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Are there things I should avoid as I choose a Business Broker?
Home » Accounting » Business Brokers » Are there things I should avoid as I choose a Business Broker?As you interview potential business brokers in order to determine whether they possess the attributes you seek, there are also certain things that should instantly ring warning bells. As noted above, one of the strongest of those warning signs is an unwillingness to perform any work without receipt of the majority or entirety of an upfront fee. Be wary of any broker who engages you in a perfunctory meeting then demands immediate payment, because there’s at least a chance that they’ll take your check and never perform any work on your behalf. Some other warning signs include:
• Lack of printed marketing material: One of the advantages your broker should offer you as a seller is the availability of professional marketing tools. Consequently, avoid brokers who are unwilling to provide you with examples of brochures or pamphlets they’ve used for previous clients.
• Unwillingness to discuss your specific situation: No matter how skilled your broker is as a marketer or business finder, if they’re unwilling to spend quality time with you it’s unlikely that you’ll be happy with your results. It is impossible for a business broker to properly market your business – or to find a business purchase that fits your desires and needs – if that broker offers you only a cookie-cutter presentation and doesn’t speak with you thereafter.
• No internet tools: A broker should significantly increase your chances of finding a buyer or a business that suits you, and most contemporary brokers use the internet as an effective tool for those purposes. It’s thus a good idea to ask your broker for the address of their website. Although there are exceptions, a broker without a website probably doesn’t make use of the internet as a tool for marketing, which means your representation isn’t as effective as it could be.
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