Businesses – Getting Started & Next Steps
Whether you are selling or buying a business, it is important that you have a broker on your side as he or she will help in making a difference between having a successful outcome or a nightmare. You also have to remember that not all business brokers fit your specific needs.
What you need to do is to start asking for any referrals and that would include your friends in the business as well as your colleagues. Ask them if they ever had tried hiring a business broker in the past. Are they happy about the work that the business broker has done?
You have to remember that you also have to widen your range of finding a business broker that actually specialize in brokering deals that is the same as yours. The moment you have found your potential brokers, the next thing that you need to do is to narrow your selection. With the help of this article, you will be able to have an idea on what are the factors that you need to consider when looking for a business broker.
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Is the firm or the individual professional when you met him or her? When a person is professional, it will show and that would include his or her personal appearance, how he or she presents the marketing materials, language he use, website, mannerisms and even expertise. You also have to use your gut instinct and being objective. Always remember that you need to choose the right broker as he or she will your representative for your business and that he or she will be working with you and that you need to be comfortable with the person.
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Is the broker have any experience working with business such as yours? Although it is not that important that the broker have specific experience with the same business as yours but it will be a great help in your business if the broker understands that nature of your business and also has the experience in making deals that has the same characteristics.
What are the qualifications that a broker should have? Education, experience, licensing, certification, membership and professional association.
Is the broker that you met well prepared? Is the broker did his or her research before even meeting you. It is expected that the broker use comparable sales, business and industry reports as well as other tools for them to price your business. It is also important that the business broker will be able to support if there are suggested price listings for the business and that would mean he will be able to present it in writing as well as it should have documents to support it.