Selling your business is a major undertaking, whatever the reason, and you'll want the best team on your side to help you do it right. Here are some things to look for when choosing a business broker to handle the transaction.
-- Nothing beats a good recommendation. Use your in-state network to find out if any of your business contacts has used a business broker that he or she was crazy about. You'll want to use someone local who really knows the climate where you do business. The broker may already have a list of prospective buyers in your area who are looking for a business just like yours.
-- If you are starting from scratch, make sure you know what your own expectations are in regards to the sale of your business and find a broker who is willing to play on your field. You must have someone that you are comfortable working with and whose personality and business style are compatible with yours.
-- You need to find one who will spend the capital needed to market your business properly, especially in these difficult economic times. The broker will need to provide you with proof of his tried and true marketing plan, along with results statistics and a budget. If he's not going to spend over $400, look elsewhere.
-- A broker should be willing to make the sale more likely by having your business's affairs in order before it even hits the market. "In order" includes having financial statements and tax documents ready, operating costs itemized for easy review, etc. If an interested buyer has to wait too long to see all pertinent documentation, he may look elsewhere in a hurry.
-- Get a time frame from the broker on how he expects to keep a deal moving along once a suitable offer presents itself. Brokers who drag their feet because they are too busy or inattentive can mean death for any deal.
-- Does the broker excel in customer service? Choosing a broker is not unlike choosing a lawyer. You want to hire one who will return phone calls in a timely manner, and pay attention to your needs. If a broker is "lazy" in this manner with you, he is likely to be lazy with a potential buyer as well. You want a real go-getter to help you seal the deal.
-- Make sure the broker you choose is not awash in listings. A good broker will take on fewer clients at a time so that he can concentrate on fewer deals and getting them to actually go through. If your business has not sold within 6 months, the broker you have chosen may not be spending as much time on your business as he should be.
Author Resource:-
If you are a business owner in the Beehive State looking for the best business brokers in Utah to help you sell or to provide other services for you, contact the professionals at Utah Business Consultants (http://www.ubcutah.com). Art Gib is a freelance writer.
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