Selling your business is a crucial and challenging time. Either you want to leave your business or grow it, having a dependable strategy or helping-hand is even more critical. As for the latter, you would want someone who is qualified and dedicated to doing the job for you.
It is not difficult, however, to find a business broker. Utah alone has plenty of qualified brokers such as Utah Business Consultants. But hiring one is where the struggle arises.
So, it is important to know more about who you want to hire by asking them the right questions.
1. How do you value a business?
If a business broker answers you with valuations and calculations without any reservations or considerations for the type of business, then his or her ability is not enough. Every business is unique. Do not get bought by generalized answers or strategies.
2. How do you promote a sale?
Making a promise on how to attract buyers will not do. Look for concrete steps or approaches on how the broker will market your sale, as well as retain confidentiality. Having a comprehensive promotional strategy that includes the use of online and offline platforms is ideal.
3. How many businesses have you sold?
Asking for the number of businesses a broker sold speaks of his or her success as a business broker. It tells how focused he or she with finding a buyer. Most appropriately, ask how many businesses like yours the broker sold. This way, you will know how good he or she is in selling similar businesses.
4. How many listings do you currently have?
If you ask for the broker’s current listing, it gives you an idea of how much time he or she will spend for your sale. If the broker has a number of them, he or she may have little time for your sale. Or, worse, he or she could just be collecting many businesses just to be lucky with one.
There you go. These are just some of the questions to ask a business broker. Happy hunting!