"10 Steps to Hiring the Right Business Broker for You" by Aaron Muller (Video)
If you're looking to sell your Middle Tennessee or Franklin Business, you're probably wondering how to go about hiring the right business broker. There are a few things we think you should know and this video covers all of them just great.
For more information about a business broker in Franklin, you can find more information here: HPX Advisors - Serving Franklin, Murfreesboro, and Brentwood Tennessee!
Don't have sound available? Here's the full transcript from this video!
Hello everyone. My name's Aaron Muller. I'm with Advantage Commercial Brokers and I help people buy and sell businesses in Washington state.
Today on this segment I want to talk about the 10 steps in choosing the right business broker for you. Number one, let's talk about specialty. Is that business broker a specialist in selling businesses? Number two, what's that business broker's track record? How many businesses have they sold in the last year or even in their career?
Number three, financing contacts, is that business broker connected to a lot of different bankers out there that might help in that process for somebody to buy a business? Are they preferred lenders or are they specialty lenders that can get the deal done? Number four, what's the choice escrow that that business broker uses? Is it a home escrow agent or somebody that does houses, or is it an escrow agent that only does business opportunities?
Number five, the marketing package. When that business broker puts together all the marketing material on that business, how well is it presented out there to the buyers? For instance, our company, we have over 100 page, 200 page marketing packages. It just gets all the data out there for people to make good decisions.
Number six, confidentiality. Confidentiality is so key to making sure that you don't ruin your business in the process of trying to sell your business. Number seven is, is that business broker good at minimizing your liability as a seller in the process of putting together the contracts and the language that everything has to be put together as? I'm not saying that a business broker has to be an attorney, but they just have to know how to navigate through situations and disclose enough situations so that you're protected as a seller.
Then number eight, is that business broker going to help you minimize your tax obligations? Again, they're not a CPA, but they also should be experienced enough in that whether they know how to structure the deal so that you're going to be a little bit protected in the tax sense.
Number nine, how straight forward is that business broker? Is that business broker a straight communicator, doesn't worry about offending you in everything he says? He might just tell you the truth sometimes that you might not like, but also be good at communicating with the buyers and keeping you up to date as to how your business is doing out on the market.
Then number ten, does your business broker have experience owning a business himself? Has he ever run that company and been able to know what it's like to have a business? Because a buyer is looking to trust somebody that has some experience, not just a sales person. A business broker that actually has bought a business or has owned a business himself, he might have a little bit more credibility than that person that's never even owned a business himself.
For any more information on buying or selling a company, please visit our website at acbrokersinc.com. Thank you.