Many business owners are tempted to sell their businesses on their own. This is more so because they believe they know their business better than anyone and selling on their own will save them money. However, most people quickly realize that selling alone is a bad idea upon getting started with the sale. They recognize that the process is more complex and demanding than they imagined. To avoid making further mistakes, they retain the services of an experienced business broker for manufacturers Orange County counts on.
While working with a business broker for manufacturers Orange County recommends is one of the best decisions you can make, it’s always good to involve them early on in the process. That way, you will save time by avoiding mistakes. Second, not every business broker you come across has what it takes to sell your manufacturing business successfully. That is why you have to be very cautious when hiring someone to market your company. Here are the top considerations you should make before selecting a broker.
Has lots of experience
You don’t want your business to be sold by someone that is getting started in the sale of businesses, do you? Of course not. The best person for the job is one that has a great track record selling businesses. Hiring someone with decades of experience in the sale of businesses is recommended.
Sells businesses like yours
Having more than 20 years of experience selling businesses is not enough. There is still more you will need. For example, if your business is worth $1 million and the biggest company the broker has ever sold is one worth less than $500,000, you will not get sufficient representation. The best broker to work with is the one with lots of experience selling businesses in the manufacturing industry and in the same size range as yours.
High success rate
You must consider the track record of a business broker. What is their success rate? A success rate of more than 90% is excellent. However, it would be best if you did not take the broker’s word for it. Contact a few of their previous clients and note what they have to say about the brokerage firm. Was the representation they got satisfactory? How long did it take to sell their business? Were they able to sell for the best price? A good brokerage firm will be happy to provide contacts of recent clients. Ask for references.
Serves your region
Last but not least, you need to make sure that the business broker for manufacturers serves your region. Again, working with a local broker helps you get better representation. This is because a local broker has local networks to help close even faster.