Selecting the Best Business Broker to Sell Your Business

As the managing director of a Pittsburgh based lower-middle market mergers & acquisitions firm I hold a unique perspective on the business transaction marketplace, the advisors offering you their services and the questions that you should be asking to make sure that you hire the RIGHT business broker / intermediary to represent your business for sale.

The most important thing to remember when interviewing potential business brokers is that it is the job of whomever you hire to CREATE A MARKET FOR and ultimately SELL your business. This may seem rudimentary. However, it must remain at the core of your broker selection process to assure the best intermediary is hired to represent your business for sale.

Does the person you are interviewing have the ability to successfully create a competitive market for your business and secure the best possible buyer for the business? Unlike owning stock in public corporations, real estate and/or other investment vehicles where an active, public market exists to divest your ownership share, no readily available market currently exists for the ownership transfer of your privately held business. Therefore, it is the fundamental responsibility of the representative you hire to create that market for you.

How do you determine if the individual or firm you are interviewing possesses the ability to create an active market for your business?

Here’s where I suggest you concentrate your efforts:

- How does the business broker or intermediary plan to market your business for sale? Will they simply post it on the internet and hope that is sells? If this is the case I strongly suggest you consider another direction. Successful intermediaries will take an active approach to selling your business. In addition to listing the business for sale on available internet sites, successful representatives will:

1. Contact strategic industry buyers confidentially inquiring about their interest in a potential acquisition.

2. Present your business to an internally maintained database of financial and strategic buyers.

3. Contact other local professionals (accountants, attorneys, etc.) to provide them with a confidential overview of the businesses they are offering for sale and inquire if any prospective clients may have an interest.

4. Work with other business brokers and business intermediaries to cross-pollinate deal flow. Example: If an intermediary from ABC Business Brokerage is working with a buyer for a distribution company and another business broker from XYZ Business Brokerage is working with the seller of a distribution company, only the intermediaries working together will uncover the fit. Not all brokers will cooperate with other intermediaries. Make sure yours will.

Now for my list of cautions:

- Do not get hung up on the business broker’s experience within your industry. Any intermediary worth his commission that does not currently possess experience within your industry will seek it. The importance of industry experience will vary depending on the industry and size of the business. However, it is important to recognize that industry experience is secondary to whether or not you believe in the intermediary’s ability to successfully create a market and consummate a sale for your business.

- Price should not be the determining factor on who you hire. Remember the old adage, you get what you pay for? Don’t learn this lesson while selling the biggest and most valuable asset that you own. Work through the process detailed above and hire the BEST person for the job, not the cheapest.

- Don’t have the person selling the business be the one to opine to the value. I have seen a lot of brokers attempt to value businesses. My advice, be cautious with this approach. Unless your business is so small that there is no cost / benefit to hiring an accredited, independent third party for the valuation, I would recommend you do so. Knowledgeable buyers will not find comfort in a value derived by your hired representative. An independent, certified, third party is a must. Accrediting agencies include: The American Society of Appraisers, The Institute of Business Appraisers and The American Institute of Certified Public Accountants.

Your business is for all intents and purposes the largest and most valuable asset that you own. Selling it can be a highly emotional and stressful process. When selecting a representative to handle the sale, take the time to interview multiple intermediaries. Compare and contrast their styles, methodologies and work ethics. Don’t get blinded by the cost as most good intermediaries will easily pay their own fee through the added value they will bring to your transaction. And remember, hire the person you feel is best suited and motivated to generate a market and complete the sale of your business at the maximum potential selling price.

Joint Ventures for Healthy and Prosperous Business

It has proven to be amongst the best ways to expand your online business, as it is impossible for every person to be perfect in all spheres of business, as in life. They are a great way for those people who may have fewer connections and no business backgrounds.

A joint venture helps in making money instantly. It helps in building multiple links of passive income. Wealth and freedom together can be attained with such ventures. It helps in the survival of small business and supports them to flourish. Thus, a healthy relationship is being built between the entrepreneurs and the ordinary people. They give suitable placements that make the people feel more respected and worthy.

Financial independence can be achieved by having a joint venture agreement. People from all strands of life including students, old people, immigrants etc are being benefited from such trades. All large businesses use some or the other kind of merging solutions. People with different educational backgrounds and different investment capacities can come together to leverage their skills in jvs. There is reduced risk in making money with joint ventures. Any one can join this online business regardless of age and gender as the partnership provides security. Illness or other problems will not refrain the profit from the venture. Through this line, profit is being generated by the endorsement of others profit. Several successful internet marketers have leveraged the power of a joint venture to achieve success in the online business space.

Of course, the product plays the primary role in the success of the business. It should be of better quality and reasonable price. For instance, creating an ebook with all the details and information on the product adds on to the profit.

Finding the apt partner can be done by surfing the websites and products of others, and looking for similarities in business. The products should not be all the same, but similar. Contacting that person through the email with informative letter content is a way to start.

Other than business partnership, a single person can use joint ventures in promoting the business of others. Find out other entrepreneurs who are of the same niche. Therefore, use forums and message boards. Forums are better than emails. The venture proposal email will not be opened at times. Therefore, for ensuring the request, message boards can be used. Perhaps a good example of such joint ventures are the hugely successful affiliate marketing programs.

Building relationships are the success to joint ventures. It is necessary to start a conversation with the person on the other side. Joint venture partners can leverage the boosting of the business, thus making more profit. Public speaking along with the joint partners will help in promoting the joint venture sales. Posting the product details and joint venture partners’ information will make an increase in customers. Publishing an ebook with others who have been using the product is necessary. Create a special marketing report and try mentioning about the marketing guru.

A tip booklet should be maintained along with the purchase. The online business must have a flyer. All important information including ebook, product details are to be included in the flyer. Thus, joint ventures can be promoted at a higher level even when offline.

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