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.
Experience counts
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.
Don’t overcommit
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.