Posted on: January 9th, 2013
Team building is essential to build a prosperous company – be it on the sales, customer service, or operations side. Team building and partnering is also the secret sauce to fostering strong client relationships. Team building becomes critical when you are planning a capital raise or sale of the company.
You will need an accounting team leader, a legal team leader and a transaction team leader. Typically these three roles will be played by your CFO or Controller, your in-house counsel or corporate attorney and your investment banker respectively. Most companies have only one or two members of the team in place and try to wing the process without the third man on the field.
Most deals are tough to manage and even more difficult to close. A well rounded three person team will enable you to accelerate the process and ensure a successful closure. A good team consists of veteran players who have been through many deals. Unlike a football team where youth often prevails, the older guys are superior at scoping out risks and managing any issues through to completion.
Build your deal team with veteran guys who have suffered the slings and arrows of prior transactional battles. They are battle-tested and unflinching in the heat of the fight!