A business broker is an individual or company that assists mainly in the purchase and sale of small, main street businesses. Their tasks include helping companies to secure a favorable price, submit paperwork correctly, and fulfill any licensing and permitting requirements. Business brokers will estimate the value of a business, advertise it, and conduct interviews with potential buyers.
Brokers can play a very valuable role in the process as they provide guidance, advice, and other resources that you may need to make the transaction happen. Business brokers typically have years of training and experience in buying and selling small to medium-sized businesses and therefore can provide you the expert guidance that can save you precious time and money. Brokers are also well connected with finance professionals, accountants, attorneys, and other professionals who may be needed to facilitate the sale.
Our Indiana Business Advisors have been in the business of selling businesses for years and our knowledge and experience will help you achieve your goals. Deciding to sell your business is often the easy part. How to go about selling it is another challenge altogether. It is Indiana Business Advisors’ job to ease the sale process for the buyer and seller and eliminate stress. Handling care of details such as marketing, finance, fees, and closing takes an undue burden off the client. The minute details of a sale are comfortably within the wheelhouse of our brokers.
In preparation for contacting us about selling your business, please complete the assessment and review the pre-sales outline provided in our free selling guide by downloading the attached PDF: Guide to Selling a Business.
For your business broker to do an effective job, which is selling your company – maximizing the asking price, terms, and net proceeds, handling the details effectively – there are some things brokers will expect from you. By understanding these expectations, you will greatly improve the chances of a successful sale.
Here Is Just A Few:
- Continue to run your business, but be available – respond to emails and phone calls promptly.
- Work in a coordinated manner with the broker. Beginning with the gathering of information, through the transaction closing, you need input about all aspects of the sale. Only they can provide the necessary information.
- Keep your Indiana Business Broker current. A business may take 6 months to a year to sell. The lines of communication must be kept open throughout the entire process.
- You will rightfully expect the broker to develop a list of possible acquirers. You can help in several ways. First, you could offer the names of possible candidates who might be interested in acquiring your business. Second, supplying the broker with industry publications, magazines and directories will help in increasing the number of possible purchasers and will help in educating the broker in the nature of your business.
- Keep your Indiana Business Broker in the loop. Hopefully, at some point, a letter of intent will be signed and the deal turned over to the lawyers for the drafting of the final documents. Now is not the time to assume that the broker’s job is done. It may just be beginning as the details of financing are completed and final deal points are resolved. The broker knows the buyer, the seller, and what they really agreed on. You may be keeping the deal from falling apart by keeping the broker involved in the negotiations.
- Be open to all suggestions. You may feel that you only want one type of buyer to look at your business. For example, you may think that only a foreign company will pay you what you want for the company. Your Indiana Business Broker may have some other prospects. Sometimes you have to be willing to change directions.