Want to know the top 10 tips to ensure your receive the highest possible price for your business?
Enter your contact details below and we'll email them straight to your inbox.
It is inevitable that at some point in time, some business establishments will change ownership. Anyone who has a business for sale will find it wise to consider hiring a business broker because the process of selling a business can be very demanding and tiresome. It can eat up a lot of valuable time which [...]More info
It is inevitable that at some point in time, some business establishments will change ownership. Anyone who has a business for sale will find it wise to consider hiring a business broker because the process of selling a business can be very demanding and tiresome. It can eat up a lot of valuable time which can eventually affect the value of the business that is being sold. If you do not have experience you will eventually end up spending more time selling the business and neglect the day to day business transactions of the business you are selling.
When you have a business for sale, hiring a business broker can make the process of selling your business less stressful. The business broker has the experience, expertise and resources to reach potential buyers. A business broker can give you a fair and honest assessment of your business – something you may not be able to do well because there is a tendency to either overvalue or undervalue your own enterprise.
The business broker will take the burden off your shoulders so that you can concentrate on maintaining a good and sound business. When the potential buyers see what you are selling, they will get a good impression and they will know that what you are selling is a profitable venture. A business broker will compile, organize and present your papers, which will include inputs from your lawyer and accountant. It will also be the broker’s responsibility to help you with the financial recasting, which will make your business more saleable. An effective business strategy will be developed by the broker, who will also undertake discreet advertising and marketing methods for maximum exposure in your targeted industry. Discretion is absolutely necessary when selling a business because you do not want your employees, customers, suppliers and competitors to find out that the business is up for sale, otherwise there could be negative ramifications.
The business broker will negotiate on your behalf and will answer all questions of potential buyers – again saving you much time and energy. The broker will also focus on decision makers and will scrutinize potential buyers so that you will only meet with those that are qualified to buy your business. Brokers are well-connected and usually have a list of buyers as well as sellers, so you may be able to sell your business faster.
If you have a business for sale and would like to hire a broker, look for someone who has experience in your industry. A broker who appreciates the uniqueness of your business will be better able to find a good buyer. A good business broker should also have great negotiation skills so that you can be assured that you will get the best price for your business. The reputation of the broker should also be impeccable so that you can rest assured that you will have a contract that protects your interests.