Subscribe to How to Sell a Business

How to Sell a Business

90%

Up to 90% of the business owner's net worth is tied up in the business

75%

For lack of planning approximately 75% of businesses never sell

66

There are 66 potential obstacles to the successful sale of a business.

Special Report

A good business broker/intermediary can help complete the business sale puzzle. But choosing the right advisor to help you through the process is critical. Learn more in this Special Report. 

Insider Secrets to Selling Your Business
Business Broker Best Practices and Selection Criteria

Choosing the wrong intermediary is a significant obstacle to a successful sale of your business

On our website, www.HowtoPlanandSellaBusiness.com, we identify 66 potential obstacles to the successful sale of a business.  One of the significant obstacles is choosing the wrong intermediary.

Quite frankly, business brokerage is a high turnover industry.  Many individuals jump in and last only a year or two before they realize how difficult it really is.  Perhaps, more than anything else, business owners need to be sure they are dealing with a broker with the experience of actually having brokered successful business sale transactions.

three_way_hand_shake_pc_2788_1.png Selecting a qualified business broker/intermediary is a key step in the business sale process.

Although we cannot endorse or recommend specific brokers, we want to help owners by identifying the following Business Broker Best Practices and Selection Criteria.  Our newsletters and website espouse certain philosophies related to the process of selling a business through the use of a business broker.  The criteria below reflect those values.

12 criteria to consider in evaluating a business broker


The Special Report continues below. However, if you would prefer to download the Special Report, please provide the following information and we will email a download link to you.   

1) A good broker should have several years of business broker experience and should have completed a minimum of several business sale transactions.

  • Alternatively, a broker with less experience who meets other criteria established here should have evidence of a strong mentor with the necessary knowledge and skill.
    • It's even better if the broker's experience includes transactions that approximate the size of your transaction.
    • In evaluating a broker, ask about his/her educational background, previous work experience and/or business ownership.  You need to know the person who may be handling your largest asset!
      • If the broker has some sort of professional designation (CBI, CPA, etc.), it may be a good indication of competence, but should not necessarily be a major factor in your determination.

2) A broker should be working full-time in business brokerage.

  • Ask the broker if he/she is working full time in the profession.  There are many individuals attempting to work in business brokerage on a part-time basis, while also trying to earn a living in other ways.  With few exceptions, a good broker will be working full-time at business brokerage.
    • If you are also selling real estate with your business, you'll need a licensed real estate agent as well.  Many business brokers are also licensed real estate agents.  Conversely, there are many real estate agents who dabble in business brokerage.  Unless the value of your real estate far exceeds the value of your business, never use a real estate agent who is not a full-time business broker as well.  Always try to use a full-time business broker who has obtained a real estate license primarily to satisfy the needs of business sellers who also own real estate.

3) At the appropriate time, a broker should be willing to provide references to past seller clients.

  • For confidentiality reasons and to keep from bothering past clients, some brokers may be hesitant to provide client references early in the "courting" relationship.  But the broker should be willing to provide references after preliminary agreement has been reached on an offering price and imminent to your decision to sign the listing agreement.

• • • • • • • • • • • • • • • • • End of Preview • • • • • • • • • • • • • • • • • •

So far, you have read less than 20% of this very valuable Special Report which is packed with Insider Secrets to Selling Your Business.

To download the full content of the Special Report, please provide the following information and we will email a download link to you.

 

Please complete all items

Captcha Code

Click the image to see another captcha.

Here's how we safeguard your email address.

By clicking submit you are indicating that
you have read and agree to our
Terms of Use and Privacy Policy.

Subscribe to Our Free Bi-weekly Email Newsletter

How to Plan and Sell a Business

 

Subscribe Now

Subscribe to How to Sell a Business

"How to Sell a Business"

The newsletters provide information on:

Subscribe Now

How to Sell a Business Privacy Policy

How to Sell a Business Benefits

Preview our free special report:

Special Report - Insider Secrets to Selling Your Business

Insider Secrets to Selling Your Business

Packed with insider secrets to help you begin the process of thinking about your exit strategy. Whether you intend to sell in two years or ten years, this is a MUST READ!

Read our valuable free white paper:

White Paper - Why It's Important to Plan the Sale of Your Business

Why It's Important to Plan the Sale of Your Business

If an owner recognizes the need to plan for their business sale and executes a plan to identify and address the obstacles to a sale, the 3:1 odds against a successful business sale can be reversed to 3:1 in favor of a successful business sale.

Selling a Business - Insiders' Advice - Join Google Plus CommunitySelling a Business - Insiders' Advice - Join LinkedIn Group