In today’s competitive business marketplace, buying or selling a business can be a frustrating challenge, especially for small business owners. However, the right local business broker can be help make your experience selling your business much easier and quicker.
What Does a Local Business Broker Do?
Selling a business is a multistep process. A local business broker and their connections can assist you at every stage from start to finish, including:
- Valuating Your Business. A broker will have a deep understanding of regional markets, local economic conditions and industry trends. Considering these factors, as well as your business’ financial performance and assets, your broker will assess the value of your business. This valuation will ensure a fair and competitive price when listing your business and negotiating its sale.
- Listing and Advertising Your Business. One benefit of using a local business broker is their access to a network of motivated potential buyers. After listing your business, your broker will market it to these serious prospects. Your broker will ensure that confidentiality is maintained throughout the entire sales process to protect the interests of everyone involved. As parties express interest in your business, your broker will vet them to determine the best possible fits.
- Negotiating. Securing a deal that makes all parties happy can be a delicate process. Your broker’s expertise about the local business market and the factors at play will be key at this stage. Your broker will work to negotiate a deal that suits all parties ⸺ while landing you the best possible price.
- Contracting and Closing. Finally, your business broker will handle the documentation, permits and paperwork to close your sale. Alongside a trusted attorney, accountant, escrow personnel and/or other professionals, they will draw up a contract that satisfies all legal requirements and ensures a smooth transfer of ownership.
What to Look for in a Local Business Broker
When choosing a business broker, you will want to weigh several different factors. In addition to education and other credentials, it is important that your broker knows your geographical region and specific industry well.
Some questions to help you evaluate a broker’s local knowledge, industry insights and connections include:
- What experience do you have selling businesses in my industry?
- What knowledge do you have about local market conditions?
- Can you provide references or client testimonials from sellers in the local area and in my industry?
- What can you tell me about your network of potential buyers?
Your Local Business Broker
Are you looking for a local business broker in southern California?
The Valley Business Broker Steve Barnett knows the small to medium sized-business market inside and out. With decades of experience in business and finance, Steve is a knowledgeable broker and a skilled negotiator. He takes a proactive approach to monitoring local trends and adapting to changing market conditions to achieve successful sales year after year.