Business broker Orange County gets paid on commission. That means they get paid a percentage of the total selling price. This is the main point most people know about working with business brokers. However, what most people fail to understand is that there are other factors that will determine your experience when working with a business broker. In this post, we will be focusing on the main factors you need to think about prior to hiring a broker.
Hiring experienced business brokers Orange County is crucial to the success of the sale. That is why you need to know how many years the broker you are considering has been in the business and how many businesses that are similar to yours that he has sold. You also need to know how many deals he closes each year. The right broker is the one who has been in the industry for years and one who has a proven track record. The number of businesses he has sold in the last year will help you know if he will help sell your business or not. Having 20 years of experience is not enough if the broker has not sold any business in the last year.
The broker you end up hiring should be properly licensed. Look up his license number and make sure it is valid. From there you need to know the local chambers, industry organizations and groups that the broker belongs to. Although licensing is important, you need to get more insight into the competence of the broker. You do so by considering his involvement in the business community as well as his level of expertise.
One thing you really want when working with a business broker Orange County is to make sure that he is well-connected in the industry he works in. Having no connections means the broker will struggle. He will not have the contacts of the important people you need to speed up the sale. The right broker should not only give back to the community but also have great connections to the best accountants, business valuation experts, attorneys, bankers and a range of other professionals. You may not understand the relevance of these connections now but when you list your business, you will appreciate having a well-connected business broker.
Your business broker should be open, honest and responsive to you. It is not uncommon to find brokers who are pushy. They don’t listen to the needs of their clients but rather force them into things. This is not someone you want by your side when selling a business. You want a broker who listens to you and always consults you prior to making major decisions.
Working with business brokers Orange County will smooth and speed up the process of selling a business. You must never be in a hurry to hire someone. Hire the broker who has a great track record and one that will help achieve your unique goals.