your password has been reset successfully, Please login again.

How to Find the Right Business Broker?

Business broker helps in buying and selling of business so it is essential to find the right one in order to get the best price of the deal.
BY Akshay Arora
Feature Writer, BusinessEx
Jan 05,2018

Selling a business is a big step as an entrepreneur has put all the efforts in building it so it is essential that entrepreneur gets the best price for it. In order to get the best deal, it is mandatory to find a business broker who understands your needs and find you the best deal available. But only a few business brokers are able to find the perfect deal so you must know how to find the right business broker.

There are few steps that you need to carry out in finding the right business broker:

Find a platform

The process of finding the right business broker begins with finding a platform where you can seek applications from brokers who are interested in your request for buying and selling of a business. A one-stop solution where you can find a broker as well as sell or buy a business is BusinessEx. You can prepare a list of brokers from using services of a platform like BusinessEx. This is important in finding the right broker.

Beware of Generalists

The next thing that you must know is that there are varied business brokers who will be interested in your deal but dont just hire them as you need to do a proper research before that. You may find many brokers on the search engines like Google but that will not make sure that they are right for you as each broker is specialised in different fields.

Background Check

Once you cut short the list then you need to do a background check on their character, the deals that they have already carried out, services, experience, etc. This will give you a better understanding of which broker is not a fraud and which broker can get you the best deal.

Questions

Once you have a few brokers left after doing all the above steps then you should ask your queries in form of questions like:

  • How much they value your business?
  • How many deals that they had already carried out?
  • In how much time they can buy/sell a business for you?
  • What is their commission percentage?
  • Do you have connections with lawyers, accountants, other professionals?

There are many questions that you need to know but these are the basic ones and you must get their answers in order to judge which broker suits your needs.

Confidentiality

You must ensure that the broker does not disclose the information about your deal as it may affect the function of your business. For example, you are planning to sell your retail business then if the information is disclosed before the deal is done then suppliers, employees, etc may have certain issues with it. It is better that you hire a broker who maintains the confidentiality of your business. BusinessEx is the best platform to sell/buy the business as it fully maintains confidentiality and also provides valuation services.

Negotiate Deal

While negotiating the deal with the broker, must make sure that you have the upper hand in the agreement terms. The general commission charge of a broker is 10-15 per cent of the deal which can be negotiated. The common mistake made by entrepreneurs is that they pay in advance so make sure while negotiating you dont pay the entire fee in advance.

Conclusion

There are many ways of finding a business broker but to find the right one, you need to follow these steps. The best low-cost solution of buying and selling a business is BusinessEx which also helps you in finding the business broker if needed.

Please add your Comment
SIMILAR Articles
November 15, 2018
learn 3 effective tips to start a daycare business at home ...More
By Jaspreet Kaur
November 14, 2018
Know the causes why physical furniture business is suffering. What are the ways to mitigate it? ...More
By Jaspreet Kaur
November 14, 2018
Picking out a software company in accord to the business is daunting. Employ the right selection pro ...More
By Jaspreet Kaur
November 13, 2018
Heavy machinery companies in India struggle while ascertaining monetary support. If the right knowle ...More
By Jaspreet Kaur
November 13, 2018
the vehicle rental business entails huge risk but on the same side, gives immense space for growth. ...More
By Jaspreet Kaur
November 12, 2018
The modular kitchen industry is expanding in India and thus, giving out an opportunity for entrepren ...More
By Jaspreet Kaur
November 12, 2018
Important factors to consider while commencing an automobile business ...More
By Jaspreet Kaur
November 09, 2018
Know the investment plans that cater higher financial return at lower risks. ...More
By Jaspreet Kaur
November 05, 2018
Small clothing brands struggle to create a mark in the clothing industry. Ace the performance by emp ...More
By Jaspreet Kaur
November 05, 2018
Kick off your electrical business by following 3 handy tips ...More
By Jaspreet Kaur
November 02, 2018
Opt investments plans which are more secure and less yielding ...More
By Jaspreet Kaur
November 02, 2018
Commence an interior design business by following three essential steps ...More
By Jaspreet Kaur