How to Find the Best Advisor When Selling Your Business
Do-it-yourself Home repairs have had their moment in the sun. But for anyone who has paid attention to that trend, it quickly became apparent that having an expert remodel a home offered a considerable advantage in terms of the quality of the work. The same applies to other big tasks, such as selling your business. Sure, no one knows the ins and outs of your business better than you do, but that isn’t the same as understanding what it takes to market your business correctly, vet potential buyers, and, ultimately, get the best deal.
So, if you have decided to sell your company, how can you find the best broker or advisor to help you take the next step? When interviewing brokers for this vital role, here are three things to consider that will allow you to continue doing what you do best: running a successful business.
The Type of Advisor You Need
What’s the best way to start your search for a business broker? Start narrowing your search by focusing on advisors who can help by delving into the details of your business and preparing you for sale. Not only does this require a thorough knowledge of how to sell a business, but it also demands an extensive professional network that might be interested (and able!) to purchase your company.
Want a business advisor that can meet those three criteria? As detailed below, a Transworld advisor is your ultimate choice because our experienced professionals offer all those skills and more.
The Size of the Business Advisor
You have probably heard a lot of opinions regarding the size of a business advisor—smaller ones offer personalized services, and larger ones have a broader marketing reach. Transworld truly provides the best of both worlds:
- The feel of an individualized, local broker with concierge service: We believe in sitting down with business owners to learn more about them, their values, their business, and what's important to them during and after the sale. Building this relationship enables us to develop a strategy that's unique to the business and aligns with the business owner's values and desires, and we can more effectively target the right buyer. This concierge service is at the core of our approach and much more effective than a one-size-fits-all approach.
- A prominent corporate firm: A few benefits of Transworld’s reach include the more than 300,000 potential buyers in our database and the ability to access a global network of brokers with knowledge, experience, and qualified buyers.
The Credibility and Ability of the Advisor
You’ve considered what kind of business broker you need and determined what size firm meets your Goldilocks’ “just right” needs. The next factor to consider is your potential advisor’s credibility and ability. The top issue is whether the advisor will keep your business’s sale confidential. Suppliers, employees, and even customers can react with concern when they learn of a business’ sale, impacting your ability to maximize your profits.
Speaking of profits, you want to enlist the services of a business advisor known for getting their clients the best possible price for the sale of their business. Whether you plan to use those funds to retire, start another venture, or something else, selling for top dollar matters.
Other factors you want to consider:
- What industries does the advisor serve?
- What’s their process from start to finish?
- How long does it usually take?
- What is the percentage of businesses listed that have actually sold? (Note the industry average is 20%-40%, depending on the source. Our success rate is 70%-80%)
Deciding to sell your business is an exciting and stressful time. At Transworld, our advisors are some of the most sophisticated and experienced in the industry. Our business advisors have the training and know-how to help ensure you get the best deal. Schedule a free consultation today to get started by Requesting More Information below.
