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The Criteria For Finding A Reliable Business Broker
What To Look Out For When Looking For A Business Broker The time to sell your business has come. Whatever the reason for such a serious step is, you want to sell your company quickly and at the highest price possible. Doing it on your own is tough and time-consuming. That’s why business owners turn to brokers. These experts know the ins and outs of business selling.
They understand the paperwork, terms, and problems involved. If you’ve chosen the right business broker, you’ve done the majority of the business-selling work. Meanwhile, choosing the wrong broker can lead to unfortunate consequences. What should you look out for when choosing the right broker for your needs? Let’s dig a little deeper into the subject.
Finding a company with experience is crucial for your goals. The more experienced brokers are, the more they know about the process and the better advice they can give you. Companies that have been in business for a long time have already made their share of mistakes. Meaning, they are likely to provide you with excellent error-free service.
Even if the company has been in business for a while, it’s important to check the experience of the individual broker assigned to work with you. Has this person worked with a similar business in the past? How many deals did this broker close? Don’t be afraid to ask many questions. Numerous brokers exist on the market today. If you don’t like something, you can always find an alternative.
2. Client References
No matter how rich the brokers’ experience is, it’s important to learn what other clients have to say about them. Perhaps they have closed the deal but left the seller unhappy. Or maybe it has taken them too long to achieve the desired result. When asking for references, also check the credibility of the brokers.
Orlando based business broker recommends checking if your potential broker has Certified Business Intermediary (CBI) from the International Business Brokers Association (IBBA). When talking about the experience and references, ask the broker about availability. If the company is currently dealing with numerous projects, yours can be left behind. Find out if a broker is readily available to start working on your sale immediately.
3. Personal Relations
No matter how experienced the broker is or how many stellar references the company provides, personal relations are highly important. How comfortable do you feel when talking to the broker? Does it seem as if he or she is giving due attention to your problems?
Are they willing to study your business extensively to make sure they find the best buyer? How personal are they ready to get? If something feels “off” during your initial meeting, start looking for another broker. Uneasiness can lead to a tough relationship and botched deals.
4. The Plan
An experienced broker should be ready to draft a clear plan of selling your business. When you get an offer from a broker to work with you, find out what the plan is. How will the broker go about studying your business? What will the company do to find potential buyers? Experienced brokers should be able to give you at least some understanding of a plan at the initial meeting.
If they can’t do it, you may want to consider another company.
5. Team Play
Is the broker ready to become a team player? Some brokers want to take full control of the sale from the beginning. However, you probably want to have a say in the process, as do your attorneys and accountants.
When speaking to the potential broker ask about the readiness to become a team player. You can filter out the controlling professionals at the earliest stage. The best business broker is the one, who is ready to take your business’ sale close to heart. Professionalism coupled with involvement is the best mix.
About the author
Maria has been writing articles for 5 years. She specializes in business and marketing. On her free time she loves to read and go to the park with her dog.
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Tags: Business Advice