“To any business owner planning to sell your company at some point, and that’s pretty much all of us, I say that having Williams Benator & Libby doing your accounting all along will put you in a very good position. We worked with WBL for many years before we were ready to sell and they helped us put together a five-year exit plan. The first thing any buyer is going to do is to scour your P & Ls. We had five years of good clean books that were presented very clearly. We transacted the deal with very few complications. They gave us great advice to change from [one type of corporation to another] about two years in advance of the sale which put us in a much better tax position. We got a lot of guidance all along the way. I knew that if anything in the deal was challenged, and very little was, they were right there with me.
Sellers overlook the benefit of your accounting firm and law firm working well together. WBL had worked with our transaction attorney for many years. Because of that close relationship, when WBL caught a potential error that could have cost me 10% of the sales price at closing, they were able to work quickly with the attorneys to address it. It was a manager at WBL who was handling the day-to-day details of the deal who did a great job catching the potential error and making sure everyone understood how we should move forward. I think it says a lot about how a firm is organized and managed when a manager has that kind of skill and confidence.”