In the video, Aaron Meller talks about 10 important steps to take when choosing a business broker. Some of these steps include figuring out if the business broker specializes in selling businesses like yours. Do your research to find out how many businesses they’ve sold in the past.
Also, check if they’ve got connections to bankers who can help you finance the purchase.
Make sure they use an escrow agent focusing on business deals. Get them to put together a killer marketing package showcasing your business to potential buyers. Minimize your liability as a seller by having the broker help you navigate the legal aspects. Consider the tax implications of the sale with the broker.
Select a broker who has experience owning a business themselves. Make sure they’re not just some jack-of-all-trades trying to sell everything under the sun. You need someone who knows the ins and outs of your industry. Wouldn’t you trust a doctor specializing in your health issue instead of a general practitioner? The same goes for selling your business.
Now, you want to see their track record. How many businesses have they successfully sold in your industry? Are they a champion closer, or do deals tend to fizzle out? Check out their sales achievements, talk to past clients, and get the lowdown on their success rate. Financing is a big deal when selling a business, so ensure your broker has the connections to make things happen.