How To Find The Best Business Broker and Why It Matters
For many business owners, selling their business for a high price is a dream that often results from many years of hard work. But finding a buyer can be a challenge without help. A popular option in Australia is to use a business broker who can help you connect with the right buyers and orchestrate a smooth sales process.
Finding a broker may not be difficult but choosing the best one for your needs requires due diligence. No two brokers are the same. The final price you get for your business, along with how long it takes to sell, will be heavily influenced by which broker you choose. To assist you in making the right choice, follow our advice on selecting a broker who’ll get the job done.
How to find the perfect broker for your business
1. Check their levels of experience
Like in real estate, an experienced business broker will bring the benefit of contacts that take time to build up. Accessing a database of buyers from the get-go will help you hit the ground running.
Your potential broker should also be able to demonstrate a solid history of selling companies. First, gather as much information as possible by checking out their website and looking for online reviews. Then ask for references from past sellers to get the full picture. Finally, check the broker’s credentials - are they members of the Australian Institute of Business Brokers?
2. Ensure they know your industry
Experience is all well and good, but the broker must have worked in your market. Having an in-depth understanding of your business, the pain points for potential buyers and an understanding of the technical aspects like business equipment is valuable knowledge. It will make for better communication and will help ensure a smoother sale.
3. Understand what marketing tools they use
Finding a qualified buyer can take time, even for an experienced business broker. The effective ones will use a variety of tools that are best suited to your industry. This could be email lists, local newspapers, social media, and trade journals. Reaching out to the large number of serious buyers on Bsale will also be a big help. Ask your potential broker what tools they will use to sell your business.
4. Don't underestimate interpersonal skills
Finding a broker who knows your industry is great, but do they have that X-Factor to get top dollar for your company. Do they communicate well? Are their negotiation skills on-point? Can they close a deal? These services are intangible, and you'll only learn whether they have what it takes by taking the time to talk with your broker as well as past clients.
In Australia, selling a business takes an average of 6 to 9 months. It's a long journey so choosing a professional business broker that you're comfortable working with and who has the required skills is crucial.
As a motivated seller, we suggest visiting our “find a business broker” section to access a huge range of business brokers in Australia. More than just a directory, you can search for specific service providers that fit the profile you're looking for. Selling a business can be a stress-free experience with the service of a top-notch broker and Bsale will provide you with a platform for finding the perfect match.
About the author
CEO Bsale Australia
Vanessa is the current manager and CEO of Bsale Australia. Over the past 11 years as a business owner, she understands what it takes to grow a ...