Selling a Business? 5 Important Questions to Ask your Business Broker

5 min read
Business Broker

5 Important Questions to Ask your Business Broker: Have you been in business for a long time and feel that it is now time to take a different path? It is okay if your passion has shifted from the business. At the end of the day, what matters is that you stay happy doing whatever it is that you intend to do.

However, before embarking on your journey to new dreams and ambitions, you may want to sell that business to someone who needs it. Although it is something that a great majority of people have doubts about, selling your Melbourne business is actually the best way to ensure that all the years that you have toiled to see your business grow don’t go to waste.

The question, however, is; who exactly do you sell your business to? Getting buyers will be easy, but deciding on the right buyer might be a huge challenge. Not to worry though. You have an option of hiring the best business broker to act as your facilitator and negotiator until the business is sold. You must therefore pick the best business broker you can find.

Business Broker

Here are 5 important questions to ask brokers before deciding on whom to hire;

  • Do you have experience in the business? – This goes without saying. If the broker lacks experience, then he or she is not worth your time or money.
  • How many businesses have you sold so far? – One might have the experience, but they really have nothing to show for it. Choose your broker depending on the number of businesses they have sold.
  • What criteria will you use to pre-qualify buyers? – You may think that a business broker who has been in the business for a while has a strategy for pre-qualifying buyers. However, this is not always the case. If the strategies that he or she puts across are not convincing enough, then keep looking.
  • How many listings do you have? – The more the listings, the lower the chances of getting a buyer sooner. Therefore, focus on a business broker who does not have many listings as they will have a few buyers to focus on.
  • Can you draft a sales contract for my business? – Brokers are professionally trained on how to draft good contracts for their clients. Your broker should be able to do the same for you. That said, hire a broker who will take up all the necessary paperwork.

Now you know what questions you must ask your broker. You must understand why you need to hire a broker before selling your business. The fact of the matter is that without the services of a professional business broker, you will be forced to market your business on your own; something that will limit the number of buyers you come across. Brokers will also help you set a good selling price, and they will be with you to the very end; giving you all the legal support that you need. So, before you put your business on the market, find a broker that meets your expectations.

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