Selling your business can be a tricky process to navigate, but thankfully, it is not something that you have to go through alone. You can get help from a wide range of parties, most notably from companies who sell your business for you. It is important that you choose the right company for the job, and it can be a little confusing knowing where to look - here is where you should start.
Think About What You Need Help With
Before you start the process, it is important to think about what it is you need help with. For example, do you just want help with marketing, or are you looking for insights into compliance? Once you have a closer idea of what it is that you actually want assistance with, you will be in a better position to start your search. It can be helpful to jot down some important questions, so that you have them ready and at hand to ask.
Ask Around Your Professional Network
One of the best ways of identifying a capable business broker is by asking for recommendations. If you know anyone in your niche who has recently sold their business, they may be able to point you towards an appropriate broker. Ask them if they had any issues with their broker, and what kind of other services they had to use in addition, so that you can get a better picture of how the sale process will play out.
Check Reviews
Whether you find a broker through your professional network or from online searches, it’s important to look at reviews as well. Even if you know people who had a positive experience, that might not be representative of the service in question. If you can’t find testimonials online, that could be a bit of a red flag. They could be hiding their bad reviews, or they might not have enough experience in the industry to have amassed testimonials. Either way, it is something to take into consideration.
Specialisation
It is important that you look for a broker that specialises in businesses in your niche. There will likely be specific considerations associated with different niches - some regulatory in nature, some more practical. Different brokers will have different levels of experience with these practical and legal issues, and ideally, you want one that can help you navigate them flawlessly.
Check Their Network
Finally, you want to choose a broker with an extensive network. This is one of the main reasons why people reach out to brokers for help, in addition to their expertise. A good broker will leverage their network to expose your business to potential buyers, essentially acting as a specialised marketing service.
This should have provided you with a good idea of where to start with looking for a broker to help you sell your business. Choosing the right broker can make a massive difference to how the sale process plays out; not only will it be a lot easier, but you will also likely get a lot more money as well.
