Hiring a business broker San Diego is the key to selling your business fast and at maximum profit. The problem, however, is that not every business broker out there has your best interest at heart. Some are inexperienced real estate agents doubling as business brokers. To ensure you hire the right person for the job, you have to consider the following.
Qualifications of the broker
Selling a business is stressful. The last thing you want is to bring on board someone that lacks the skills and resources to sell your business. Making sure the business brokers San Diego are qualified is the most important thing you should do. The broker you hire must be certified and should be a member of the International Business Brokers Association.
You need to start by making sure the business broker has been in business for no less than 5 years and has sold at least two businesses in the last year. Second, you have to make sure he has sold businesses that are of the same size as yours. Has he worked in your industry? How long does his business listings stay on before concluding the sale? How many site listings does the broker represent? Answers to these questions will give you a rough idea of what to expect from the broker.
The reputation of a business brokerage firm is not something you should ever ignore. You need to make sure the broker delivers on his promise and is committed to customer satisfaction. This is why you need to ask for references and contact as many of his recent clients as you can. What are they saying about the services? Too many negative reviews are a red flag. Pay close attention to what most clients are bitter about.
Business brokers San Diego charge a commission. This can be as low as 5% or as high as 15%. Some brokers will also require that you pay a down payment. Steer clear of brokers who require a huge down payment upfront. Their commission must also be justified and only paid once the deal closes.
Last but not least, you need to pay attention to the terms of service. Some terms are draconian. The last thing you want is to be trapped in the grasp of an incompetent broker. Read and understand the terms of service and only sign if you and your attorney are comfortable with the terms.
Selling through a business broker San Diego will reduce the strain on your part and guarantee success. It is, however, your duty to find the right broker for the job.