How to Choose the Right Business Broker
When the time comes to sell your business, it helps to have all the expertise on hand that you can. From working out a sale price, listing in the right place and negotiating with potential buyers, it can be a process filled with challenges and tough decisions.
Thankfully, you don't actually have to do it alone. If you're at all intimidated by the prospect of selling a business, perhaps seeking the assistance of a business broker is the right move. But how do you know which broker is best for you?
One of the first things you will want to look for in a prospective business broker is a verifiable track record. A good seller will be confident enough in their abilities that they should offer up their recent sales data freely, so be wary if someone doesn't have any hard facts to show you.
Even better is if you can find a broker with specialised experience to suit whatever industry your business falls in. If you have a cafe for sale, for example, look for someone with a good track record selling similar establishments.
A business broker might be the most charming salesperson you've ever encountered, but if they don't have satisfactory methods of advertising, almost no-one is going to know you have a business for sale. Nowadays, a competent broker should have a solid online presence, with listings both on their own company website and any other appropriate online outlets, so do a little research from your computer.
Similarly, the right broker will have connections to tangential industries which can help with your sale. Lawyers and accountants will likely be an important part of the process, which will be made all the more easy to deal with if your broker is able to point you in the right direction.
Selling a business can be done independently, but in some cases having the right broker can not only make things easier, it can result in a more profitable result for you.