It’s important to get the right business broker to buy or sell a business. Learn major tips on how to choose the best business broker, like Pacific Business Sales.

At some point in your business, you may be willing to sell it.

When you’re convinced to sell, the next major decision is to find the right business broker or merger and acquisition firm to sell your company.

You’ll find many good business brokers out there. But not all of them can sell your company.

It’s one thing to be a good business broker; it’s another thing to be able to sell any company.

At Pacific Business Sales, we know this truth. We are experienced professionals with a focus on selling small and mid-sized businesses in California.

Our professional team has over 20 years of experience across several industries.

We know the fine distinctions that come with the sale of each unique business.

This helps us to value your business at the best value through the lender-approved valuation method.

In this article, we’ll share some key tips that’ll enable you to identify a good business broker.

Let’s get into it.

1. Google search for the best Business Broker

Before you can find business brokers that might be a good fit to sell your company, you need to know where to look.

The first place to start is to do a Google search for Business Brokers.

Type in the keyword plus your industry. For example, “Business Broker in manufacturing.”

When you make the search, you’ll see companies in the top search results (usually the first 3).

This is a good sign that they are mostly used by buyers and sellers.

You can also find business brokers on the International Business Brokers Association and the most widely used website for Business Brokers (www.bizbuysell.com).

2. Check their reviews

Check their reviews on Google and LinkedIn to ensure they have happy and satisfied customers.

Most businesses hire managers just to check the reviews of anyone important.  

Also, check their websites for video testimonials. This can be an added advantage.

3. How long has the Business Broker been in business?

The Business Brokerage firm you select must have been in operation for a long time.

We recommend at least ten years. For us, we’ve been in business for over 20 years.

This is important because Business Brokers come and go, and you need a firm that won’t go out of business in the middle of your sales process.

Additionally, the fact that we’ve been around for this long is a testament to our success, and we can leverage this experience to successfully sell your company.

4. Check their buyer database

A firm with an established relationship with potential buyers whom they can contact at any time is one you need.

They should have contacts in your industry and related industries, and wealthy entrepreneurs. 

Discover the extent of their database of potential buyers.

At Pacific Business Sales, we have an email list of over 3500 potential buyers.

5. Fee structure

We believe it’s necessary to select a broker that doesn’t charge an upfront fee.

They should be successful enough to make a good living solely by closing businesses, rather than relying on fees to cover their marketing costs and other expenses. 

6. Check their associations

The most prominent associations in this line of business are the International Business Brokers Association (IBBA), Chamber of Commerce, State or regional Business Broker Associations, and M&A Source.

Check if they are members of any of these associations for credibility’s sake.

7. Brokers in multiple locations

Let’s assume you want to sell a company that’s worth over $1 million in revenue.

The best thing is to work with a Business Brokerage firm that has an active presence in multiple locations.

Additionally, seek out individuals who have established relationships with potential buyers across the United States, as well as overseas.

At Pacific Business Sales, we have a strong presence in the following locations in California: Los Angeles, Silicon Valley, Orange County, San Francisco, San Diego, and the Inland Empire.

8. Thoroughly check their website

Check if their website is user-friendly, so buyers can easily view their listings.

Their websites should be easy to use, allowing buyers to search for different businesses for sale by various criteria.

Also, check if their website appears high in Google searches, because if you can find them easily, buyers can too. 

9. Check their past and present sales business transactions

This one is important. Before you choose a business broker, check if they’ve sold businesses similar to yours.

You should also check if they currently have similar businesses for sale, especially in terms of size and industry.

If you examine these two factors, you can determine whether the brokerage has sold and is currently selling, which will help you decide whether they might be the right fit.

If they are, then they would most likely have established contacts with potential buyers for your company.

This will make them more likely to sell your business quickly and at a better price.

10. Contact the Business Brokers of your choice to form a relationship

After you’ve done all the tips we’ve shared, the next big step is to contact them.

This will open the door to a detailed conversation with them.

The conversation with them will help you determine if they understand your business and if you like them.

This is important because:

• You’ll be working with them, so you want someone you’ll work well with.
• A collective effort is usually the best way to sell a business, as no one knows it better than the owner.
• You’ll need to rely on them for their expertise in the process of selling your business.
• Chances are that if you like them, potential buyers will also.
• You want someone with personal skills who can keep things moving forward.

To truly get the answers to all these questions is to keep the conversation open and remain in control of your emotions so they don’t interfere with closing a deal.

Conclusion

We hope these tips have helped find and select the right Business Broker.

At Pacific Business Sales, we’ll get to know you and your company through an open conversation, giving you the opportunity to determine if we might be a good fit to sell your company. 

Choose us today and let’s make your business sales a seamless process from start to finish.

Visit our website now to see what to expect from us when you choose us.