Once you make the decision to buy or sell a business, hiring a professional business broker is a smart thing to do. Business brokers can help you navigate the complex process of buying and selling a business. How do you go about choosing a business broker to help you? Here are a few general tips to consider:
- Think Local. In most cases, you will want to hire a business broker who is familiar with your local market. Knowing the local market can be a great asset when it comes to establishing or negotiating the price of the business.
- Talk to References. Just as you might do before hiring a contractor or making someone a job offer, it is always prudent to ask for at least 3 professional references. For business brokers, you will want to talk with folks they’ve helped buy or sell a business. At the very least talk to some professionals that can attest to their work ethic, honesty, diligence, and intelligence.
- Google Them. Google their name — “Bob Smith, Business Broker” – see what you discover. Hopefully you will easily find them. Check out their broker profiles, how many listings do they have, what type of listings do they have, what are their credentials?
- Do you need a niche broker? Some brokers specialize in a particular industry or a particular type of business — for example, some brokers may just list restaurants for sale, others may just do convenience stores. If you have a “niche” type of business to sell or want to purchase a “niche” business, then working with a broker who specializes in that area may be a smart thing to do.
- Meet with them! Once you narrow your choices to a couple of business brokers, it is really important that you have a good first impression and feel comfortable with the person. Ask yourself questions like — would this person represent my business well, do they dress professionally, were they on time, did they seem knowledgeable, did they seem to have an even temperament? Bottom –line …what does your gut tell you?
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