Once you’ve decided to sell your business and gone over your finances with your accountant, find a qualified broker to help you sell your company. A business broker can help you find the perfect buyer for your business. Eliminate months or even years of fruitless searching for a new owner by choosing a business broker with the know-how to sell your company ASAP.
Check the Broker’s Credentials.
Ask for the names of the broker’s satisfied clients, and contact them for testimonials. If the broker won’t supply a list of at least a few prior clients, proceed with caution. They may be new to the field, or they may be hiding a poor track record. (If you decide to hire a new broker without a client list, ask for other business credentials.) Brokers credentialed by your state’s broker’s association or the International Business Brokers Association (IBBA) have met high educational and ethical standards for the industry. A broker who’s earned the IBBA’s Certified Business Intermediary (CBI) title has a track record of business brokerage education and exemplary service to the industry.
Ask About the Broker’s Screening Techniques.
Your broker is responsible for screening prospects before you meet them. You can’t waste time with poor candidates when you could be running your business. A business broker is trained to identify serious prospects, and send them to meet with you. Discuss the criteria to be used when determining a satisfactory buyer from an inadequate one.
Make Sure the Broker Is Familiar With Your Region And Industry.
Ideally, you should hire a broker who specializes in selling businesses in your industry, or one that has represented a company similar to yours. An industry-specific broker carries a list of pertinent contacts and has a built-in knowledge of how to approach them. He or she will also know where to promote the sale, including industry websites and local organizations.
A professional broker, regardless of their familiarity with your industry, will discuss your goals for the sale and learn about your company, its products and customers. The more the broker knows about your sales goals and your business, the easier it will be to establish a reasonable selling price and locate eager buyers.
Use Local Referrals, Online Directories or the International Business Brokers’ Association to Find Your Broker.
An online directory is an expedient way to find a local business broker, but use a reputable one recommended to you by other business owners. Check listings of businesses for sale in you area and discreetly inquire regarding the broker in charge. Business associates, including your lawyer, accountant and tax preparer, can refer you to
respected brokers in your city or county.
Choose a Broker With Local Business Connections
A broker in good standing in your community has access to companies and individuals with leads to buyers. With a phone call or email, a well-connected broker can set up a meeting with a verified buyer.
Inquire About the Number of Listings the Broker Handles
An experienced business broker handles between 15 and 20 listings at a time. If a broker has fewer listings, is it because they’re new to the occupation or unable to secure an average number of listings? If the broker has more than 20 listings, that’s not a problem if they have an administrative assistant or office staff to help them.
Want to find a business broker, but you’re not sure where to start? Call 1-800-BIZ-BROKER today or visit our website at www.1800bizbroker.com. We’ll help you find a local business broker with experience in your industry. You’ll sell your business faster with a professional broker on your side. Whether you want to sell a restaurant, janitorial service, laundromat or another small business, we’re here for you. Call 1-800-249-2765 (1-800-BIZ-BROKER) today.