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5 things you need to know when choosing a business broker

Brad OConnor

Jul 28, 2021

 

Hiring a business broker to assist you with buying or selling a business is a great way to simplify the process. With that being said, you will want to find a broker who is experienced, honest and who understands your needs. Here are five things that you need to know when choosing a business broker.

1. What are their credentials?

When meeting with a business broker for the first time, it is important to ask about their background and accreditation. First and foremost, ensure that they are properly licensed. Following that, find out which organizations, local chambers and business groups they are involved in. This second part is not necessary, but it will provide you with some insight as to how active and connected your broker is within the business community. When selecting a commercial business broker, you will want to find someone who is adequately qualified, experienced, and motivated to help you with your business transaction. 



2..    Is the broker genuinely interested in learning about you and your business?

A good business broker will take a genuine interest in you, and your business. They will want to learn everything they can about your company to help guide you on the right path. Additionally, getting to know you as a person helps the business broker understand your motivations as a business owner, which in turn allows your broker to provide you with the best service possible.


3.     Is the broker a team player?


Whether you are looking to purchase or sell a business, there are many moving parts, and often many people involved. A good business broker will have no issue with having your attorney, accountant, or other professional advisors involved in the sale. They will not shut out other people in an effort to control the transaction, but will instead work with everyone involved to ensure the successful completion of the purchase or sale.


4.     Communication and Leadership


When meeting with your broker for the first time, ensure that they are open and honest with you. Make sure that they listen to your needs and are responsive to your input. It is also important to establish a clear understanding of how and when your broker will communicate with you throughout the process, since business transactions can take months to complete.


5.     Trust your gut!


You can do loads of research and preparation, but at the end of the day, you want to hire someone that you enjoy working with! When choosing a commercial business broker, look for personality and character traits that you appreciate. Take your time, and find someone that you respect and trust.



Doing your research and asking the right questions can help you feel confident in your choice of business broker. Are you ready to take the next step and connect with an experienced business broker? Contact our office today, and we’ll be in touch very soon!





More questions?  We can help.

EVALUATION/CONSULTATION


If you are a business owner considering selling a business, and would like to learn more about OConnor Business Brokers and Consultants and the services we offer, please contact us to arrange a confidential business evaluation. 

You will meet one of the Directors of OConnor Business Brokers, and your requirements will be discussed. During the meeting you will have the opportunity to find out more about selling a business, and how our business brokers and M&A Advisors can assist you with the business sale process. 

Unlike many other approaches, OConnor Business Brokers start without any preconceived ideas about what is right for you and for your business. By understanding the business and your motivation we can help steer you in the right direction. This often challenges conventional thinking and comes as a refreshing change to the norm.


The Directors of OConnor Business Brokers have experience as business brokers, business consultants, M&A advisors, and business owners. We understand the challenges and pressures that face a business at any one point. We therefore use our time together not to try and sell you our services but to help you understand your options and how we can help.


An initial meeting lasts approximately one hour, and can take place virtually or in person at our office.



Evaluation and Consultation Request

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