How to Chose the Right Business Broker
Choosing the right business broker when buying or selling a business is one of the hardest decisions a business owner will make. Most owners only sell a business once a lifetime so your business broker must be an expert in their field. As a business owner you should ask your business broker some critical questions. Does your business broker have transaction experience? Is your business broker qualified to provide appropriate advice? Can the business broker provide the right quality of information to potential buyers? Do you feel comfortable talking openly and honestly to your business broker? Below we have listed some important considerations to consider when choosing your business broker (we have included our business broker credentials as a comparison):
Are the business brokers qualified and experienced?
Ensure your business broker has significant transaction experience in your industry and is legally licenced to provide advice as and when required.
All of One Business Brokers advisors are experienced in transaction deals. As a member firm of the Real Estate Institute of Queensland we are fully licenced.
Who will manage the sale of your business?
All of our clients are assigned one experienced licenced business broker throughout the sale process to ensure continuity of sale.
Our business brokers are in regular contact with the business owner throughout the sale process ensuring the client is kept up to date with all developments.
Does your business broker understand the importance of confidentiality?
During the initial marketing of your business general non-specific information is released to the market. Only once a potential buyer has signed our buyer registration and confidentiality agreement will any detailed financial or business information be released. One Business Brokers understand the sensitivity of information to both competitors and staff and manage this to ensure minimal disruption.
How does the business broker present your business for sale?
One Business Brokers presents all businesses for sale in a professional manner, preparing an Information Memorandum (“IM”) for distribution to potential buyers. It is provides purchasers with sufficient information to make an initial assessment. The IM serves as a marketing device summarising the businesses main attributes and growth opportunities.
The IM is only distributed to potential buyers after they have signed a buyer’s registration form and confidentiality agreement.
Working with other professionals
Our business brokers are qualified professionals in their own right and maintain regular contact with professional accountants, lawyers and other corporate advisors.