It could be that you are growing old and do not have anyone to take over your successfully running business. You cannot just wind up your business overnight. You have put in lots of hard work, effort, perseverance and money into it. Also, you have your loyal employees working who have been through the thick and thin stages of your business journey. In such ac case, you may plan to sell off your business to someone interested in it. But getting a good buyer is not that easy. You do need the right contacts. If you do not have a proper network, then you have to hire the best business broker in the domain. They can make your effort seem easy and quick.
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How to find a business broker
The reputed and well-established brokers are likely to have excellent contacts. They can provide you with easy access to a large number of buyers quickly. They will also provide you with a structured selling process. These brokers rather offer match-making service to entrepreneurs eager to sell off their business. They bring together sellers and buyers under the same roof and help close the deal offering a win-win situation for everyone. For their services rendered, they charge a small sum of money.
Steps to follow to identify the best business broker
You need to do some research on the web to understand the process. Well-established brokers can help small businesses to identify sources quickly for potential buyers. They will also navigate other complexities that are involved with sales. Following the given below steps can help you to get connected with a good broker and derive lucrative deals.
- Use IBBA (International Business Brokers Assoc.) They are a non-profit trade association offering professional training, networking and education through conferences. They are also an excellent source to help identify brokers in your area. They will understand your business type well. They are known to work with over 1,000 business intermediaries across the globe.
- Referrals: You can get referrals from trustworthy sources. You can simply ask your lawyer, accountant, industry association and peers for assistance.
- Identify dedicated practitioner: The broker is likely to spend a lot of time selling businesses. Thus, they can add immense value to your overall sales transactions, when compared to part-time agents. The full-time broker can provide network contacts while having a better understanding of business valuation principles. It will be wise to hire someone dedicated to this profession. In case a company worth is millions, then you can consider acquisition and merger intermediaries. The ethics code of IBBA is considered to be a reference tool that can be used to search for brokers.
- Due diligence: You should exercise due diligence similar to your prospective buyer. Evaluate the broker’s credentials experience and background. Find out if there is any complaint or lawsuit against them. You can get more information from BBB. Check out references. Find out if they have managed sales deal similar to your business type before.
- Deliver marketing plan: Marketing is more to do with selling your business. It is important to position properly your company’s sale to attract as well as motivate buyers in huge numbers. The broker needs to come up with a marketing plan. It should include advertising strategy details to attract potential buyer leads.
- Maintain secrecy: By disclosing the sale of your business, you are likely to lose your existing suppliers and staffs. Rather, it is a confidential matter. Makes sure to maintain all safeguards to ensure your company does not face any harm.
You can easily know how to find a business broker by actively scouring social media platforms.