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Why Use a Broker? Advantages of Using a Business Broker to Sell Your Business
Like many business owners, you might find it hard using a Business Broker as you are probably used to managing every aspect of your own business. But using a Business Broker has many advantages.
Here are just 10 reasons why you might consider using a Business Broker to help sell your business:
When selling a business you may not want your competitors, employees or customers knowing that you are selling your business. A Business Broker will keep all details of a sale completely confidential. All potential buyers must sign a confidentiality agreement and then be ‘qualified’ as a serious buyer by a Business Broker. It is only then, that the potential buyer is presented with details of a business for sale.
2. Qualified Buyers
Business Brokers ensure that all buyers are ‘qualified buyers’. When a Business Broker qualifies a buyer, they ensure that the buyer is ready to purchase your business. The Business Broker ensures the buyer has financial capacity and their finances have been approved and are serious about putting an offer on the table.
3. Adverting & Marketing
Business Brokers know exactly where to advertise and market your business to get buyers. Each business is unique, and Business Brokers are experienced in knowing how to market your business so that it gets marketing, reach and different mediums noticed.
By using a Business Broker you can concentrate on running your business instead of answering enquiries about the business sale. You ensure the business is still running, optimally instead of worrying about taking general enquiries. Business Brokers usually have a database of potential buyers who are looking to purchase a business reducing your waiting time.
Most Business Brokers keep records, which show the Broker the history of sales for your industry. It gives the Business Broker the ability to accurately appraise your business. No guessing how much your business is worth. Over value your own business and you may not get the buyers that you want, wasting months of valuable time. Under value your business and you risk losing money. Business Brokers are qualified at valuing your business.
6. Negotiation Power
Business Brokers are skilled negotiators; they want to sell your business as quickly as possible at a fair market price. The role of a Business Broker is to bring buyers and sellers together.
Business Brokers reduce the risk of potential buyers defaulting on their finances. It is their job to request the disclosure of a potential buyer’s finances. Their past dealings and experience at qualifying buyers significantly reduces the chances of a business deal falling short
A Business Broker will charge a fee that equates to a percentage of the sale price. Therefore, it is in the Business Broker’s best interests to sell the business as quickly as possible, and for the best possible price
Already drowning in paperwork? A Business Broker will provide and guide you through all the legalities and paperwork involved when selling a business.
10. Previous Owners of Business themselves
A large majority of Business Brokers have themselves one time or another, run their own business. These Business Brokers are great to work with as they understand that when it comes times to sell, emotions can be running high and that it can be hard letting go.
Get in contact with LINK, the authority on selling businesses, to see how our brokers can help you buy, sell or value a business.