Being the owner of your business makes you the person with the most knowledge of your business and you should probably be the one to sell your business. However, if you will feel better when the sale is handled by a business broker, you should go for it. A business broker can be invaluable in ensuring the smoothness of your transactions. Having a business broker will give you more time to continue handling the business until it is sold. A business broker can screen the qualified buyers and help you iron out any creases that may come up during the transaction. Choosing the right business broker for the transaction may be a little complicated especially if you have no experience in selling businesses. These steps will guide you in choosing the right broker for your sales;
Check the potential broker out: To choose a suitable business broker, you must check out the broker’s credentials, track records, and client references. Does the broker hold a Certified Business Intermediary (CBI) from the International Business Brokers Association (IBBA)? Also, you need to check how many companies the broker has sold in the past year. You also need to determine how many other listings they have to determine if they will have adequate time to handle your transaction well. You must determine if your business fits right into the niche the broker has built for himself. You should check out their references to determine whether the broker has established a good working relationship with other professionals. Using a disagreeable business broker may be to your detriment.
Look for a broker that prioritizes your interests: When interviewing a potential broker, look out for signs that he/she listens attentively and prioritizes your needs. You must choose a broker with whom you are comfortable as this will make it easier for you to work with the broker. A good broker will begin by assessing the business’s strengths and weaknesses as well as your reasons for selling the business. Then, the broker should be ready to be objective and create a marketing strategy that suits your business.
Use a broker with solid strategies and utmost confidentiality: You need to discuss how the broker plans to market your business and who are the target audience of the marketing strategies. A good broker should be forward-thinking enough to outline the plans and advertising budget for you. There should also be a decent confidentiality clause in the agreements. Maintaining client confidentiality should be of utmost importance to the broker. The broker should have a well-developed screening process to narrow the array of potential buyers to only serious ones.
Following the above tips will not only land you a business broker but one who will bring maximum profit to you from the sales of your business.