10 Reasons Why You Should Hire a Broker When Selling Your Business
Transferring ownership of a business is complicated. If you go it alone, you can expect to spend a lot of time and energy on the process, or you can hire a business broker who will work alongside you to make sure the entire experience is well-executed. While every broker offers slightly different services, at Emerald Coast Business Intermediaries we work to make the business sale easy. Here are 10 benefits of hiring a broker when selling a business.
You Should Hire a Business Broker When Selling a Business Because…
- Brokers know the local market. Business brokers assist in numerous business sales, typically in one particular area. A broker will help you with your valuation so that you’re competitive, and they will position your business as unique in the local market.
- Brokers find the right buyer. One of the most important aspects of selling a business involves finding someone who wants to buy it. A broker is familiar with local business owners who may be interested in diversifying by adding your business. They also work to promote your business to those who are best suited to run a business like yours.
- Brokers can devote their time to selling your business. If you try to sell your business on your own, you’ll be working to sell it while running your business. Hiring a business broker allows you to devote the proper amount of time to the business sale.
- Brokers offer a database of many businesses. These databases draw potential buyers, exposing your business to a wider range of buyers than you could on your own.
- Brokers pre-screen buyers. Through a series of interviews and screenings, a broker will help ensure that you don’t waste your time with unqualified buyers. A broker will interview a buyer to make sure funding is available and that their interests align with your business.
- Brokers maintain confidentiality. During a business sale, a broker will provide a confidentiality agreement to protect your business. In most cases, you don’t want employees, customers, suppliers, or vendors knowing about the sale before the time is right. Confidentiality ensures that your day-to-day operations are not affected by listing your business for sale.
- Brokers work as the buffer during negotiations. As you go back and forth on terms with the buyer, a broker will be your buffer. You’ll likely have to work with the buyer after the sale for a period of training, so you’ll want to keep that relationship intact and let your broker do the negotiating.
- Brokers help with paperwork. The paperwork can be overwhelming during a business sale. A broker will work to make sure the right paperwork is completed on time.
- Brokers will get you the most profitable price. Along with properly valuing your business, a broker will make sure you get the most profitable selling price by working with qualified interested buyers and making the most of the negotiations.
- Brokers coordinate closing requirements. During a business sale, there are many interested parties, from attorneys, title companies, lenders, insurance companies, and more. A broker will work to coordinate this process.
So there you have it – a whopping 10 reasons why you should hire a broker when selling a business! So are you ready to contact one of our experienced advisors? If you’re ready to sell your business, let’s set up a confidential consultation today!Contact the Emerald Coast Teamto find you the perfect buyer for your business.