THINGS TO LOOK FOR WHEN SELECTING YOUR BUSINESS BROKER
Some decisions in life shouldn’t be made quickly and carelessly. Finding the perfect wedding photographer for example, or even choosing to propose for that matter! Just as those decisions could change the course of your life, selecting the right Business Broker to sell your business can have ripple effects that can either grow into great surfing waves – or a tsunami (as your business asset is likely to be your largest or 2nd largest asset that you own!)
There are several important factors to consider when selecting your Business Broker. Here at Core Business Brokers, we are firm believers that the most fruitful and successful business transactions occur with a great team in place. Therefore, it is vital to find the best fit for you and your business, when searching for a Broker to assist in the sale.
- Background and credentials:
Does this Business Broker have experience in your industry? Are they a member of the AIBB? Have they sold similar size businesses in the past? Do they have a long list of success stories, or are they not transparent about their sales history? It is important to find someone who knows what they are doing, has relevant training and expertise and understands your business and industry. At Core we have a combined 75 years’ experience to call on.
- Genuine Interest and care:
Finding a Business Broker who genuinely wants to find you a buyer is a Business Broker you need on your team. If you feel the Broker is just going through the motions and ticking the boxes, they might not be the Broker for you. At Core Business Brokers, we are part of this process for a reason — we love what we do! The principals of Core are intimately involved in their business listings, which not only means they care, but also that their names and reputations are on the line.
Employ a Business Broker that enjoys their job and finds satisfaction in the success they can achieve for you and your business.
- Detailed advertising and marketing plan:
Discuss the plan of attack before signing on the dotted line. What steps will your Business Broker take to advertise and market your business to prospective buyers? Are they up to date with current trends and know what strategies work for your industry? Most importantly, are they flexible to try new methods if appropriate? We pride ourselves by thinking ‘outside the square’ where appropriate.
- Current workload:
Find a Business Broker who has time for you. If they are flooded with business listings, it is highly likely that your business may get swept up in a pool of other businesses and not given the time and energy it requires. Make sure your Business Broker can handle their workload and that your business will be made a priority. At Core we believe in quality rather than quantity. Instead of listing thousands of businesses, we are selective in working with the right sellers to ensure we can deliver.
- Appropriate fee strategy:
Fee strategies should be discussed from the word GO and transparency is key! Steer clear of giant upfront fees or big monthly retainers. A fee to cover marketing & advertising upfront is considered normal, with most Business Brokers then being paid on a commission basis at the end of a successful sale. No matter how your Business Broker operates, make sure that all fees are discussed and understood before proceeding.
- Trust your gut:
The best Business Brokers sell themselves on their experience and reputation. If a Broker is pressuring you to sign quickly or giving you a bad gut feeling – then they are not the right fit for you. It is important for you to trust your instincts and find someone you believe in. Likewise, your Business Broker needs to believe they can sell your business before agreeing to come on board – it’s a two-way street!
If you are looking for the right business broker to sell your business, contact Core Business Brokers today. We are firm believers that business can only be successful with the right team in place. Allow us the opportunity to see if we are the right fit for you. Contact us on (02) 9413 2977 to chat to one of our experienced brokers today, or email us at [email protected].