Do you need a Business Broker for Selling your Business?
If you are thinking of selling your business, there are probably many issues you are worrying about. After all, selling your business is a critical decision: you want to get the right price for your life’s work as well as want it to go in the right hands. Due diligence, business valuation, deal financing, legal and accounting issues, and most importantly, finding the right buyer for your business: these and many more are issues that will need the guidance of an expert business brokerage firm. A business broker will be able to help you sail through this entire process with ease. If all the above-mentioned information sounds Greek to you, read on for a detailed explanation.
If you are unaware of the minutia involved in selling a business and still want to hit the ground running, you should hire the services of a business broker or an intermediary. Do not be leery of relying on an expert business broker, because he or she is an experienced professional in buying a business or selling a business, and will be the best guide on how to find you the perfect buyer. So let’s cut to the chase and examine why you need a business broker.
3 things the business broker has that you don’t have:
- Huge Listings of buyers and a strong network of contacts
The listings the business broker has will help you find the most appropriate buyer for your business as well as get the best price for your business. Expert business brokers generally have a strong network of contacts which enables them to get an update on the people who are looking to buy an existing business. - Experience in buying and selling a business
You don’t buy and sell a business every few months, but your broker does. Trust his experience and his valuable insights to find the perfect buyer for your business. - Niche skills for closing the deal
Business brokers are aware of the processes involved in buying or selling businesses. They will not only get you an interested buyer with the best quote for your business, but will also help you overcome every hurdle related to the accounting, tax and legal matters.
But how do you know who should be your right choice for a business broker?
Don’t miss to ask these questions before you chose to hire a business broker:
- What kind of team does he/she have?
- What has been his/her ratio of successfully closed deals in the past one year?
- How many years is his/her overall experience as a business broker?
- Which type of businesses has he/she been highly successful with?
- Can he/she provide you with references of some recently closed deals?
- What kind of buyer listings does he/she have?
- What would be his/her brokerage fee?
Selling a business can be a very daunting task but if you search for a business broker on basis of the above-mentioned guidelines, you are most likely to find the right business brokerage firm to help you through the entire process.
