As a first time entrepreneur, selling your business can be a challenge. You may not have adequate knowledge about the business for sale market. ITherefore, you will need a broker who can facilitate your selling and transfer process. This approach will save you from unnecessary hustles and ensure you get the best out of the sale.
Selecting a worthy broker is the secret for generating maximum returns from your sale to enable you to proceed with the next phase and sell it faster. Otherwise, if you choose the wrong broker, selling your business will remain as a wish. Also, your business might take forever to find a buyer. To avoid this situation, here are three ways to find the right business for sale broker:
Consulting your financial and legal professionals
It is certain that your business has legal and financial professionals. Obvious, you contract lawyers to assist you with legal issues as well as accounting firms in auditing your financial reports. These professionals interact with other businesses and take part in preparing exit plans. Thus, they have adequate knowledge and probably worked with brokers in prior business selling processes. For this reason, they have information on who is the best broker to help you sell your business. Hence, when searching for a broker to sell your business, it is crucial to consult them for advice and recommendations.
Seek local referrals
Yes, you know of an entrepreneur who sold their business recently. You can reach out to them for advice and information about the process. Also, you can inquire whether they did it on their own or involved a broker. If they did, you could seek more information about the experience, the time it took to sell their business, the broker’s insightfulness on the business for sale market, and the commission charged. This way, you will know whether the same broker can be appropriate for selling your business or not. As such, your friend and fellow industry players can be good sources of broker referrals.
Through the International Business Brokers Association (IBBA)
IBBA is an association that seeks to promote professionalism among business brokers. Through their site, you can find an IBBA broker located in your area. The brokers who are the member of this body have been certified with CBI (Certified Business Intermediaries) which shows their reliability in enhancing your business selling process. Hence, engaging one of them will result in a fast and profitable business for sale process with limited hurdles.
Additional Reading: Where Can One Find a Business for Sale in Canada in 2018