Updated: Aug 8, 2019
A well known businessman Zig Ziglar once said, "if people like you they will listen to you, but if they trust you, they'll do business with you."
The decision to sell a business that has been built over many years of hard work and sleepless nights can be one of the hardest decisions a business owner will ever have to make. Choosing a business broker with the knowledge and experience to guide them through the process can be equally as difficult.
Like most industries the Business Broker market is populated by numerous firms and individuals, all with varying levels of skill and expertise. Some are specialists to a particular industry, while others are multi skilled and have the ability to provide advice across a number of business types. It's critically important that you ask the right questions to establish a brokers credibility before you engage their services.
Here's just a few examples of essential questions that should be asked :
How many businesses have you sold?
It can take years of experience to become a successful negotiator. Only through performing many transactions can a broker build up the skill set required to give you a key advantage in negotiations. Over the past 20 years we have successfully facilitated over 500 transactions large and small, across a variety of sectors. Every transaction is different, and in a market that changes constantly its important to be up to speed with the latest legal and accounting policies.
Have you sold a business like mine?
Different brokers have different specialties. Some specialise in the Hospitality sector, others in Manufacturing or Distribution. It is important to use a broker who has had experience in your industry previously and who understands specific situations which may arise in your sale. A business broker who has specific knowledge about an industry will also have a much better grasp on valuations and past sale data. You will receive a far better appraisal from a broker who has sold similar businesses to yours before.
Will I know who has looked at my business?
A good business broker should always run potential purchasers past you before sending them any information. After all, your private information could be the key to your success. You need to ensure it is kept away from competitors and potential tyre kickers. Our business sellers have free and open access to every buyer inquiry on their business and must approve the buyer before we send any information.
If you're looking for an experienced team with the market knowledge and specialist skills to assist you in one of most important transactions then please give us a call. We would love to help you.
Related Tag: Business Broking Gold Coast