Did you know that around 74% of business brokers have full-time jobs?
Are you an owner looking to sell your small business? If you’re unsure how to sell a business and end your role as a manager, a good business broker is a must.
You’ve worked hard to get your business to where it is today. Hiring a broker to help you sell the company will get you the most profit and the quickest sale.
Use these questions to ask your business broker to ensure you work with the best.
1. Do You Have Credentials and Certifications?
It’s essential to find their certifications if they are licensed to conduct business in your state and have any relevant accreditations. Ask the broker where they have done their business training, what experiences have shaped their approach to brokering businesses, and how many transactions they have personally handled.
Additionally, inquire what professional resources they subscribe to and if they maintain up-to-date knowledge of effective business brokering strategies. Researching online is another way to ensure that your broker is appropriately credentialed.
2. What Are Your Strategies?
For starters, make sure to get information regarding the current market value of your business. It would be best to ask what potential buyers may be looking for and how they will evaluate your business. Ask what comparable companies in your area have sold for in the past, as this will help you to determine the best course of action as you move forward.
It’s also a good idea to ask your broker what strategies they would use for marketing your business.
3. How Are the Sale Process and Timeline?
Understand how long the process typically takes and the steps each party must take to make the sale successful. This will give you a better understanding of the expected time frame for selling your business. Additionally, it is essential to determine how the broker will handle the entire sale process and who is responsible for each step.
It is also essential to ask questions about the estimated sale price, what marketing steps the broker will take to advertise the sale, and who will negotiate the sale price. If you are selling your business and finding some business help, you may visit fusionadvantage.com.
4. What Is the Expected Outcome?
Be sure to ask the broker about their track record, how long they have been in the business, and how familiar the broker is with your market. Ask what the broker is projecting for the expected outcome of the sale. A clear view of the predicted outcome will help you make well-informed decisions.
5. What Are the Fees?
A key question to ask when it comes to fees is how much of the proceeds of the sale the broker will receive. It’s also important to ask about extra costs, such as advertising fees and miscellaneous expenses, to ensure there are no hidden fees. Ask if the broker offers any sort of fee payment plan, or if they have a set fee structure that must be paid upfront.
Choose the Best Business Broker
Asking the right questions of your business broker is an essential first step to ensure your best interest is kept in mind while buying or selling a business. Professional brokers will always have your interests in mind and be able to provide you with the best possible outcome – so ask away! Contact your business broker today to begin buying or selling your business.
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