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How to Choose a Business Broker

09.05.18 03:57 PM By mireillevester5661


  

Deciding to sell your company is a huge decision, and what comes after that just as big - your choice of a business broker. Obviously, you'll want someone who matches your needs and objectives, but how do you choose the right one? After all, there are many business brokers out there, and all of them will claim to be the best for you.

  

The most sensible thing to do is to interview not just one but at least two or three prospective brokers, focusing on the following:

  

Background and Credentials

  

Find a broker who is educated and credentialed by the International Business Brokers Association (IBBA) or state broker associations. They should also have an impressive track record of business sales in the particular industry you're in.

  

Sincerity

  

It's important to hire a broker who is genuinely interested in helping you. A good broker will, for example, spend time learning about your business, what drove you to sell it, and what you want to achieve after the sale. In fact, unless your broker knows all of these, they can't possibly negotiate a deal that will give you the best outcome, both financial and otherwise. Most importantly, make sure the broker you hire will have your interest at heart, not the buyer's. Get more facts about business at https://www.ehow.com/how_4909826_start-knitting-business.html.

  

Clear Strategy

  

Another crucial part of hiring a business broker los angeles is ensuring that they have a solid and definitive strategy for promoting your sale. Don't be happy with promises. You'll want them to sit down and explain how they plan to advertise and market your sale, online and offline, ,and what they plan to do to keep everything confidential. 

   

Prospect Screening

  

Not all those who express interest in buying your business actually are interested. Some are just looking around for their own individual reasons. Choose a broker who can effectively detect serious buyers against tire kickers so you don't have to waste time. Good brokers have an established system used to assess potential buyers before they are allowed further down the sales process. Visit this website

  

Current Listings

  

If the broker you're interested in has too few listings, that would probably indicate that they lack experience, motivation or competence. On the other hand, if they're handling too many listings, you may not get the attention you need. As always, find the middleground and go for it.

  

To increase your chances of a successful sale, find a broker who will listen to you and yet be honest with you about any unrealistic expectations you might have. Finally, it's crucial to find someone you can trust. If you can't, it can only go downhill from there, regardless.