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What Does a Business Broker Do?

What Does a Business Broker Do?

A business broker is a trained individual or professional company that aids in the purchase and sale of small businesses. Their main tasks include helping a buyer or seller secure a favorable price, submitting the proper paperwork, and completing any required licensing or permits. The process of transferring ownership of a company can be very complicated. If you are planning to sell your business, a business broker will provide you with the estimated price value, advertise it for sale, and conduct interviews with potential buyers. Even before the business is put on the market, a broker can provide very useful advice to properly prepare the business for sale.

Tips for Hiring a Business Broker

If you are a business owner that is trying to sell, your only focus should be running your business and increasing its value, while relying on a business broker to handle the transaction details. When trying to find a good business broker, it is very important to ask about their past experiences, certifications, and areas of expertise. Your broker should have a lot of experience buying and selling businesses in your specific industry and your local area. It is also important to ask your broker about their rates, as they are usually paid through a commission percentage of the overall sale price. It is common to ask your broker for a preliminary evaluation before signing the listing agreement, to have a better understanding of the final price. Lastly, your broker should have a planned strategy that specifically targets individuals who have the ability and desire to purchase a business like yours.

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