Finding A Business Broker
Experts estimate that over $10 trillion dollars of business transfers will take place by 2030 in the US. Business owners decide to sell their businesses for various reasons: health, retirement, burnout, boredom, family issues, and the list goes on.
One of the first steps business owners take is finding and securing a trusted business broker to assist them with the confidential sale of their business. Business owners can’t simply put a business for sale sign on their front door when they get ready to sell their business.
Business brokers help business owners with confidential marketing, valuation, vetting potential buyers, buyer/seller meetings, legal, accounting, due diligence, land sale or lease transfer negotiations, legal contracts, closing and much more. Business brokers do all of this so the business owner can continue to manage and grow their business.
Information Your Business Broker Needs
During your initial meeting with a business broker, your business broker will want to hear your story. This information will be of great importance during marketing. Every business and every business owner has a great story that needs to be shared.
Your business broker will also need some detailed business information: Tax records, lease info, expenses, annual revenue, owners benefits, employee’s information, franchise transfer if business is a franchise, business legal name, hours of operation, FF&E value, reason for sale, special license required to run business, seller financing details and a few other pertinent details.
These details will help your business broker provide you with a valuation range for you to determine a marketing price for your business. This information will also aid your business broker in creating your Executive Summary and Business Listing Information for marketing. You need to ask any potential business brokers to show you a few samples of their business marketing pieces.
Finding A Business Broker
I hope this information is helpful to you as you search for a trusted business broker. There is of course so much more that is involved in the selection of a business broker but I hope this information helps as you begin the journey of selling your business.
