Should I use a business broker to sell my business?

Should I use a business broker to sell my business?

Wondering whether to use a business broker to help you sell your business or to try to do it by yourself?

Selling your business will probably be the biggest deal you ever do and there’s a lot at stake, regardless of the stage of life you’re at.

Your next business venture, your superannuation and your retirement are probably all dependent on the speed and the success of your business sale.

Because running a business and selling a business are actually two totally different skills, most business owners use a business broker to sell their business…

…however not all business brokers are the same!

So, if you’re considering using a business broker to help sell your business, it’s essential you do your homework first.

Does the broker talk at you or do they listen to you?

Does the broker talk at you or do they listen to you?

Don’t fall for the broker who spends the first meeting talking about all of their previous listings and tries to pressure you to sign up on the spot.

A good business broker is one who will take the time to listen to you, rather than talk at you.

Instead of telling you about their successes they’ll want to find out all about you and your business.

By showing an understanding of the right questions to ask, they can thoroughly assess the strengths and weaknesses of your business and prepare you for any questions that potential buyers might ask.

Their willingness to listen to you and make the effort to properly understand your business right from the get-go is also a sign of their willingness to proactively invest time with you throughout the entire selling process.

Does the broker have a proactive marketing strategy?

Does the broker have a proactive marketing strategy?

In this digital age it’s no longer good enough to simply list your business for sale on the broker’s website and sit back and wait for a buyer.

Your business broker should have a detailed marketing plan that uses the power of storytelling and digital marketing to proactively put your business in front of thousands of potential buyers.

A proactive business broker will build your very own ‘business for sale’ website for you … one that communicates the value of all your hard work to potential buyers and really stands out from the rest.

And then, by using the power of storytelling and digital marketing, they’ll proactively put your business in front of thousands of potential buyers when they are surfing the internet and social media, even attracting people who were not actively looking to buy a business!

How does the business broker make your business easier to buy?

How does the business broker make your business easier to buy?

Another way of ensuring your business is more attractive to any potential buyers is by making it easier for all parties to access, to understand and respond to, all of the necessary financial and legal documents.

This transparency of process engenders confidence in potential buyers and because there’s no time wasted chasing documents, it also helps you to sell your business faster.

A cloud-based data vault is an innovative and secure document storage system that keeps all of the stakeholders informed and provides them with real-time access to important documentation such as your electronic Non-Disclosure Agreement.

Because your NDA is stored in the data vault it can be signed electronically, making the process of signing an NDA very quick and easy.

How does the business broker make your business easier to sell?

How does the business broker make your business easier to sell?

A good business broker will take the emotion out of the selling process, providing you with an objective and experienced assessment of what your business is worth in today’s market.

They will allow you to keep your focus firmly on the running of your business, instead of the selling of your business. And when your focus is on the running of your business you can ensure you are keeping its performance and profits healthy … making it far more attractive to any potential purchasers.

By providing overall deal management, a business broker will also save you time and stress, answering any questions potential purchasers might have about the business, screening potential purchasers to ensure they are financially qualified to buy your business and liaising with all of the necessary lawyers, accountants and financial advisors.

How will the broker negotiate the best deal for you?

How will the broker negotiate the best deal for you?

This is the moment all of the other services your broker provides lead up to. Take a look at their previous track record and talk to other sellers they’ve worked with.

A business broker will use their market knowledge and negotiating skills to argue a strong case on your behalf and convey the value of your hard work, as well as the potential for growth and expansion to potential buyers. Your business broker’s role is to bring buyer and seller together and to put together a deal that is mutually acceptable for both parties.

But remember, the work doesn’t stop after the deal has been done. A good business broker will also simplify the settlement process for you, helping facilitate the transfer of all of the countless legal documents from your business to the new owner.

A proactive and professional broker can not only help you obtain the best possible price in the shortest possible time…

…but they can also make the process of selling your business as soon and pain-free as possible…

…putting you in the very best position to enjoy the next stage of your life, whatever it looks like.

Find out more.