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Questions to Ask Your Broker

Questions to Ask Your Broker

 

Speed and results—these are what you want from a business broker. Your broker helps ensure that your store gets sold the soonest possible time and for the best price. Considering the complex role that business brokers play, you, as the business owner and seller, would want to make sure that your broker is the right fit for your needs.

The business broker makes sure that the sales process proceeds smoothly and without delay. They handle the sale’s more intricate aspects, such as qualifying prospects and handling paperwork. They take the burden of advertising your business’ sale to interested parties off of your shoulders, helping you run your business and gain profit even while your store piques the interest of buyers in the market.

You can ascertain your broker’s capability to sell your business by asking the right questions. Here are some you can start with:

1. What is your experience in selling supermarkets?

Experienced brokers know the ins and outs of the business selling process. This means that they have the capacity to give you the results you want. They also most likely have an existing database of prospective buyers which would allow them to sell your business faster. A good follow-up question would be “How many business like mine have you sold before?”

2. How do you determine my business’ value?

Different brokers may follow varying ways of evaluating your business’ worth. You have to understand the process used by your broker to make sure that you are truly getting the price your store deserves.

3. How fast can you sell my business?

Time is essential in business sales, more so for the seller. You may be selling your business because you are planning to live overseas or because you are contemplating retirement. A solid estimate of how long the process will take will allow you to plan your own future more effectively.

4. How much will you spend on marketing my business?

A capable business broker can quickly provide you with an accurate figure. You can take this as a good sign of the broker’s experience and ability to actively pursue and close deals.

5. How will you market my business?

More isn’t always better when marketing your business. After you have determined the potential cost, you have to know what the expense will be used for. Will the broker be using traditional media or will the Internet be considered? If it’s the latter, what websites will be used? Determining these details will give you an idea on how effective the marketing may be and consequently, how long you have to wait for the sale to be accomplished.

6. How will you qualify prospects?

You need to know how your business broker determines buyers from lookers. The latter are false leads and will only delay the process. Ask whether your broker asks for proof from prospects of their capability to actually pay for the business.

7. Do I have to do vendor financing?

Vendor or seller financing means that you will pay for a portion of your business’ sale. This amount will then be paid for by the buyer later with a set interest. It has its share of risks, but it can also make the sales process faster. It pays to weigh the pros and cons before making your decision regarding the matter.

8. How much would your services cost me?

To set your expectations, better service often means a higher set of fees. This is the last question you should ask to prevent yourself from being discouraged from getting your broker’s services because of the potential costs. It is imperative that you hear first what your broker can do for you so you can make a more informed decision about having them on your team.

As the business owner, you can obtain the best results largely with the help of a truly capable business broker. You deserve the highest-quality service, so make sure to ask the right questions.

Learn how Aussie Brokers can help you sell your business fast by going to aussiebrokers.com.au.