Steps of Choosing a Business Broker
It is a dream to every entrepreneur that whenever the time comes to sell his/her business, he/she will sell it to the person with the highest price. A business broker bridges the gap between the seller and the buyer of a business for a certain percentage of the selling price. When you want to sell your business there are a lot of factors that come into play in the choosing of a business broker that will be tasked with that task. This is due to the impact good business brokers have in assisting you get the highest bidder for your business. The following tips will help in you in choosing a good business broker.
To begin with, the experience of the business broker is of great importance. You should always go for the business brokers that have been in the market long enough. This experience gives them a wide range of buyers to choose from and they will also use their previous connections. It is also important to check the certification of business brokers in the International Business Brokers Association. This is because the association takes committed business brokers. Thus it is good to go for business brokers that are in this association. This is to avoid being duped as there are many rogue business brokers who are waiting to deceive you.
In addition, you can ask for recommendations. It is advisable to start asking from the most trusted person.Your relatives who have had their businesses handled by business brokers will be a good place to start. You can also get referrals from your lawyer. This is so as lawyers are able to check if the business broker in question as met all the legal requirements. Thus the lawyer can refer you to the right business broker. Your accountant may also assist you in knowing the right business broker to hire. This is so due to the fact that most accountants are familiar with business brokers.
To conclude, you can also conduct a research of yours in the process of finding a right business broker. Do not depend solely on the references from the internet. You should visit the business broker’s office and ask him/her the relevant questions you want to be answered. It is also advisable to go for those business brokers that have a full-time capacity. This is so as they will allocate more time to the selling of your business. The business brokers who work part-time will not be able to get enough time.
From the business brokers you have got, you should conduct an interview for them.From the interview, you will be able to know how much each of the business broker charges. This will assist you in finding the business broker that gives you a better profit when he/she has removed her fees.