Tips for Finding the Best Business Broker
Selling your business is likely to be the most important financial decision you will ever make. You’ll want to make sure you get top dollar for your hard work, but you might not know how much your business is worth or how to find the right buyer.
That’s where a business broker comes in. They’re experts at evaluating businesses and finding buyers who will pay what those businesses are worth. But how do you know who to pick? Here are a few tips that could help you narrow down the options:
Find a Business Broker Who Knows How To Sell
It’s crucial to firmly understand what you need before you start looking; this is especially true when picking a broker. Your broker must be experienced with the selling process regardless of the industry. The process Sunbelt uses works well across industries, and as an added plus, their brokers have experience selling in most if not all industries.
For example, a small pizza shop in New Jersey may attract local buyers, while a large online staffing company could fit a national or out-of-country buyer. Working with experienced brokers can ease your search by knowing how to target potential buyers.
Similarly, if you have specific international aspirations for your company or are interested in expanding into new markets, then partnering with a broker who has experience and connections to working with buyers and sellers from around the world would be beneficial.
Sunbelt regularly works with local and international customers, facilitating mergers or acquisitions from out-of-country buyers. The experience of working in different cultures allows the use of varying negotiation skills that ensure the deals are complete.
Examine the Core Competencies of the Broker
A business broker’s expertise and experience varies depending on the industries they know and how they market to close the sale.
If you’re in the tech industry, for instance, then it’s wise to find someone who knows that market, knows the type of buyer needed and how to get the deal financed and closed. A good dealmaker will also have strong relationships with other brokers who specialize in tech deals.
Inquire about the types of deals the broker has completed within your industry. A good broker will have up to date knowledge of the companies being bought and sold. From their network, they’ll connect you with investors who might be interested when you’re selling your business.
Sunbelt markets across nearly 200 business-for-sale portals. You can cast a wider net to get the ideal investor for your business. We specialize in companies worth $300,000 to $30,000,000, capturing main street businesses and middle-market alternatives alike.
Check Out Your Broker’s Track Record
It’s paramount that you do your due diligence when finding the right business broker. Some questions that you might want to ask include:
- What types of deals has your broker negotiated? Do they have access to getting financing from banks who specialize in specific industries?
- What is their track record for closing deals?
- Do they have any testimonials on their blog or website?
Check out any testimonials and see what other clients have had to say about your prospective broker. If they don’t provide any, ask for references from previous clients to get an idea of what type of service the broker offers and how well they perform.
Contact Sunbelt Business Brokers Today
If you are planning on selling your business, Sunbelt can assist you in finding the right investor. We provide custom deal structures, compelling market analysis, and experienced financial advisors who will stand by you.
Our experts can do the heavy lifting while conducting due diligence, allowing a smooth ownership transition. Contact Sunbelt Business Brokers today to organize a free consultation and valuation.