Okay, you are thinking about selling your business, YOURSELF, is probably a mistake. Spring for the commission and find a talented broker to handle the deal. Here's what to look for:
1. Find a broker that has the time for you. How many listings does he have? Is he in the business of “churning” new clients?
2. Referrals – Ask for referrals. Sure, she’ll give you the best she has, but you may discover good info in your conversations with her past clients
3. Does he specialize? Some brokers have narrow specialties, others will handle anything. A generalist may be just fine, but make sure he understands your business.
4. After the first conversation, subtly quiz her. Did she remember you and your business? Has she had further thoughts? Weed out the phone jockeys.
5. Meet with him in person if at all possible. Face to face meetings are essential.
6. Understand her marketing process. How will she market your business? Does she understand who might be “the perfect buyer”?
7. Is he resourceful? Business brokers can be very formulaic. Does his formula make sense for your business?
8. Judge her on her manners and etiquette. Remember, she is in charge of presenting your business – make sure you like the way she does that.
9. Ask for “business profiles”, or brochures, of businesses he has sold. Do you like the way the businesses are represented? Is there a sense of professionalism?
10. Trust your instincts. This is an important and somewhat personal decision. If you have qualms, talk to more candidates.
Want to learn more?
Bay Area Business Coaching, www.bayareabusinesscoaching.com, is ready to help you avoid costly mistakes.
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