Buying and selling businesses isn’t a walk in the park. In fact, businesses are subjectively the most complicated asset to perform transactions on. However, with the right business broker who knows all the ins and outs of the industry, the transaction becomes quite a bit easier.
But how, exactly, do you determine whether a broker is right for you? Well, we’ve got you covered. The team at Bsale have come up with the properties of the best business broker for you — look for these and you’ll be just fine.
Let’s dive in.
1. Experience in your industry
Your best business broker will have substantial experience working in your specific industry. While there are multi-niche brokers as well, we recommend the ones who specialize in your particular area.
2. Sold similar businesses
Coupled with their experience in the industry is their history in selling similar businesses. If a broker has sold businesses that are vastly related to yours, there’s a good chance they might be able to land a great deal for you as well. After all, they’ve had hands-on experience.
3. Excellent communication skills
Communication skills are arguably the most important soft skill out there. It’s crucial in every field, and broking is no exception. Your ideal business broker will have the communication skills of an expert. They’ll know their way around words — which helps them land striking deals for you.
4. Advertisements on best websites
The best broker will be reputed enough to have their name imprinted on major platforms. Plus, they’d use the best listing websites out there to enlist your business. Before choosing a business broker, ask which platforms and sites they use.
5. A solid plan to land the best price
Mediocre brokers usually don’t have solid plans in place to figure out how they’re going to land a deal — but that’s not the case with experienced, professional brokers. While you’re talking to different brokers to choose the best one, ask them whether they have devised a strategic plan to hook you up with the best possible rate.
So, there you have it — these are all the properties of a great business broker. Look for these in your broker options and we believe you’ll be able to find the one who suits your needs and requirements.
If you want to go in-depth and find out which questions to ask from a business broker, download Bsale’s 15 Questions to Ask a Business Brokers here.