Why use a Business Broker?

Why use a business broker you ask yourself?
What are they?
What do they do?
When should you use a business broker?

ALL good questions you should be asking yourself…

Breaking down the role of a business broker comes from understanding what goes into the buying and selling of a business. It’s different to buying a house… a transaction involving a business requires more than just a buyer and a seller.

Accountants, lawyers, landlords, managing agents, franchisors and government licensing authorities can all potentially have a say whether a sale goes ahead or not. It is the job of a business broker to navigate the various steps and ensure the final result is in the best interest of their client.


What makes a good business broker?

Selling a business is no easy task so you want to make sure that you are engaging a business broker that is up to the challenge. You should first check that they are accredited and licensed.

A good business broker should also have good communication and personal skills. This is something you should be able to tell upon first meeting them or first phone call. Good people skills equates to good connections, which ultimately means more potential buyers and a smoother sale.

Finally, experience is important here. Does your business broker have experience in dealing with your type of business? If so how many of these experiences ended up as sales and how long did it take? Don’t be afraid to conduct a small interview before settling on a broker.


Why you should work with a business broker?

There are many advantages to working with a business broker both when buying and selling a business. Both can be an overwhelming experience, especially if it is your first time buying or selling a business.

A good business broker will have the relevant connections and experience to ensure that the process is smooth and fair for both parties. They can negotiate prices and will ensure that any details are not overlooked so that everyone is happy in the long run.

Engaging a business broker is kind of like hiring a guide to take you through the jungle- they know the lay of the land and can lead you securely through the tricky terrain!