Business Brokers NJ: Article About Selecting A Business Broker
Choosing a business broker is among the most important decisions you will make when you sell your company. Finding a specialist who is a good fit in terms of your time frame, your personal goals and your type of business can be critical to a successful transaction. Your broker may begin working with you months before putting your company on the market and will stick with you through the closing of the deal. Take the following into consideration when speaking with your business brokers NJ about representing your property.
Whenever you put a major contract up for bid, whether it involves a new roof for your home or selling your business, you should speak with several candidates before making a selection. Be sure to generate a list of interview questions prior to your meetings and ask each broker the same questions to get a good basis for comparison.
Find out about the specific services the business broker will provide. To market your business most effectively, your broker should create a detailed selling memorandum that is customized for your business. He or she should provide a list of comparable properties that helps you set a fair asking price. You may need a broker capable of producing recast financial statements that present your company in its best light.
Ask about commission. You may think that all brokers charge the same percentage of your sales price for their services, but this is not always the case.
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Find out how much money the broker plans to dedicate to marketing your company, and get the specifics on marketing venues.
If you don't want your employees, your competitors or your customers to know that you are trying to sell your business, ask brokers how they keep this information confidential. You should be concerned if someone tries to talk you out of it because it makes his or her job more difficult.
Observe body language, communication skills and how well your personalities mesh when interviewing prospective business brokers. Because they are trying their best to impress at this initial meeting, any chinks you identify in their presentation may widen as you begin working together.
Meet brokers in their own environments to get added insight into their professional performances. Note how others in the office handle incoming phone calls and whether they are available to clients. See whether the broker's workspace reflects a busy yet organized professional.
If further questions arise after you interview a broker, don't hesitate to get back in touch. It is a courtesy to ask for their further input if you are in doubt about any aspects of their services. Be sure to ask for and speak with each broker's references before making your final decision.