Let me get back to you later….

These are frustrating words no matter what the situation, and when you have made the major decision to sell the business you have worked at and built for many years, they certainly don’t instill confidence.  The business broker you select to market and sell your business has to be willing to spend the necessary time to understand, package and market your business.

Some brokers have too many listings or act as salespeople rather than valued consultants. You need a broker who understands your business, is clear on your expectations, and can market your business to the right types of buyers.  You should be comfortable that the broker you pick has not only sold businesses, but also has worked in businesses providing them the “hands on” experience to evaluate potential buyers and articulate information accurately. Communication is paramount. You and the buyer need a broker who shares information in a format that is accurate and actionable.

Time can make or break a deal. Your business broker has to be responsive at all times and to all involved parties. They need to keep the process moving along so all parties stay engaged.  You want to sell your business in the shortest time frame possible, at the highest price and to a buyer who has the wherewithal to maintain and grow the company .   Business brokers don’t always have your best interests in mind, engage a business broker who is:

  1. Truthful: upfront about valuing your business correctly
  2. Experienced: understands your business and your expectations, thoroughly
  3. Communicates: keeps you informed about potential buyers, competition and all facets of the engagement
  4. Honest: your broker can’t just tell you what you want to hear

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