Why you need business brokers on your team?
When the time comes for some big changes in your business career, consulting a professional always comes in handy. So, selling a business and moving on can be a bit confusing and time-consuming if you don’t know the right moves. If you don’t have a lot of experience in finding buyers and estimating the right price for your business, you may lose a lot of time and money trying to do all of this by yourself. We’ve listed a couple of reasons why you need a business broker on your team so be sure to consider all pros and cons and make the right decision. Is it necessary to hire a professional?
Who is a business broker?
When it comes to selling a business, a business broker is the same thing as a real estate agent in selling homes. They have enough experience and know the right people, so they can easily make the best match and find their client the best buyer. Let’s see - what are the main benefits of having a business broker on your team?
Figure 1 When having a business broker on your team is a good idea? alt.tag: The office with A BUSINESS broker on your team
Advantages of having a business broker on your team
There are a couple of things you should consider when hiring a business broker. Many business people don’t like this idea just because of the costs. However, the benefits you get are much more worthy than the broker’s fee.
Your business will look more attractive to the buyers
As we already mentioned, a business broker has a very similar role to a real estate agent. Therefore, he knows the simple things you should do to make your business more attractive to the buyers. You may know all the perks of your company; however, the broker knows the way to present them to the buyer and convince them why they should get it.
Paperwork will not be your problem
Selling a business is not just simply putting an ad online and sending the product via mail. It requires a lot of details regarding the paperwork, which can be very confusing if you don’t know the procedure very well. Business brokers are familiar with all the necessary documents you need to sell a business and will take care of you in no time. Therefore, you won’t be wasting time dealing with all the company’s papers, checking the details of a potential buyer, etc. As you need to run your business at the same time, and maybe even deal with starting a new company and relocation – this step is a lifesaver.
Figure 2 After you include a business broker on your team, you'll save a lot of time dealing with the selling-related paperwork alt.tag: Documents, glasses, and laptop on a table ready for a business broker on your team.
The profit will be as high as possible
If you want to get the highest possible price when selling your business, you need to include a business broker on your team. You may know all the details about the business, but the broker knows the way to present them and negotiate the price as much as possible. So, if you are not good at haggling, hiring a professional will definitely help you out.
The sale process will not be your problem
Once you find a buyer and agree on the price, there’s still a lot to do in regarding the sale process. All the documentation and introducing the buyer to all the business’ details will be handled by the business broker. Once again, you’ll have more time to focus on your next step – starting a new business.
How to find a trustworthy business broker?
When you deal with selling your business in Tampa Bay Florida, you don’t know how to choose the right person to help you. When deciding to include a business broker on your team, you need to be very careful. As he will be the one having all the access to your important documents and business’ details, you need to hire someone you can trust. Be sure to follow our tips on who to safely pick a professional to help you out with the selling process.
- get a recommendation – be sure to consult with other entrepreneurs who sold businesses before. Ask them if they have any good brokers to recommend, and some negative experiences to warn you about.
- don’t pay a lot in advance – high fees required upfront are suspicious. You should know that business brokers charge 10-15% of the sale price. Don’t agree on paying large amounts of money before the sale is finished.
- check the business broker you like – be sure to do some background check after you find a broker you like. You can ask your business partners, ask the broker to tell you about his previous clients, etc.
- ask if they have an office – of course, home-based business brokers may work just fine, however, hiring someone who has own offices is more professional and presents a good image of your business as well.
- ask about their confidentiality policy – it’s important to keep the sale process a secret from clients and competitors. If you are dealing with a professional business broker, they will present their strategy very easily. Usually, it consists of revealing just a bit of information until they find a qualified buyer to talk business with.
Figure 3 A successful sale is the result of a process with many steps. alt tag: Two people shaking hands after a successful deal.
After selling your business – it’s time to move
If you are selling your business because you have other business opportunities in some other city or state, you need to start planning your relocation way before the moving day. Just as hiring a professional broker is beneficial for the selling process, the relocation process requires good professional help, as well. A trustworthy moving company will deal with moving your home or offices, even if your move is a long-distance one. If you are a busy entrepreneur, having a professional move all your office and home spaces will help you save a lot of time that you need to set up a new business and sell the old one.
As you can see, there are many reasons why you need a business broker on your team. Even though it may sound like an additional unnecessary cost at first, all the benefits of a professional leading your business sale to convince you the opposite.