However, they are most often rudely awakened when they realize how difficult it is to orchestrate the process without skilled help. Trying to juggle running and selling a business at the same time is challenging.
While some business owners are able to successfully sell their business on their own, working with a business broker makes the process less stressful and often results in a better deal.
Some business owners want to avoid paying commission to their broker, but the truth is, even after commission, you usually get more of a profit when you work with a business broker.
Top 7 Reasons to Hire a Business Broker
- Confidentiality: The fact that your business is for sale is something you want to keep under-wraps, which is nearly impossible when you’re selling it yourself. Business brokers will set you up with a blind profile, a document that describes everything about your company without revealing its identity. Only the person who ends up buying your business will know it was ever for sale.
- Assessing Your Business Value: Valuing a business is a much more complicated process than valuing a house, for example. There are hundreds of variables that can impact the value of your company. Business brokers have access to business transaction databases, and enough skill and experience to properly interpret them.
- Business Continuity: While selling your business, it will be challenging to dedicate the time you need to keep things running in the meantime. Instead of working tirelessly at two difficult tasks, not doing either with your full focus, you could hire someone who is skilled at selling businesses, freeing your time to work on daily operations. After all, a well-managed business is far more attractive to buyers.
- Balance of Experience: Many buyers looking to purchase businesses may have previous experience buying. Most sellers, on the other hand, have never sold or bought a business before. Business brokers are quite experienced with selling businesses, so their experience will help level the playing field between you and the buyers.
- Closing a Deal: A business broker has one job: to sell the business. This increases the likelihood that the deal will close more quickly, thus minimizing the risk of predatory competition, employee issues, and customer defection.
- Reaching Potential Buyers: When you work with business brokers, you gain access to an enormous network of potential buyers. They will connect you with the right person to continue your legacy. Plus, the best way to get a good deal is to have more than one financially viable party making an offer on a business, something that’s hard to achieve without the help of a business broker.
- Marketing: Business brokers will be able to assess your company and highlight strengths that will appeal to buyers. If there are any aspects of your business that you can change to make it more sellable, your business broker will guide you into making those adjustments.
Contacting a business broker will yield a better outcome and alleviate a great deal of stress along the way. The Bridlebrook Group is a skilled group of business brokers who can help get the best price for your business, while you focus on doing what you do best—running your company. Contact us today for more information!