You spent 10, 20, 30, 40 years building your business. Now you want to get out the right way — not just any deal, but the deal that reflects everything you put in. The team you assemble before going to market is one of the highest-leverage decisions you will make. The wrong people cost you multiple points. The right people protect your number, your timeline, and your sanity.
Most owners think about an attorney and an accountant. That is the floor, not the ceiling. A full M&A team covers the deal mechanics, the tax strategy, the diligence project management, and the personal infrastructure that keeps you sharp through a process that will absolutely try to grind you down. Learn more in Exit Ratio 360™.
Who should be on your M&A team when selling your business?
The core team has seven roles: a deal project manager, a CPA attorney, an M&A attorney, an M&A advisor, a personal assistant for you personally, a personal cook or meal prep person, and a personal trainer. The first four handle the deal. The last three handle you — because you will be surprised how fast a transaction depletes your energy, focus, and decision-making quality if you are not maintaining the basics.
Who should be on your M&A team when selling your business?
The core team has seven roles: a deal project manager, a CPA attorney, an M&A attorney, an M&A advisor, a personal assistant, a personal cook or meal prep person, and a personal trainer. The first four handle the deal. The last three handle you — because sustained deal stress depletes decision quality at exactly the moments when your decisions are worth the most money.
What does a deal project manager do in a business sale?
A deal project manager is the person responsible for moving everything along in due diligence — tracking the paperwork, chasing down documents, making sure nothing falls through the cracks. If you are planning your exit five years, four years, three years, or two years out, bring this person on early. Once they develop cadence around pulling your standard financial and operational reports monthly, the due diligence process becomes dramatically less chaotic.
What does a deal project manager do in a business sale?
A deal project manager tracks the paperwork, chases down documents, and makes sure nothing falls through the cracks during due diligence. Brought on early in the five to two year preparation window, they develop monthly cadence around pulling your standard financial and operational reports — making the due diligence process dramatically less chaotic when a buyer engages.
Why do you need both a CPA and an attorney — and why is the combined CPA attorney so hard to find?
A CPA attorney holds both a JD — juris doctorate — and a CPA license. They handle the intersection of tax law and deal structure, which is where the most money is made or lost in any transaction. Finding a good one takes time — in practice, seven or eight conversations before you find someone you trust and who fits your deal. In bigger cities, expect to pay $1,000 to $1,500 per hour or more. They help structure your Titan Thesis from a tax and legal perspective so that when a deal closes, you keep as much of the proceeds as possible.
Why do you need both a CPA and an attorney — and why is the combined CPA attorney so hard to find?
A CPA attorney holds both a JD and a CPA license, covering the intersection of tax law and deal structure where the most money is made or lost. Finding the right one can take 12 to 18 months. In larger cities expect $1,000 to $1,500 per hour or more. They help structure your Titan Thesis from a tax and legal perspective so you keep as much of the proceeds as possible.
What does an M&A advisor do and do you need one if you already have attorneys?
An M&A advisor helps you navigate the full deal process — building your seller’s thesis, positioning the business for maximum multiple, managing the buyer conversation, running the negotiation strategy, and making sure you do not get caught in an LOI Smackdown. Attorneys handle the legal documents. The M&A advisor handles the deal strategy and the human dynamics. They are not interchangeable. Most owners who go to market without an advisor either accept the first offer or leave money on the table from poor positioning. See also: 35 Questions to Ask an M&A Advisor.
What does an M&A advisor do and do you need one if you already have attorneys?
An M&A advisor handles deal strategy and the human dynamics — building your seller’s thesis, positioning for maximum multiple, managing buyer conversations, and running negotiation strategy. Attorneys handle the legal documents. They are not interchangeable. Most owners who go to market without an advisor either accept the first offer or leave money on the table from poor positioning.
Why does your personal support team matter during a business sale?
A business transaction is a sustained high-stress event that runs for months. Eating poorly, losing sleep, skipping exercise, and handling your own logistics all compound over time into degraded decision quality at exactly the moments when your decisions are worth the most money. A personal assistant for your life removes friction. A personal cook or meal prep service removes the nutrition decisions. A personal trainer maintains your energy and mental sharpness.
Why does your personal support team matter during a business sale?
A business transaction runs for months under sustained high stress. Eating poorly, skipping exercise, and handling your own logistics compound into degraded decision quality at exactly the moments when your decisions are worth the most money. A personal assistant, personal cook, and personal trainer are not luxuries — they are infrastructure for protecting your thinking throughout the deal.
How early should you build your M&A team before going to market?
As early as possible — ideally in the five-year or four-year window before your target exit. The CPA attorney alone can take 12 to 18 months to find the right person. Your M&A attorney needs time to understand your business and your deal structure preferences. Your deal project manager needs time to develop the reporting cadence that makes due diligence manageable. The team you want available when a buyer engages is not a team you can assemble in 60 days. See also: 5-4-3-2 Exit Planning Framework.
How early should you build your M&A team before going to market?
As early as possible — ideally in the five or four year window before your target exit. The CPA attorney alone can take 12 to 18 months to find. Your deal project manager needs time to develop reporting cadence. The team you want available when a buyer engages is not one you can assemble in 60 days.
Full Video Transcript
You may be asking the question: hey Scott, I want to sell my business — who should be on my team and what are some key characteristics I should look for? You spent 10, 20, 30, 40 years building your business, and now you want to do it the right way and shoot for the maximum multiple.
One of them is a deal project manager — the person who is going to be in charge of moving everything along in due diligence. If you are planning on selling five years, four years, three years, two years out, you have time to bring an assistant on. They start pulling these things every month, it just becomes cadence.
Next: a CPA attorney. Not a CPA, not an attorney — both combined. This is the hardest person on the team to find, hands down. They have a JD — a juris doctorate — and they are a CPA. In one deal I was involved in, seven or eight tax attorneys were talked to before finding someone we were comfortable with. Magic number somewhere between $715 and $1,500 per hour, maybe more in a bigger city.
Next: an M&A attorney. Somebody who specializes in mergers and acquisitions. The CPA attorney deals with numbers. The M&A attorney deals with the contract. I give people names but I want them to find two others — I want you to say: who am I comfortable with?
Next: an M&A advisor. That would be me — but it does not have to be me. They are going to help you work through the deal, navigate the normal conversations and struggles, make sure you have a Titan Thesis.
And then: a personal assistant in your personal life, not in your business. A personal cook or chef. And a personal trainer. When you are doing a deal, you have your eight hours at the office. You do not want to get so stressed that you stop eating and stop taking care of yourself. Deal project manager, CPA attorney, M&A attorney, M&A advisor, personal assistant for you, personal cook, personal trainer. And schedule a massage. Aloha.
Related: Titan Thesis | 5-4-3-2 Framework | 35 Questions to Ask an M&A Advisor | Exit Ratio 360™ on Amazon
About Scott Sylvan Bell
Scott Sylvan Bell is a mid-market exit strategy consultant and the creator of the Exit Ratio 360™. His book is available on Amazon.