Five Things You Need to Know Before Hiring a Business Broker

Five Things You Need to Know Before Hiring a Business Broker

If you’re thinking about hiring a business broker to help you with the sale of your business, it’s important to understand what they do and why they’re qualified to do it. Here are five things you need to know before hiring a business broker.

Get Some Free Advice If you’re looking for some free advice, several business brokers specialize in helping startups like yours. And they don’t have to be expensive. The Small Business Association and SCORE both offer free counseling services. If you want even more info, check out our guide on business brokerage services, where we dive into what these companies do and how they can help your small business succeed. compose it by yourself!

If you want even more info, check out our guide on business brokerage services, where we dive into what these companies do and how they can help your small business succeed. But no matter which way you choose to go about hiring a broker, be sure you ask lots of questions about their experience and credentials—and then get it in writing! If your future success is important to you, don’t scrimp when it comes to getting proper advice.

Research Business Brokers In Your Area A business broker is a professional who can help you sell your business or find your next business if you’re looking to buy. With a little bit of research, you’ll be able to determine which brokers in your area are trustworthy and experienced. Not all brokers are created equal—make sure you choose wisely when choosing an intermediary for these two important business transactions.

When researching business brokers, pay attention to their experience, what other clients have said about them (you can check their client reviews online), and ask around among colleagues or acquaintances to see if anyone has recommendations. It’s also crucial that business brokers be up-to-date on their licenses—in most states, they need a real estate license as well as additional government licenses specific to different types of businesses.

Ask For Referrals From Successful Clients

If you’re working with an experienced business broker, they should have past clients they can refer you to. Talk with these people and ask them what their experience was like:  How long did it take for them to find a buyer for their business?  How much of their time did it take up?  Would they use that broker again?  What advice would they give someone else trying to sell a business through that agency? (Stay away from negative people; most business brokers are good at what they do.)

A business broker is paid by both sides in a transaction—so although they’ll help facilitate deals when needed, they don’t care who buys your company.

Review Business Broker Websites If you’re seriously considering hiring a business broker, chances are you’ll want to check out some of their websites before you commit. Pay attention to how they present themselves and make sure they’re professional, transparent, and trustworthy. While there is no industrywide standard for business brokers – any person or company can claim they are a business broker – reputable ones will clearly state what services they offer and disclose their fee structure upfront.

Check For Better Business Bureau Ratings

Because not all business brokers are created equal, you must do your homework before hiring one. Look for a business broker with great reviews on sites like Yelp or Google Places, or check their Better Business Bureau ratings for any problems in their past.

If they have complaints, move on; if they don’t, then you can breathe easy and feel confident in your choice. Your goal should be to hire someone who represents both your best interests as well as those of the seller. They should be able to negotiate both sides effectively while keeping things professional. This way, you know you’re going into negotiations from a place of strength and fairness.

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