According to the BizBuySell.com Insight Report, 7,842 businesses were sold in 2016. And for some entrepreneurs, selling their small business for the right price is a dream. But finding buyers for your business can be difficult if you aren’t in a very hot industry, or are lacking offers already. If you’re looking, but aren’t having luck in selling, that’s the time to call a business broker.
Business brokers provide match-making services that bring your business and the price to buyers that are looking for what you’re offering. They can help you achieve the highest possible sale price for your business.
But if you’re selling your business, or looking for businesses for sale, how do you contact a broker?
Here are some tips to doing just that:
Referrals
Referrals are important in nearly all business settings, and starting with one from a trusted source can be a good place. Ask your lawyer, peers, and accountants if you have one for a recommendation.
Check IBBA
IBBA is The International Business Brokers Association, a non-profit trade association of business brokers that have a lot of connections around the world. They have somewhere over 1000 business intermediaries around the world to draw on to find the right broker for you.
Find a Dedicated Broker
Someone that sells business all the time for their career will be better than someone that only works as a part-time agent. They’ll have a network of contacts, and an understanding of how to value a business. They’ll also be dedicated to the profession, and may get you more money than otherwise possible.
Sometimes a broker will charge an upfront fee of a sizable sum, up to 15% commission of the total sale price, this is something to avoid if possible. You should not pay any fees up front, outside of a small amount, to just start an application process. Avoid these brokers.
Those are just some tips to finding the right business broker, there are others that we can assist you with if you are curious as to what they can be. So if you’re a business owner looking to sell, and want to know when to call a business broker, or what the best ways to getting are, feel free to contact us.
We’ll be glad to assist you.
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