Selling a business requires that you work with a business broker Orange County. The reason for this is because the broker has experience selling businesses thus will be able to help you get ready for the sale, get you the best buyers and also help you navigate the challenges. But which business broker should you hire?
Be sure you can be comfortable working with him
The first thing you need to do when considering the business brokers Orange County to work with is to make sure you will be comfortable working with them. This means you need to perform your own research and compile a list of reliable business brokers in Orange County. If you are not comfortable working with a broker you will end up second-guessing all his decisions. Needless to say this will get in the way. Don’t be afraid to meet up with the broker to learn more about him before hiring.
Look at their qualifications
Business brokers are not required to have a license. This means the broker you contact will most likely not have any license. To make sure he is qualified, you have to consider his highest education qualification. You also need to consider their professional credentials, their experience and the sizes and types of businesses they have sold.
Consider how the agency markets
To sell faster you must find as many buyers as possible. This will not be possible if the business broker Orange County you end up hiring is not effective in marketing. Don’t just settle for an agency that uses website and online adverts. You need a broker that uses multiple channels to market your business not just in Orange County but nationwide. The more buyers you reach out to the more competing bids you will get and the more you will be able to get for your business.
Hire a broker with an in-house team
A business broker will not be able to sell your business on his own. You will need support from financial advisors, transaction attorneys as well as accountants. To avoid juggling staff from different companies, choose a business brokerage agency that has its own advisors, attorneys and accountants.
Do they have an office?
Don’t hire a broker that works from home. There is a good chance he works part-time as a business broker Orange County. A business broker that has an office spends most of his time selling businesses and will have an administrative assistant to handle administrative tasks.
Other things you need to do before hiring business brokers is to consider if they have sold your type of business, and how much they charge for their service. You also need to check their references by contacting at least 5 of the provided references.
Hiring a business broker San Diego is not as easy as you might think. This is because not every broker out there has your best interest at heart. Some have what it takes to sell your business at maximum profit while others are only interested in making money. When thinking of hiring a broker, here are some important things you will need to do.
The first thing is to consider the experiences that the business brokers San Diego have. Selling a business is more of an art. The more businesses a broker sells the more effective he becomes. You need to only consider brokers who have been in the business for more than five years. In addition to that, you have to make sure that the broker has experience selling businesses that are similar to yours. It is also good to check the number of businesses he has sold in the last year. If the broker hasn’t sold any business for more than a year there is a good chance he will not be able to sell yours eithers.
Read the fine print
The mistake most business owners make when hiring a broker is that of not reading the contract before signing. Some brokers have draconian terms in their contract. These terms can force you to still pay them even after you sell your business on your own years from now. Make sure you understand the terms before proceeding.
Check their credentials
Business brokers are not required to have a license. The only way to check their qualification is to look at their credentials. Take a look at the highest level of education that the broker has and also his professional credentials.
Negotiate the fees
The commission charged by a business broker can be negotiated. Don’t just accept the fee just because you are happy with the brokerage agency you are considering. Although some of the best agencies will be unwilling to negotiate, it never hurts to try.
Regardless of how competent a broker is you must never overcommit. Instead of committing to the 6 months contract, try and negotiate a 90 day contract. That way if you realize that the broker is not good at his job you can easily switch to another more competent one.
Listen to your gut
Last but not least, you must always listen to your gut. If you don’t feel comfortable working with a business broker don’t hire him. The last thing you want is to keep second-guessing him. Hire someone you have complete confidence with.
These tips will get you started on the right foot when searching for the best business brokers San Diego. The key is to take your time vetting the broker before hiring.