22 Apr How to Choose the Right Broker (Part 1 of 2)
Whether you’re buying or selling a business, it makes sense to use a broker, as they bring both parties together and, if chosen well, can ensure that the whole process runs smoothly from start to finish. While buyers and sellers make many different demands on their brokers, when looking for the one that suits their purposes best, they also share some common requirements. Trust You need someone you can trust, so ask one of your professional advisers for a recommendation, and check out members of the IBBA (International Business Brokers Association), who are all professionally certified and trained, with years of experience. Sound background Check out any prospective brokers thoroughly by performing due diligence. This can be done through an accountant or lawyer, but should be a searching examination of the broker’s background, experience, business methods and track record. Focus Try to find a broker that deals in the type of business you’re buying or looking to get into. A specialist will understand the sector’s culture and be better versed in the market place than a broker who deals with all types of businesses. Furthermore, deal with a broker who normally handles businesses of the size you’re seeking to sell or buy. If your price bracket is much higher than a broker’s norm, they may find it difficult to maximise the deal, and if you’re in a price range lower than the broker’s average transaction, they may not be interested enough to do the job properly. Seller Only and Buyer Only Requirements will be covered in Part 2 to be posted on Thursday. This article was contributed by BusinessesForSale.com, the market-leading directory of business opportunities from online media group Dynamis.
