How to choose the right business broker for you

Business brokers are essential in helping small business owners sell or buy new businesses, and many who use them agree that they can be invaluable.

However, not all business brokers offer the same services and experience, so it's important that you choose the best one for your business and goals. After all, a good real estate agent is only as good as his final sales price! Keep reading for our tips and tricks on how to choose the right broker for you.

What does a business broker do?

A business broker is someone who helps facilitate the sale or purchase of a business and acts as an intermediary between buyer and seller. They can help you negotiate your terms and take some of the stress out of the process so that everything runs smoothly throughout the transaction. Sales can often take between six and 12 months, so an agent can be a comforting reminder that everything is still working, albeit slowly.

Brokers will offer a range of services such as business valuation, marketing, buyer screening and negotiations. They will prepare your business for sale and advise you on any areas for improvement before you put it on the market, so you can get the most out of your sale without losing money on issues that could have been resolved beforehand.

Some people get confused between the role of a real estate agent and that of other professionals such as lawyers and accountants. A business broker is not there to replace these other professionals, but works with them to keep the sale well structured and moving at a reliable pace.

Choose the right broker for you

So you have chosen to engage a real estate agent: a smart choice. But with so many organizations, how can you know which one to choose? Let's look at some tips on how to choose the right broker for you:

1. Past experiences

Experience is crucial when it comes to choosing your real estate agent because you need someone who will bring his or her wealth of knowledge to the table if you are unfamiliar with the subject. Even if you're familiar with selling a business and the process involved, it doesn't hurt to have an experienced real estate agent on hand to work with you through this process. Inexperienced agents may not have enough knowledge to complement yours, leaving you both unsure of what you are doing.

Another thing to look for is a track record of success in selling businesses similar to yours. Be sure to ask potential agents how many and what types of companies they have helped in their careers, and you can even ask to see references from previous clients if you wish.

2. Professionalism

Professionalism goes hand in hand with past experience, but we have also included it here because it is essential that the agent you choose has all the necessary qualifications and references to act as your agent. The more references they have, the more past experience they may have.

Again, asking for referrals and past testimonials will help you determine how professional your potential real estate agents are. Look for words like honest, ethical and trustworthy in previous testimonials. We think the way your agent responds to being asked to see references is also a good character assessment because if he gets annoyed or refuses to show you these, you are less likely to want to work with him.

3. Communication skills

We've all accidentally hired a professional who isn't known for their interview skills, right? So we all know how frustrating it can be when they don't respond often or keep us informed of everything we need to know. One of the most important services that real estate agents offer is communication during the sales process so that you know what is going on at all times, but agents with poor communication skills can very rarely offer this. Ensuring that your agent has excellent communication skills will help you in the long run by ensuring that you are always kept informed.

Final thoughts

And there we have it: how to choose the best real estate agent for your business. Many people we speak to agree that using a real estate agent is an invaluable experience, but only if they choose the option that suits them best. When choosing your real estate agent, consider their previous experience, professionalism and communication skills before accepting their offer. Don't be afraid to ask for references either! A reputable real estate agent, such as Lloyds estate agents, will have no problem showing off their glowing testimonials. Good luck!

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