Selling your business is a huge decision that can affect your entire life and you want the best possible outcome. The deal will require meticulous planning, marketing, and the preparation of specific financial and legal documents needed to properly complete the transaction. 

The first decision you must make is whom you want on your sales team. Your decision will likely vary depending on the complexity of your business, and the amount of time you are willing to devote to the sale. You may be asking yourself whether you need an accountant, an attorney, or an entire team, including appraisers, brokers, and consultants. To answer this question, you must first understand how each of these particular roles fits into the business selling process: 

  • Will you require a professional appraiser? Any business that involves property, brands, proprietary processes, or assets will require some type of valuation expert. 
  • Will you need to hire consultants? A competent consulting firm may help you get a significantly higher selling price by suggesting you implement a variety of pre-sale business improvements. If that's the case, the extra fees for the service may be well worth it.
  • Should you hire a broker? A broker can be an essential piece of the puzzle for those with limited experience in selling a business. They are also helpful for owners who have experience selling but who prefer to spend their time and efforts on the day-to-day operation of their business.

Benefits of Hiring a Business Broker

  • Business Brokers focus on the sale as you focus on business performance.
  • Business Brokers offer a bridge or buffer between you and the buyer.
  • Business Brokers manage marketing, inquiries, communications, offers, due diligence, and closing aspects of the sale of your business.
  • Business Brokers take care of unexpected challenges that may arise. 

Business Brokers can be especially beneficial for hard-to-price businesses. Brokers and appraisers can help determine the value of your business as well as the associated asking price. Reputable Business Brokers require commissions. However, those will pale in comparison to the value of the services they provide and the post-sale profit they can help generate. 

Find the Best Broker For Your Needs

  • Search online, get referrals from business associates, your attorney, and your CPA.
  • Make sure the Business Broker  handles business sales as opposed to only real estate sales.
  • Determine whether you need a mergers-and-acquisitions specialist (for a multi-million dollar corporation) or a main street business broker (for smaller businesses).
  • Meet with and interview several Business Brokers to ensure a reasonable fit. Ask whether they've worked before with businesses like yours. You may need to interview several brokers before finding the right one.
  • Clarify upfront the relationship you'll have with your Business Broker. Read the agent agreement very carefully.

How Advisers Aid the Business Sale Process

  • They help prepare the sale for an accountant, attorney, appraiser, consultant, or broker.
  • They assess markets to determine the best sale price, thus acting as a marketing broker.
  • They can negotiate deals on your behalf with an accountant, attorney, or broker.
  • They may act as a closing broker or may expedite the closing process.

Remember, a strong business requires strong leadership, and only a great leader can ensure a great sale! However, having the right team in place can make the selling process a whole lot easier.