• 13 Points to Keep in Mind
• 9 Reasons to Use a Broker
• Initial Consultation
• Listing
• Marketing
• Offer
• Due Diligence
• Escrow
• Closing

9 Reasons to Use a Broker

Price. An agent that specializes in your industry deals with dozens of businesses a year, is generally well informed of market conditions, and can help in determining a fair price for your business.

Lead Generation. Selling your business often involves finding and screening dozens of prospects. An agent typically has a backlog of buyers, established means for reaching a wide audience of buyers, and can generally provide multiple, motivated prospects that are looking for businesses like yours.

Time. Selling a business takes far more time than most people realize, time that you can ill afford to take away from your business. An agent solves this problem.

Disruption. Selling a business can also be disruptive to the continued operation of your business. Prospects expect and deserve to call anytime, any day, and get timely answers to their questions and help with their problems. Phone calls cannot be avoided nor postponed until it is convenient to you.

Confidentiality. Maintaining the confidentiality of your sale is important, but may not be possible when buyers call or drop by throughout the day to talk to you, with expectations of asking detailed conversations about sensitive matters. Holding off-site meetings - away from curious employees, suppliers, franchisors, and suppliers - is helpful, but time-consuming and disruptive to your business.

Knowledge. A successful sale typically involves navigating through many hurdles, most of which must be faced and solved by the buyer. Typical challenges include financing, appraisals, environmental reports, franchise qualification, landlord qualification, licensing, education, and more. Nothing is more frustrating than being months into a deal only to have it fall apart. A qualified agent knows these hurdles, is prepared to deal with them, and relieves the seller of the awkward challenge of performing for the buyer.

Liability. Selling a business is not something business owners regularly face, and is no longer a simple matter. If a sale is not done correctly, there can be liability that may last for years. An agent is generally familiar with the issues, procedures, regulations, checklists, and considerations that affect the sale of your business, and removes the mystery and complexity of the process by working with the parties step-by-step through to a successful conclusion.

Communications. Both buyer and seller have questions and concerns. These can be awkward to address to each other directly, or difficult to answer when put on the spot, in the middle of negotiations, while standing outside your business. An agent can be of considerable assistance in improving communications both ways and handling sensitive issues without hurt feelings.

Buyer Support. Oftentimes, the majority of work comes after the purchase agreement and falls on the buyer. The buyer needs help navigating the labyrinth of lenders, appraisers, landlords, franchisors, government agencies, title companies, and all the rest that must be completed prior to close of escrow. Also, the buyer needs someone to confide in regarding the personal and financial information required as part of the process. A good agent provides the needed knowledge, contacts, and services.