Selling your company is one of the biggest financial decisions you’ll ever make, so you want to make sure that you get the most out of the transaction. To achieve this, you’ll need to work with a business broker who’s dedicated to your best interests and knows how the industry works.
You’ve probably asked yourself, “How do I find a business broker to sell my business?” since you began planning the sale. Thankfully, Midway Business Brokerage has shared a simple yet informative guide for this matter. Here’s all you need to know.
Get Referrals
Take advantage of your current network to identify possible partners. If you have people you can trust, like other business owners who’ve sold their company before, contact them and ask about the professionals they worked with. Another group of people to ask are attorneys and accountants, especially the ones that work for commercial clients. They can recommend business brokers who have proved themselves reliable and trustworthy.
Take Advantage of IBBA
IBBA stands for International Business Brokers Association, and it’s a nonprofit focused on providing education and professional training for business brokers. They also offer networking opportunities for business owners and brokers alike. If you’re selling your company, they can serve as a great resource for finding trusted brokers in your region.
Try Local Business Associations and Trade Organizations
If the IBBA network proves unsuccessful, you can get in touch with your local business and trade organizations, including the chamber of commerce. They can help you find a business broker that has helped members of the organization sell or buy their businesses.
Do the Research
Once you have a prospective list of business brokers, you must exercise due diligence. You’ll want to choose someone that will add more value to your upcoming transaction. So do the research on each person on your list. Check their experience, credentials, and background. You can even check if there are complaints or pending lawsuits against the candidate. Finally, see if they’ve handled a transaction for similar businesses as yours and how well they did.
Work With a Dedicated Professional
Selling a business takes a lot of work and skill, so don’t settle for part-time brokers. If you can, work with a dedicated expert whose main source of income is business brokering. These people have the network, resources, and skills to handle matters like business valuation, research, prospect identification, and negotiation. Working with them is one way to ensure the maximum value for your sale.
Final Thoughts
Partnering with the right business broker is the first step to a successful business sale. So use the guide we shared above to get started. If you’re looking for an established New Jersey business broker, Midway Business Brokerage is the best choice. Contact us today and let’s plan a strategy session.
