What to look for in a business broker

sell business

If you are a business owner who has become overworked, stressed, financially strained or even sick with no time to spend with your family or on leisure activities or hobbies, you may decide that selling your business is the right move for you at this point in your life. This is not an easy decision to make. Those who own businesses know that the business often becomes their whole life, so deciding to sell business can be scary and overwhelming. As a business owner, you want the whole process to be as painless as possible, which makes you a perfect candidate for a business broker. Business brokers can help you sell your business by marketing it to the right potential buyers, advertising it anonymously, showing it and handling paperwork, contracting and more. Here are a few things that you should look for in a business broker to ensure you have the best experience possible.

  • Someone with a good track record- This is where referrals might come in handy. If while you were in the small business owner community, you met other small business owners you could trust, it is a good time to ask them if they or their contacts ever had to work with a business broker and how that experience was. Did they sell their business successfully? Did they sell their business quickly? Did they get at or above their asking price? If the answers are yes, this is a good sign for a business relationship with your potential broker.
  • Someone with good contacts- Selling a business is all about finding the right buyer. A good business broker will have developed an impressive base of buyers they work with and know well enough to be able to match them with the right business opportunities. They will always have their finger on the pulse of business in the community, meaning that when you sell your business, they will likely already have a shortlist in mind for buyers that may be a good fit.
  • Someone who is trustworthy- Your business is your life and selling it is not an easy choice. When going through the process, you need to work with a business broker you can trust because they will be dealing with a lot of sensitive and confidential information as well as highly emotional and stressful states from both you as the seller and from potential buyers. You need to be able to trust this person to handle all that with dignity while also making both parties feel comfortable and confident.

Someone with knowledge of your industry- Though it is not a deal breaker if your broker has not worked in your industry before, it can be very helpful if they have. For example, if you own a restaurant and are selling it, it is helpful to work with a business broker Colorado who has sold restaurants before because they will be able to find the right buyers as well as be able to answer questions confidently. They’ll also be able to market the business better and to the right people which is important for getting your business sold quickly and efficiently.