Business brokers San Diego play a fundamental role in the sale of a business. They not only help with advertising but also with business valuation, negotiations, managing confidentiality among other things. However, if you are interested in working with a broker, there are a number of questions you will have to ask to make sure you are hiring the right person for the job.
For how many years have you been selling businesses like mine?
The mistake people make is that of assuming that just because a business broker San Diego has been in the industry for years he will offer them the support they need. One thing you ought to understand is that businesses are different. If a broker focuses on multimillion dollar companies, he will not be equipped to take on your small company. Hire someone who has sold many businesses that are similar to yours.
Do you have an office?
The best business broker to work with is one with an established firm. He must have an office that he has been working out of for years. By making sure of this, you will be able to weed out brokers who work part time. You need someone that will not shelf your business while he handles other hot real estate projects. You need someone who works full time as a business broker and one with a sizeable team to sell your business.
How many businesses similar to mine have you sold in the last year?
It is one thing to hire someone who has experience selling businesses that are similar to yours but something completely different to find someone who delivers results. To make sure your business will not remain on the market for years, you need to take a look at the businesses that the broker has sold in the last year. If he hasn’t sold any, there is a good chance your company will remain on the market for more than a year.
How do you manage confidentiality?
When selling a business, keeping the sale confidential is very important. The last thing you want is for your employees, suppliers, lenders and clients to leave you because they caught wind that you are selling the company. If these people leave, the value of your company will nosedive and you will end up selling at a loss. That is why you need a business broker San Diego that manages confidentiality effectively. A good broker should stir up interest in your company with just teaser information.
Other questions you should ask include the following:
- How many qualified buyers do you have?
- How many listings do you use at the moment?
- Will you help with the sales contract preparation?
These simple questions will help find and hire the most dependable business broker San Diego. Never rush the process. Always ensure that the broker you hire is one you have confidence in. His commission must also not be too high.