Are you trying to buy or sell a business? Find out about business brokers, the experts who will help you throughout the entire process.
Trying to Buy or Sell a Business?
It’s a big decision to buy or sell a business. Not only is it an investment of your money, but also of your time and energy. Buying or selling a business is a complex process involving lots of paperwork, decisions, and assessments. You won’t want to go through this process alone. But not to worry! A professional business broker can help you through the process of transferring ownership—whether you’re a buyer or a seller.
Let’s look at what’s involved in buying or selling a business, and what a business broker will do during the process.
The Process of Buying or Selling a Business
The progression through the steps of buying or selling a business differ slightly depending on which side of the process you’re on. But here is roughly how it works:
- A business is valuated and put on the market for sale.
- The seller will gather paperwork (financial records, tax returns, financial statements, etc.) to show to potential buyers.
- The business is marketed to potential buyers.
- A buyer puts in an offer on the business.
- Negotiations occur until terms are agreed upon.
- A period of due diligence occurs when the buyer examines the business closely.
- Interested parties (such as attorneys, lenders, insurance companies, etc.) will need paperwork and will want a part in the final agreement.
- The buyer will make a plan for the transition of ownership where the seller will assist with training to ensure a smooth acquisition.
In order to make sure you are making a good investment, this process can take a matter of months to complete. That is where an experienced business broker comes in.
The Importance of a Business Broker When Buying or Selling A Business
Sure, if you’re willing and able to devote a lot of time and energy to buying or selling a business, you may be able to complete the transaction on your own. However, in most cases, the expertise of a business broker is invaluable for a number of reasons.
For starters, if you’re selling a business, a broker will help you with your valuation and will assist you with all paperwork. A business broker will then list your business in an online database and work diligently to find the perfect buyer.
If you’re interested in buying a business, a broker will offer you a database of prescreened businesses, ensuring that businesses for sale are good low risk investments. They will work to match your interests, budget, and skills to businesses for sale.
Throughout the entire process, the business broker will assist you. They’ll handle all negotiations, work with interested parties to make sure everyone is pleased with the outcome, and help you set up a succession plan.
Hire a business broker and relax knowing you have experienced advisors on your side.
Do you want to work with a broker?
If you’re ready to talk with a business broker about buying or selling a business, you can contact one of our experienced advisors to set up a confidential consultation. The team at Emerald Coast Business Brokers work to provide well-planned and well-executed business sales for both the buyer and seller. We will customize a business search for buyers, and work to find the ideal buyer. Together, we work towards making your business acquisition a success.