Business brokers manage commercial real estate transactions for businesses and generate higher profits for business owners. Many business owners choose to sell their company because they want to retire or are ready to start a new venture. If they are ready to get started, the business owner needs to hire a broker and review all the steps for selling the business. Here are steps for finding an experienced business broker to sell your company.
Get Referrals from Other Business Owners and Organizations
Before a business owner hires a broker to sell a company, they can ask for referrals from other partners or business leaders they know. Brokers who are highly recommended perform well, and they are more likely to pay close attention to detail when marketing a business. Company owners might not know what to expect when selling their business, and they need guidance from a professional. Referrals help business owners who need to find a business broker to sell their company effectively and give them a higher profit from the sale.
Check for Professional Memberships and Associations
IBBA, or International Business Broker’s Association, and the CBI, or Certified Business Intermediaries, are well-established organizations with impeccable ethical standards. Brokers affiliated with these organizations must adhere to those standards when conducting their business and providing services for clients. Higher standards say a lot about a broker and their agency, and business owners know they are in great hands when selling their business.
Review the Broker’s Track Record
Public records are accessible to anyone, and real estate sales information is a matter of public record. Business owners who are ready to sell their businesses need a broker that knows what they are doing and will ensure that the business owners get the highest profit possible. A proven track record of high-volume sales and greater profits makes the broker a great choice for selling a business and shows business owners why these brokers are better choices.
Assess the Pricing for the Broker’s Commission
Brokers earn a commission on the business sales, and business owners compare pricing for these commissions and the total cost of the services. Business owners need to know how much money is deducted from the price of their business, as these costs will affect the total profit from the sale. This doesn’t mean they should choose a broker with the lowest expenses. A comparison between how much the broker charges and their success rate shows which broker is the right choice.
Don’t Hire Brokers Who are All About the Payday
Brokers who discuss their profits and how much they could get from the business sale are money-focused, and they won’t present what they can really do for the business owner or make real efforts. Business owners need a broker who is focused on helping the client prepare their business for the sale and getting the highest profits from the sale. These professionals place the client’s interests ahead of their commission and perform their jobs well.
Selling a business gives the owner a lump sum for their retirement fund, and they can spend their time however they want once the sale is completed. Many business owners sell when they are ready to retire and start living their lives without working every day. Talk to a broker today about selling your business and calculate your projected profits.
