One characteristic that practically all successful private business owners and entrepreneurs have in common is complex problem-solving ability.
But when it comes to selling their company, a whole new set of complexities arise. For example, the owner must navigate the intricacies of business valuation and succession planning while also maintaining intensive focus on securing financial stability after the transaction is finalized.
While daunting, these challenges can be met with the right professional guidance. That’s why it’s critical for owners to put together a solid “deal team” that includes experts in various aspects of a business sale. In addition to offering technical guidance, the deal team can help owners manage the non-financial and emotional aspects of selling a company they spent years building while reimagining their purpose and legacy.
Deal team members possess connections, networks and industry knowledge that may prove invaluable in the business sale process. The peer connections that the deal team members offer can help owners source new opportunities, gain fresh perspectives and enhance their own resilience in the face of business sale challenges.
Guidance, Advice and Peace of Mind
The support of well-connected deal team professionals provides owners with essential guidance, advice and peace of mind throughout the sale process. Building a capable deal team helps ensure a smooth transaction while generating stronger offers and ultimately a higher sale price as well as more beneficial tax treatment.
BNY Wealth Senior Wealth Strategist Heather B. Cheney encourages business owners to set up their deal team early in the sale process. “Building the team early on will allow the most success both during and after the sale,” she says.
“Establish regular team meetings so everyone knows each other and can work well together,” Cheney adds. “You’re leveraging your team’s expertise, and the team is greater than the sum of its parts.”
Being thoughtful and intentional in building the deal team is recommended. BNY Wealth Senior Wealth Strategist Ryan Szczepanik explains: “Most business owners assemble their deal team with some internal resources, like a CFO or other key senior managers,” he says. “They often begin with one or more of the folks they inherently trust and whose judgment they’ve relied upon for many years. From here, owners look to outside trusted resources like a wealth management advisor.”
5 Key Deal Team Members
Every business sale is unique. As a result, the specific members of the deal team will vary from one business to the next. In the 2025 Insights for Private Business Owners Report, Mastering the Sale, nearly 130 business owners who are either contemplating or have completed a private business sale shared their insights on how to assemble a business sale deal team that helps ensure a smooth, hassle-free transaction.
These owners identified five key deal team members who were most influential in helping them complete a successful transaction:
1. Investment banker — This person is usually considered the team leader and most influential member. The investment banker will identify potential buyers, negotiate deal terms and help guide the sale from start to finish. Assisting with business valuation or bringing in a professional appraiser certified by the American Society of Appraisers (ASA), the National Association of Certified Valuators and Analysts (NACVA) or the Institute of Business Appraisers (IBA), is another pivotal function of the investment banker.
2. Financial advisor/wealth manager — This team member works closely with the seller on investment strategy, cash flow management and the seller’s post-sale personal financial planning. The wealth manager can utilize their company’s internal resources, including subject matter experts on estate and tax planning, fiduciary, and family office, to complement and support the work of other deal team members. A wealth manager who is familiar with the intricacies of the deal, having assisted with coordinating and executing it, not only helps protect the seller’s post- sale wealth but also ensures it fulfills their goals pertaining to legacy and purpose.
3. Mergers and acquisitions (M&A) attorney — This team member usually takes the lead role in critical aspects of structuring the sale, such as conducting due diligence, drafting and reviewing contracts, and ensuring regulatory compliance. The M&A attorney helps ensure that the transaction proceeds smoothly and the seller is protected at every stage.
4. Trust and estate (T&E) attorney —This team member provides valuable assistance with legacy planning to ensure that the sale aligns with the owner’s estate and succession goals. Such planning includes establishing trusts or ownership structures to transfer and protect the sale proceeds for the owner and, if desired, future generations of family members.
5. Certified public accountant (CPA) — This team member helps ensure that the deal is completed in the most tax-efficient manner possible. Often, an owner contemplating a sale will need to make a meaningful change from the accounting staff with whom they have been working to a CPA with a more appropriate skill set due to the sophistication of the transaction and the post-sale wealth management requirements. A CPA has the legal authority to audit financial statements, issue certified reports and represent clients before the IRS, if necessary.
How BNY Wealth Can Help
BNY has centuries of experience helping countless business owners through the business sale process, including life after the sale. We welcome the opportunity to share our expertise, resources and deep network of talented specialists to assist you at every stage of the journey.
Contact us to discuss your specific situation in detail. And click here to download the full 2025 Insights for Private Business Owners Report, Mastering the Sale.
