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How to Hire a Business Broker

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The topic of this article is how to hire a business broker. Let's start with what exactly a business broker is, and why you might want to hire a business broker.

If you are simply tired of running your business-you've been doing it for 30 years-and it's time for you to get out, hiring a business broker is much easier than sticking a "Business For Sale" sign on your window, and then never selling your business.

Let's say that you need to consolidate your interests-you have your finger in too many pots and you just can't keep everything straight. You need a business broker.

What if you're interested in acquiring some new business ventures, or you want to start out and have your own hair salon, for example, but you don't want to go through all of the hassle of finding a place, working with zoning laws, trying to find the best location, working with the local government, getting permits, finding new customers, and on and on and on. You need a business broker.

Business brokers deal with the buying and selling of businesses. It is usually much more effective and ultimately much more cost-effective to go through a business broker if you want to buy or sell your business. Brokers have specialized information and knowledge of the field of buying and selling businesses. They already have contacts that they can set you up with. They know exactly what the mood of the local market is and how the economy is doing. They know if a business is in a good or a bad location. Not using a business broker to help you buy or sell a business is sort of like wandering into the highest end French restaurant you can imagine, without speaking a lick of French, and just pointing at something on the menu, hoping that you will magically get that dish you've been craving for months, that it will taste superb, and that the price will be fantastic.
Fat chance.

So here are some of the other reasons why you should hire a business broker. If you are selling a business, the broker will help you design a marketing plan just for your business and targeted towards the kind of buyer that you want. Business brokers know how to attract those buyers, and they will market your business accordingly. Business brokers will know the right publications, how to work direct mail, the right Internet sites, and more different publicity venues. The business broker also will be able to tell who will be a good, legitimate buyer, and who will not. The business broker will be able to tell if the potential buyer is qualified in terms of experience and financial state. The business broker can handle all negotiations, so that you can focus on running the business while the broker gets the deal. The business broker will keep your information confidential, and will also take care of all of the red tape and hassle of actually getting the transaction to go through.

Alright, now that you're convinced, here are some tips on how to hire a business broker.

  1. Only choose a business broker firm that has been in business for three years or more.

  2. Choose a business broker who is familiar with your industry, so that he or she knows what a fair price is and where prospective buyers will be.

  3. Choose a business broker that has other affiliated offices, advertises other business, and has sales people. You want a broker who is successful and is well known.

  4. When trying to decide if you should hire a broker, the broker should present you with a detailed advertising and marketing plan so that you know exactly what you will be getting, and if it will be good enough.

  5. The potential business broker should also give you a marketing plan and ideas on how to sell your business quickly and how to get the most money for your business. This should be done before you hire the broker.

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