Why Use a Business Broker?
Marketing your business and finding a buyer is only a small part of what a business broker does. Most business owners sell only one business in their life, but business brokers gain experience from many sales. A business broker should be the quarterback of your deal team of advisors – including your attorney, account, and personal financial planner. Your deal team will help you maximize your after tax proceeds, negotiate the best deal, and protect your interests while you do the important work of operating your business through the selling process.
Here is a list of some of the most basic steps a broker will take while selling your business:
- Analyze and recast financial reports
- Develop a range of value and price strategy for selling your business
- Consider the current market including in your industry
- Prepare confidential information for prospective buyers
- Screen prospects for financial ability and industry experience
- Protect confidentiality
- Prepare and execute marketing
- Receive offers and negotiate terms
- Provide expertise and experience with technical matters such as bulk sale laws
- Coordinate due diligence and satisfaction of contingencies
- Oversee the escrow process through closing
- Coordinate a successful transition of operations from you to the buyer