If you’ve decided to put your small business onto the market, a broker can help you formulate an exit strategy and find the right buyer. Choosing the ideal broker can help you get the money to fund your next business venture but, choosing the wrong business broker can keep your small business on the market and get you less than you deserve. Follow the tips below to find a broker with the experience and skills necessary when Selling Your Business in MN.
Look for These Traits
* Experience: Find a business broker that has sold businesses like yours. Even the best broker can have difficulty if they’re not experienced in working with people like you.
* A good track record: Don’t use a particular broker if they cannot offer references from satisfied clients. Once you get references, contact them to confirm the broker’s experience, attributes and style.
* The right connections: A business broker who says they can handle the entire process from beginning to end is not a very good choice. Good brokers forge relationships with accountants, lawyers and other professionals, and call them when they need help. Even if you have your own accountant or lawyer, you should choose a broker that’s well-regarded in the professional community.
* Honesty: For most business sellers, price is the biggest hurdle. However, many brokers don’t offer an honest assessment of what your business is worth. The perfect broker is honest about Selling Your Business in MN, no matter what you want to hear.
Finding a Broker
* Get referrals: Local referrals are the best way to find a business broker. Check business listings in your area, and verify the broker’s credentials through your professional contacts.
* Financial and legal experts: In most cases, accountants and lawyers will be aware of your exit strategy, and are willing to recommend business brokers in your city.
* Your city’s economic development office or chamber of commerce: These professional organizations often have the most current information, and can help you find a qualified business broker. To protect your sensitive information, keep your inquiries general.
* The IBBA: Also known as the International Business Brokers Association, the IBBA promotes high standards among members. Their website has a search function that helps you find member brokers in your city.
