Eight Reasons to Hire a Business Broker when Selling Your Business
Exit Strategy - Selling a Business Selling a Business
Below are some of the benefits of using a business broker.
- Maintain Confidentiality: At Lakes Business Group, we protect the identity of our clients. All our prospective buyers sign a confidentiality agreement before seeing a business profile. Some of our clients ask us to run the buyer’s names by them so they can approve before disclosing the business profile.
- Determine the best selling price: Every business is different, with many variables that have an impact on the value. Our team has access to databases that can be used as reference points as well as the experience of ten years plus in business valuation and selling businesses. Being a ‘third party’, we can see the business from a buyers’ perspective.
- Marketing: Because all we do is business acquisitions, we know where and how to market for your company’s business. A business broker will know what to highlight in your business to find the right buyer. Our team will create the business profile for your business. Usually a full business profile is only for those who have signed a confidentiality agreement. We also prepare a ‘teaser’ sheet that is more generic for marketing your business without giving confidential information.
- The business owner can continue to run the business. An owner’s lack of attention to running the business can cause business performance to suffer.
- Qualify and Screen Buyers: Lakes Business Group has been doing this for over 10 years and have a database of over 20,000 vetted buyers. We’ll introduce the buyer candidates to the sellers after they have been vetted.
- Mediate and negotiate with buyers and help the buyer to obtain financing.
- Receive purchase offers to present and help evaluate them to the sellers.
- Manage the Due Diligence Process: When the business is under agreement, the buyer will want a thorough due diligence of the financial and legal aspects of the business.