Important questions to ask when searching for a business broker

  • How long have you been a business broker? 
    • For various reasons, business broking is a career that people tend to take on later in life.  You may be dealing with a business broker that seems to have had many years’ experience however often they have only recently entered the industry.  Asking how long someone has been in the industry will help you understand how experienced they are.
  • How have you established my business pricing? 
    • This is an important question.  If a business broker can’t explain their method of pricing to you, it is likely they will have no idea how to deal with questions relating to pricing from a buyer.  
  • What types of businesses have you sold? 
    • Some business brokers specialise in certain industries.  Some business brokers sell a variety of businesses.  It’s important for you to understand what your broker has had experience in selling so you can feel confident with their skillset. 
  • How many listings do you currently have? 
    • Another important question!  There are many business brokers that take on excessive amounts of listings in hope that they will sell one.   These business brokers find it extremely difficult to provide any service to clients.   A good business broker won’t have any more than 15 listings at any given time to ensure that customer service can be maintained. 
  • Do you help draft the business sale contract?
    • A good business broker will assist with the drafting of the business sale contract.  This will likely save on legal fees however be wary of any business brokers that pressure you to sign a business sale contract without the appropriate legal advice.  The business sale contract should always be reviewed by a solicitor prior to signing.  


For more information about selling your business, call Michelle on 0432 455 183