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How can I choose a Business Broker that's right for me?
Home » Accounting » Business Brokers » How can I choose a Business Broker that's right for me?You’ll want to start the process by interviewing several different business brokers. Business brokers are often listed in the yellow pages, and you have a number of options when choosing a broker, so take the time to speak personally with potential brokers. Whether you’re buying or selling a business, perhaps no single factor should dictate your choice of a business broker more than your broker’s willingness to engage in focused discussions with you. As a seller, those discussions will help your broker discover the strengths and weaknesses of your specific business and market it appropriately. As a buyer, those initial and continuing discussions will provide your broker with a true statement of your desires, which should help you narrow your list of potential purchases. Some other factors to consider:
• Reputation: Ask potential brokers for the names of former clients. Contact those clients and inquire about the broker’s professionalism and relationship with those clients.
• Fees and fee structure: After providing your potential broker with the necessary information for a fee quote, discuss the fee in detail with that broker in order to determine whether you’re comfortable with the potential cost and payment schedule.
• Success rate: Ask your broker for documentation concerning his success rate. As a seller, you’ll want to know the percentage of clients who have successfully and quickly sold their businesses through your potential broker.
• Compatibility: You’ll work closely with your broker as you attempt to purchase or sell a business, so it’s important that you’re comfortable with that working relationship. Regardless of their professionalism or reputation, you’ll struggle to sell or purchase a business if it’s difficult for you to communicate with your broker.
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