Don't rush into making your selection. Take your time to consult with many brokers to get a feel for how they do things and what they charge. All great brokers will be more than delighted to give you a free initial no-obligation consultation or at a minimal fee. And get three or more proposals. Choose a broker who has proven expertise in your business. Some brokers specialise in certain markets or sectors obviously, it makes no sense to offer your restaurant through a broker who specializes in selling care homes. Ask about their contacts database as well as their technical competence. Ask to see references and testimonials from termed customers. If possible, speak with previous customers to find out what they thought. Check what credentials the broker has.
Some are members of the International Business Broker Association which at least guarantees they will function in accordance with a professional code of conduct. Ask about their methodology for marketing your business and ask to see samples of printed literature and details available for other businesses. Great brokers should provide a tailor-made marketing strategy your company needs to stand out. Be certain who will act on your behalf. You want to make certain that you have an experienced agent as a single point of contact; someone who will not be wasting your time studying at work. Make sure that the stock agent you'll work with is someone you prefer, is personable and you feel you can trust.
Selling a business can be a time-consuming process, taking on average between six weeks and two years. It's crucial that you have a positive working relationship, which you feel the broker understands your position and has the same level of motivation to attain the deal as you do. By the same token you want to complete the deal as quickly as possible, so choose a broker who is responsive, a good communicator and someone who is prepared to make themselves available out of hours where necessary. Do not go for a broker who gives your business a value that appears too good to be true, because it probably is! While it's difficult not to feel flattered when someone places a high value on the product of your own blood, sweat and tears, marketing your business at an unrealistic price runs the risk of putting off otherwise viable prospective buyers in addition to your business the unwanted stigma of being available for a lengthy period of time.
Facts should justify every valuation provided to you by a broker. Ensure you have written confirmation of what and how the broker's fees will be charged and double check the small print. Whilst it is usual for agents to charge a beginning retainer, this is expected to be minimal. Make sure the majority of the fee is contingent on sale and calculated as a percentage of the final sale price. If you have already appointed a specialist business solicitor, he or she is most likely able to recommend a good business broker for you. This offers dual benefits: you have the reassurance of a broker recommended by a professional you trust and you also reap the rewards of working with a team who have worked together on previous deals and who share the same values. And, finally, expect questions! A good agent will want to know as much about you and your organization and goals as you do about them. They ought to show a genuine interest in your trade and convey a passion for what they do.
Posted by marketpolicy
at 11:51 PM EDT
Updated: Tuesday, 20 August 2019 11:56 PM EDT
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Updated: Tuesday, 20 August 2019 11:56 PM EDT
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