Expert Advice,
Tips & Tools

Buyers

For More Information Call:

Eric Wayne
United Realty Group
12323 SW 55th Street,
Suite #1002
Cooper City, FL 33330

Cell: (954) 562-2019
Fax: (954) 775-3747

E-mail: EricWaynePA@Gmail.com

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Selecting a Broker

If deciding to sell your business was not already a large decision the next biggest would have to be whether to use a business broker or not. Shopping around by calling a few business brokers and spending a few minutes on the phone is best. Even if you have elected against using a business broker, you should still interview one or two, just to hear their side of things. Here are 10 questions to ask, in no particular order, when visiting with business brokers.
  • Can you provide any references?
  • How often will you contact me about what is going on?
  • How will you show my business?
  • Do you cooperate with other business brokers?
  • Are you affiliated with any business brokerage associations or trade groups?
  • How much do you think I should ask for my business?
  • Will you display my business on any Internet sites?
  • How will you market my business?
  • May I have a sample copy of your listing agreement?
  • Can you please tell me about you and your firm?
Obviously, you should ask any other questions that concern you. Business brokers should be able to bring you prospective buyers that you would not be able to get on your own. Other Points to Consider Keep in mind that most will ask for at least a six-month exclusive listing agreement. This means that any disposition of the business will entitle the brokerage firm to their fee. Commission rates will normally vary between 10 to 12 percent, but they are, by law, negotiable. Many firms also have a minimum fee for small businesses. Some may ask for a small retainer or up-front fee or advertising costs. Each firm has their own policies. By talking to several firms you will learn what the advantages of each are and which one you feel comfortable dealing with. It is important that you work with an individual with whom you feel comfortable and who impresses you with their ability to sell your business.