Selling Your Business? 4 Great Tips to Help You Choose a Business Broker

Saturday, May 26, 2018, 6:00 PM | 4 Comments

When it comes to letting go of things you have invested your time and money into, it’s never easy. This is so if it is something close to your heart like your business.

If you have nurtured it from when it was nothing, it would be sad to let go. However, selling a business could happen for many reasons. Whatever the case, when that time comes, you need all the help you can get.

A business broker is the person who can help you with that. You could be selling in order to buy another. If this is the case, you can consider buying a Sunshine Coast business.

When looking for a broker, here are some tips to help you navigate:

  1. Qualifications

    In order to get a perfect broker, you need to establish that they are able to handle your affairs without any issues.

    You should find out how long they have been in the business for and how many people they have worked with.

    With those people they have worked for, find out how well they did and whether the client was happy. It will help you assess the capabilities of who you want to be your broker.

  2. Price

    The problem isn’t so much the fee they will charge you as it is the amount they will sell your business for.

    Your business broker should be good enough at their job to ensure that you get what your business is worth.

    Don’t settle for someone who will undervalue your projects and sell for less than they are worth. Their fee is worth discussing after you have established their capability. You can bargain and try to reach a compromise. They shouldn’t charge you an extravagant fee for their services.

  3. Customer base

    When conducting business, perception plays an integral part in making sure everything goes really smoothly.

    When searching for a business broker, you need to look into their customer base. The type of customers they have should tell you about the firm.

    If you own a high profile business, you need to ensure that your broker can handle that. They should be able to make the sale happen fast so that the company doesn’t fall apart.

    To avoid disappointment, find out if they have dealt with companies like yours before.

  4. Confidentiality

    When looking for a broker, you need to find one with some discretion. Some business secrets should be well guarded. According to ibba.org, a broker will protect a company’s identity and contact the buyers approved by the owner through a blind profile.

    When dealing with a business broker, they need to be good enough to do their job without revealing too much about you.

    If you want to keep your identity a secret, then they should be able to provide you with such comfort freely. If you choose, you can meet with the final buyer or choose to let the broker handle it.

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  1. 4 Trackback(s)

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