Now is the time. From humble beginnings, you’ve grown your business to the success it is today. It has supported you and your family, but now it is time to sell and move on to the next chapter in life.
While you may be tempted to sell your business on your own, hiring a proven business broker can simplify the process and earn you a higher sale price.
But how do you hire the right broker?
During a phone conversation or an initial meeting, try to get a feel for how a broker stacks up in each of the following categories:
Going with an experienced company and broker is crucial. How long has the company been in business? How many deals do they close each year? Questions like these will ensure they do quality work, have ethical processes in place, and can represent you well. The individual broker’s experience can also be important. A broker that has sold businesses like yours in the past can anticipate challenges and know how to guide a deal to closing. On the other hand, a broker newer to the industry can bring energy and motivation to representing you, and as long as he has a strong company behind him, he can be just as effective as broker who has been in the business for 20 years.
First and foremost, make sure your broker is properly licensed. From there, find out what industry organizations, local chambers and other groups they belong to. While licensing is the main required credential, the others can give insight as to their level of expertise and involvement in the business community.
Are they well respected and connected in the community? Do they give back? Are they connected to attorneys, accountants, bankers and other professionals who can all play a role in getting your business sold?