What does a business broker do?
A business broker is a licensed professional who is usually engaged by a business or franchise owner to assist them in selling their business. Initially, a business broker will perform an assessment of the business and recommended any preparation that is required to achieve an optimum sale price. They will then prepare a market appraisal for the business and determine a price guide. If the owner engages the business brokers services, the broker will continue to prepare the business for sale. This will include roles such as; determining the best sales strategy, creating marketing materials, promoting the business for sale; fielding buyer enquiries, engaging in negotiations, connecting with allied professionals such as solicitors, accountants, finance brokers and basically guiding the seller and buyer through to settlement.
A business broker may also assist in a number of other areas such as; assisting buyers find opportunities, assisting with due diligence, guiding mergers and acquisitions, business coaching and business valuations.
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