Recently, this really good article, “5 Questions to ask when Choosing a Business Broker“, got me thinking… can I answer the questions to your satisfaction? So I’ve given it a go. If my responses raise further questions for you, then please ask…
Finding the Right Business Broker
After you have decided to sell your company, it’s helpful to meet with multiple brokers to identify the one that is the best match for your unique needs and sale objectives. You have spent years building your business. You owe it to yourself to interview a number of candidates. As you go through this process, keep the following questions in mind when comparing brokers:
1. What are the broker’s background and credentials?
I have a track record in selling businesses, especially of the Online and Professional Services kind.
Not only have I done so for myself, but also for a growing number of clients over the last years.
I am also qualified and credentialed, e.g.:
CAR(REIV) = Certified Agents Representative with the Real Estate Institute of Victoria
AMAIBB = Associate Member of the Australian Institute of Business Brokers
MREIV = Member of the Real Estate Institute of Victoria (Business Brokers chapter)
MIMC = Member of the Institute of Management Consultants
BTD = Bachelor of Training and Development
2. Is the broker genuinely interested in learning about your business?
Allow me to introduce The Business Discovery Process…
As you’re no doubt aware, the sale of a business can be a complex and sensitive a process. So to get the best outcome for my clients, I prefer all parties to invest some time upfront before making any formal decision. At that point, I introduce the “Business Discovery” process, which allows both sides to gather sufficient information about each other before proceeding to any formal commitment.
3. How will the broker promote your sale?
As experts in selling businesses, the professional team that I am apart of and our experience have enabled us to deliver results for our clients over many years.
Our proactive approach is to have the appropriate marketing strategies in place to reach potential buyers of your business. As a result, we tailor our marketing strategy to deliver the optimum outcome.
The upside for you is that you do not have to spend a fortune to find a purchaser.
The beauty of being part of a well-respected and long-established trusted adviser in the community, is that they are also very well-connected with good relationships with accountants, lawyers, bankers and other small business professionals. Together with having an enviously large contact list, I am able to tap into markets and opportunities that many are not.
4. What process will the broker use to screen prospects?
I handle all initial inquiries, where tyre-kickers are immediately outed.
Once they get past first base, the next step is for them to sign and return a NDA/CA (confidentiality Agreement).
Once received, they in turn receive a preliminary Business Profile.
Then if still interested, it’s time to meet you, the owner.
5. How many listings is the broker currently managing?
At any given time, I am handling between 6-10 businesses and their owners.
This allows me to concentrate on the negotiations at hand, to ideally bring them to the outcome that all parties desire.
I trust that has addressed any questions you may have had, but if not, please email through whatever you want to know, to email@example.com