When you start a new venture, a question you should ask is, “When can I sell my business for a profit?"
How Do I Choose a Business Broker to Sell My Business?
When you start a new venture, a question you should ask is, “When can I sell my business for a profit?” A second crucial question is, “How do I choose a business broker to help sell my business?”
When Can I Sell My Business for a Profit?
The answer depends on how you structure the enterprise and whether you are planning an exit strategy before you open the doors to trade. If you have not performed record-keeping, start now. The sooner you have proof of income, owner’s benefit, and potential, the faster you can sell the enterprise for a profit.
How Do I Choose a Broker to Sell My Business?
Find an experienced broker and you stand a better chance at selling your business at the best market price. The broker plays an integral role in helping to set the asking price. In addition, the broker acts as a gatekeeper, keeping the unqualified buyers and browsers from taking up your valuable time.
How the Broker Helps You
The right broker knows how to appraise the enterprise, where to find qualified buyers, and how to market effectively. Such a person can create a profile of the enterprise, comprising essential information needed by serious buyers. In addition, the broker knows how to inspire and point out the positive aspects and potential of the enterprise. Such aspects may otherwise go unnoticed if the interested party doesn’t have experience in the particular industry.
On the question of how to select the broker to “sell my business”, be mindful of the fact that the broker helps you navigate through the marketing process. You will, therefore, want someone passionate about brokering and who will put your interests first.
How to Choose the Right Broker
Unlike with real estate where you can have several agents looking for the right buyer, in the world of commerce, we advise that you work with one brokerage. Be selective, since you cannot disclose confidential information to everybody. If you are still working in the enterprise daily, you will not have time to meet with many potential buyers. In this case, the broker can handle the buyer screening.
Choose a broker based on reputation, experience, national footprint, and marketing resources. Browse through the broker’s website listings for an overview of enterprises marketed. Choose a firm that offers extensive marketing opportunities and has a national network of brokers. This means a large pool of potential buyers is available.
It is best if the broker’s website requires registration to view comprehensive information as a first step in the screening process. Also, can the company help you with the contract of sale? Does the company specialise in going concerns or commercial properties?
Our firm and brokers tick all the boxes. We pre-screen potential buyers, and we have a national footprint and large network of brokers to help find suitable buyers or investors.
Call us to answer the question, “For what amount can I sell my business?”