Top 4 Ways a Business Broker Benefits the Sale of a Business

You may have had friends or business contacts recommend that you use a business broker when selling your business. But few people know just what a broker can do unless they have direct experience with the profession. Here’s a look at some of the main ways a business broker can make things easier for you during the sales process. 

1. You’ll Get a Quicker Sale

Most brokers maintain a list of active buyers looking to purchase a business as soon as possible. They also typically have contacts at banks, so if a buyer is ready to commit, the broker can likely help them secure financing.

As a result, when you work with a business broker, you’ll likely be able to make a sale much faster than if you were to go it alone.

2. You’ll Have a Guide Through the Process

From negotiating a deal structure to choosing the right attorney to assist with closing, completing a sale has many more steps than you might think.

You may be new to the ins and outs of selling a business, but it’s something business brokers deal with every day. A good broker will help you through the process and make sure you don’t miss any crucial steps.

3. You’ll (Probably) Get a Better Price

Because business brokers are often in contact with numerous would-be buyers, they can help you find and choose a buyer quickly. Having such an extensive selection of contacts also means they can usually get a better price for your business.

How? Business brokers almost always have multiple buyers interested in a single business, and they use that fact as leverage when communicating with potential buyers. While it’s not an auction per se, the buyers will often try to outbid one another for your business.

By contrast, it can be challenging to find just one interested, qualified buyer when selling your business on your own, let alone several.

4. You’ll Save Time

Many people who sell a business for the first time are surprised at how long it takes. Between marketing, meeting with potential buyers, negotiating deals, and moving through the closing process, selling your business leaves little time for anything else.

If you’re deeply involved in running your business, you may find it impossible to keep up with your typical duties while attempting to orchestrate a sale. Even if you aren’t involved in day-to-day operations, handling a sale yourself can be a massive investment of time and energy.

You still need to be somewhat involved in the process when you work with a broker. However, they can handle the responsibilities of marketing and interacting with buyers for you, leaving you free to run your business or pursue other interests.

The Right Broker Makes All the Difference

Selling a business is a complicated process, but skilled business brokers can help you navigate it. Of course, selling on your own is always an option. More often than not, however, working with a broker pays off — both financially and otherwise.