Selling a business can be a complicated process, especially when you are trying to manage your business and keep revenue steady to ensure you achieve the highest sale price. Each business broker offers a slightly different service so it’s important to make sure you are choosing a broker that has the training, knowledge and experience to achieve a successful sale.
A good business broker will:
- Be able to assist with setting a sale price as well as give you feedback on how they have calculated the price. If a broker is unable to explain in detail how the pricing has been established it’s unlikely they will be able to explain it to any potential buyers either!
- Discuss marketing strategies and work closely with you ensure the right market of buyers is being targeted. They will also give you regular feedback from buyers.
- Save you time by screening the buyers so you only have to deal with serious buyers
- Deal with all of the negotiations and keep you informed at all times. Sometimes negotiations can go on for days / weeks so it can be stressful if you are dealing with a broker that isn’t a good communicator.
- Prepare the Contract of Business Sale. A broker that prepares this document is more likely to pick up (and smooth) out any problems with the sale prior to them killing the deal. A broker that prepares the contract is also likely to save you money on your legal bill as a solicitor will simply have to review the document and provide feedback accordingly.
- Be committed to continuing their own professional development by being members of organisations such as The Australian Institute of Business Brokers and also the REIQ.
It’s important to ask about all of the above items prior to listing with a business broker. You need to make sure you are confident and comfortable with the broker you choose as selling a business can take a long time.
We would love to discuss the sale process with you in more detail, please give our office a call.