When I plan to sell my business, I know exactly whom I will call upon. Options do exist. I am very aware of them. I know I could turn to any of the following: a real estate agent, real estate broker or a business broker. In MN, all these possibilities exist and are readily available. However, I know the best choice for my business is a business broker.
Why Choose A Business Broker?
A business broker is a professional in real estate. However, unlike the average real estate agent, company or broker, he or she specializes in the buying and selling of businesses. Unlike even the most experienced real estate agent, a business broker knows exactly what it takes to find the right buyer-seller match for a business. This is a complicated transaction – more so than the average or even more complex real estate sale. A business broker knows:
- The need for an in depth assessment of a business property
- Understands the terms of valuation and its various components
- Comprehends I need to focus on my business and not on selling my business
- Considers such aspects of businesses as franchises, partners, trade secrets and current personnel/employees
- Provides complete confidentiality
- Where to advertise for the right qualified buyers
- Will vet any potential buyers and their offers
A professional business broker knows the art and craft of selling and buying businesses. He or she can reach out and tap the resources in MN and from around the world. If I choose to sell my business through a business broker, I know I can focus on my work and employees. The business broker will not interrupt me with anything but serious offers and positive matches. This is a major advantage for any business owner thinking of selling his or her business.
Business Brokers – Basic Types
Business brokers are not all created equal. Like their real estate counterparts, they have their own focus, territory and/or specialization. Depending upon your business, your location, your issues and needs, you can consider any of the following:
- Local business brokers – They concentrate on local businesses
- Specialized: Brokers that only handle a specific type of business or property e.g. industrial, commercial, large, small, restaurants, hair salons, fabricators,
- Generalists – Will buy or sell any type of business and business-related real estate including industrial properties
- Independent firms – often small in scope
- Larger firms
How to Sell My Business
In the end, the only option is a business broker. While I will be careful in selecting who will sell my business, and carefully look at the qualifications of the companies and brokers available in my area of MN, it is a matter of refining my choice not altering my decision.
