Broker is an individual who works as part of a business brokerage firm and is experienced in both business and business sales. Business brokers put buyers and sellers in touch with one another and act as a helpful mediator, promoting a productive discussion that ultimately benefits both parties.
Not all business brokerage firms offer the same level of quality. You should choose an experienced business brokerage firm with a strong record of success. For the beginning, ask them some question about:
1. The firm's qualifications and experience.
At the most basic level, a broker should have been trained either by an established brand program or through an association like the International Business Brokers Association. Consider the business brokerage firm's experience, including how long the firm has been selling businesses and the experience level of their business brokers.
2. The number of deals the business broker closes annually.
Additionally, if a business broker has connections with attorneys, accountants, and the business community, it is a good sign that they are experienced and respected as a firm.
3. The brokerage firm spends on advertising businesses.
Make sure that they engage in strategic, multi-channel marketing. A genuinely exceptional business brokerage firm markets its clients' businesses online through their site and other business-for-sale sites and offline channels such as mail.
Buying or selling a business can be a stressful time. Choosing an adviser to help you through the critical steps in the process is key to a successful transaction. From research to close, it is essential to understand what your business broker will do for you, know the costs associated with hiring a broker, and conduct a careful evaluation of their track record and success.
While some business brokerage firms will not meet these criteria, productive business brokerage firms like Transworld have the resources, experience, and dedication required to find the perfect buying opportunity or produce the ideal selling outcome.