Business sales are hot! Volume is up and every entrepreneur believes they have the best business and that it is worth millions. So when it comes time to sell their business they do what most people do….the google to see how and who can sell their business. That is where the very first hurdle it. How do you choose the right broker to sell your business?
One would think that when choosing to conduct one of the largest and most complicated financial transactions of your life you would choose carefully and do a certain amount of research. You would interview, look at track records, and choose a professional that has a demonstrated history of outcomes of success.
Turns out that is not what occurs….all too often business owners and entrepreneurs choose their business brokers or advisors based on price (commission) and or whoever was the first person in the door. One of the reasons that less than 20% of all businesses that go to market ever sell is that the broker chosen to conduct the sale is lacking the resources and skills to go the distance and navigate the sales process.
So as an Entrepreneur and Business Owner Looking to sell your business what should you be asking and looking for?
1. Results and Outcomes: How many deals have they done? Over how long a period? And have they been consistent? Selling a good business in an up market that is priced correctly is not that hard to do. Your chosen professional needs to have been in the trenches….ask them where they were during the recession?
2. What is the financial strength of the firm? You need to make sure your business partners (brokers) are in a financial position to go the distance and can spend money on your deal. Realize that most deals take 10 to 12 months to sell. The boutique broker also has to live, eat, pay rent etc. The financially weak firm will always pay themselves first and as such corners get cut in the only expense item they have (advertising).
3. Co-Brokerage: Does the broker have a history of co-brokering and co-operating with other firms. Co-brokerage creates competition and competition drives prices and your deal value. Misunderstanding this critical element is of business sales is a common error for sellers. Why would a broker not co-broker? Simply put greed. Co-brokering cuts their commission in half…..they would rather sell for less and get a whole commission for less than sell higher for less commission
So why Michael Shea & Transworld Business Advisors?
- Over 1.3 Billion in listings worldwide
- 35 years of continuous operations
- Transworld has over 100 offices worldwide
- Dominates Listings and Sales every year
- Michael Shea has practiced for 12 years and closed over 225 transactions worth over $35 million
- Michael Shea has consistently been in the top 10 in closings and dollar volume in Florida for over a decade
- More Money Spent on Advertising than any other broker
- Multi- Media advertising and experts at social media and leverage of the world wide web
- Featured in local and national publications like the New York Times, Slate Magazine, Inc. Magazine
- Proprietary internet marketing protocol
- Professional Facilities for meetings (your not meeting in a coffee shop)
- Backed by professional full-time support team with decades of experience