Build Your Business-Sale Team
TIP: Using business advisors to help you sell your business will give you time to continue running and keeping your business profitable while looking for a buyer.
"An outside consultant's formal appraisal can expedite negotiations between buyer and seller and help both sides reach their goals," says Tom Wright, a commercial business broker at Century 21 T.L. Wright Realty in Cobleskill, N.Y. "The most valuable service a business broker performs is establishing value."
Wright suggests assembling a team of professionals to help with the marketing and sales process. Your team should include:
TIP: If you feel that you need help in pricing your company and getting it in order for sale, but not in locating buyers and negotiating the deal, consider hiring an acquisitions consultant instead of a business broker. —Albert J. Mayer, CRB, president of Fred Sands Inc.
- A business broker with a background in real estate
- A tax advisor
- An attorney
- An accountant
- A business appraiser
- Your banker or other personal financial advisor
5 Things to Look for in a Business Broker
TIP: Use an attorney who specializes in mergers and acquisitions; otherwise you pay for your regular attorney to learn about the topic. After all, when you buy or sell a home, you want an attorney who specializes in real estate. —Beatrice Mitchell, Sperry Mitchell & Co., New York City
- Experience in selling real estate brokerage businesses
- Assistance in preparing your financial records to facilitate the sale
- References from other business owners, preferably owners you know personally
- Fees—either a commission or a flat fee—that are competitive
For help in locating a business broker, consult the International Business Brokers Association, The Business Brokers Network, or the Council of Real Estate Brokerage Managers' online referral directory.
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