can create leverage for you that could cause you to receive a higher price.

Investment bankers’ fees can seem high, and perhaps they are. However, their fee structure is aligned with the sellers’ goals, because nearly all of their fees depend upon the closing of a sale. The details of engaging an investment banker are also critical. You should consider structuring fees to reward an outstanding purchase price nicely and an average one adequately. Depending upon your company’s situation and the structure of a potential sale transaction, it may be worthwhile to negotiate some other terms as well. Like other industries, investment banking has its customary practices, and it helps to know these and where there is more or less room to negotiate.

A good investment banker should be an expert and contribute as a valued partner. All investment bankers are not created equal and it pays to spend time evaluating them.

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