The Summit Group
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Choosing the Right Business Broker

Posted on July 10, 2016

As the sale of a business is a hugely important event in the life of every business owner, it is important that the business owner choose the right Business Broker to sell his or her business.

Before you select a business Broker, you should consider the following;

  • Ask your Accountant and Lawyer for their input and advice.
  • Ask business acquaintances and friends for referrals.
  • Visit their offices: does the Business Broker have a professional corporate culture?
  • Is the Business Broker willing to come to your business and learn about it?
  •  Ask to meet with the “team” that will be selling your business.
  • Insist upon a written quote that not only covers the fees but details the process and exactly what the Business Broker is going to do for you.
  •  Make sure you understand exactly how the Brokers Fees are calculated and how much you will pay.
  • Ask for references and check them.
  • Find out how experienced the Broker is and how long has the Firm been in business.
  • Ask them how they find buyers.
  • Ask them how they qualify the buyers.
  • Determine if the Business Broker requires an exclusive contract to sell your business and for how long.

Make sure that you are comfortable with the Business Broker and the team. Yours is going to be a close, confidential and personal relationship so you must have confidence and trust in the Broker. After all, they are selling the business that you have devoted a significant portion of your life to it and chances are you are only going to do this once..


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