Are you getting ready to hire a business broker Orange County? The first thing you need to understand is that not every broker out there has what it takes to sell your business. Some are in it just for the money. Considering you want to sell fast and for maximum profit you need to spend a little more time vetting a business broker. In this post we shall be looking at crucial considerations you need to make before hiring a broker.
Experience selling your type of business
Experience selling businesses is very important. It is only by working with an experienced broker that you will be guaranteed he understands the ins and outs of selling a business. The important question to ask is this; does he have experience selling businesses that are similar to mine? Just because business brokers Orange County have lots of experience does not mean they will give you the support and guidance you need. To be guaranteed of getting this you need to find a broker that has experience selling businesses that are similar to yours.
Size of the team
As much as the business broker plays the biggest role in the sale of a business there are a number of other professionals you will have to bring in. The last thing you want is to have to work with multiple firms to sell your business. To avoid this issue you need a brokerage firm that offers the team you need under one roof. The professionals you need to make sure a brokerage firm has access to transaction attorneys, financial advisors, accountants and qualified business brokers.
Testimonials
Don’t take their word for it; listen to what recent clients are saying about a business broker Orange County. You should ask for the contacts of the business broker’s most recent clients. Listen to what the clients have to say. Know what they were satisfied and dissatisfied with when working with the business broker. Needless to say, too many negative reviews are a red flag.
Marketing strategy
How a business broker will market your business matters. Never hire a broker without first sitting down with him to understand how he will give your business maximum exposure. The right broker should not just market in your county but nationwide. He should also have a sizeable database of potential buyers in his contacts.
Service fees
Last but not least you should consider the service fees. How much will he charge for the service? Will there be an upfront fee? How big of a commission will you have to pay?
The idea is to never hire a business broker without first doing a thorough background check. The more you know about him the better. Always follow your gut.