Selecting a Business Broker
When the time comes to sell your business you will be best served by finding a qualified professional to assist you. You should seek out an experienced Business Broker. Business Brokers specialize in selling businesses. Be careful, Realtors and Commercial agents are generally not experienced in the sale of a business enterprise. Most realize this and don’t attempt to operate outside their skill set. However some residential and commercial realtors will seek to “pick up” a business listing. The results can be disastrous. In general Realtors do not understand the complex process of selling a business or the critical importance of confidentiality.
Business Brokers are the only ones who can guide you through the sale of your business and do so while maintaining confidentiality throughout the process. In Florida we have a Professional Association of Business Brokers called the Business Brokers of Florida (BBF). A good first place to start would be to visit their website at www.bbfmls.com. There you will find a directory of members. By selecting a member of the BBF you know you are working with a professional who is bound to the high ethical standards of our profession.
Outside Florida the Internatiaon Business Brokers Association (IBBA) is a good source for finding a professional Business Broker.
It is also a good idea to ask your Broker the follow questions.
1. How many businesses have you sold?
2. Do you have a professional designation?
3. How will you advertise my business?
4. Will you protect the confidentiality of my business during the sales process?
A good Business Broker will assist you in properly pricing and marketing your business. They will walk you through the process and bring it to a successful conclusion. Knowing how to select the right Broker is your first step in the process of selling your business.
Anthony John Rigney is licensed Business Broker in the State of Florida He is a Board Certified Intermediary and Accredited Business Intermediary. Anthony is also the founder and owner of Quorum Business Advisors, LLC.