Which Business Broker Should I Choose?
Selling your business can be one of the biggest and most important events in your life so it is wise to make sure it is done well
. In order for this you need to choose a business brokers who can guide you through the process and make sure the sale is carried out smoothly.
Don't simply go with the first broker that you find - take time to search for a business broker that is professional, dedicated and wholly competent. There are a number of steps that you can take to make sure that you are dealing with a quality broker who can co-ordinate the sale of your business efficiently.
Check references of Business Brokers
This is a crucial way in which you can check a broker has a good reputation. Selling a business can be a long difficult process and if a business broker has maintained a good reputation after several transactions then you can probably conclude that s/he is doing something right and is a solid choice as a broker. Don't take general references for the company itself but for the specific broker that you will be working with. Many brokerage companies have many brokers working for them - you might not prefer not to work with the new more inexperienced brokers but with more experienced brokers who perhaps have a greater understanding of business brokerage and the principles of business valuations.
Check certification and licensing
In increasing amount of emphasis is being placed on whether a business broker is certified. The International Business Brokers Association (IBBA) offers a certification known as the Certified Business Intermediary (CBI) and this is a quality and well respected certification to possess. It means that the broker was dedicated enough to spend time and money in order to obtain the certification. The education and testing required in obtaining this also bodes well in terms of how informed they are regarding the principles of business brokerage.
Don't jump straight in
A quality broker will give you an opinion on the value of the business, if not a valuation report, before asking for a representation agreement. This could take some time, so if a broker puts pressure on you to sign up right away then you may want to think twice.
Check the listings
You may want to check the listings of business brokers and the general size of the companies which that broker represents in order to ensure that they match yours. This way you can make sure that this broker has experiencing in selling companies similar in size to your own.
Look online to locate numerous business brokers, and do your research, but be sure you choose the right one to ensure you don't waste your time or money. A good broker is crucial in ensuring the sale of your business goes smoothly and without a hitch. Selling a business can be complex and very arduous and can ensure that the stress is taken out of the process (especially if you are continuing to run your business). Good luck!
by: Matthew Byatt
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