Do not wait too long for advice. While meeting with a group of experienced consultants recently, we discussed mergers, what had worked, and what had not. We talked about clients from the nonlegal side, who wait too long to get advice on their mergers. They start doing things, preparing paperwork, discussing terms, and only later involve a team and lawyers. This is usually a big mistake.
Many business owners will say, “I don’t want to get lawyers involved, or I don’t want to get consultants involved because they will muck up the works; they will slow things down, and the deal will never get done.”
On the flipside, having trusted advice, having people you turn to, and building a team, can help you make sure that you make the right decisions and that you are not giving up terms.… Read the rest