As a business broker, I thought it would be helpful to list out some important questions that buyers or sellers could ask when engaging with a business broker, like myself:
For Buyers:
1) What is your experience and expertise in the industry I’m interested in?
2) Can you provide references from previous clients who have successfully bought businesses through your assistance?
3) How do you identify and qualify potential businesses for sale?
4) What is your process for evaluating the value and financial health of a business?
5) How do you maintain confidentiality during the business buying process?
6) What is your fee structure and what services are included in your fees?
7) Can you assist with obtaining financing for the purchase?
8) How do you negotiate the deal and what strategies do you use to ensure a fair price?
9) What ongoing support, if any, do you provide after the purchase is completed?
10) How long does the average business buying process take, and what are the typical challenges buyers face?
For Sellers:
1) What is your experience and track record in selling businesses similar to mine?
2) Can you provide references from previous clients who have successfully sold their businesses through your assistance?
3) How do you determine the appropriate asking price for a business?
4) What marketing strategies do you use to attract potential buyers?
5) How do you maintain confidentiality throughout the selling process?
6) What is your fee structure and what services are included in your fees?
7) Can you help prepare my business for sale and make it more attractive to potential buyers?
8) How do you qualify potential buyers and ensure they have the necessary financial resources?
9) How do you negotiate the deal and what strategies do you use to maximize the sale price?
10) How long does the average business selling process take, and what are the typical challenges sellers face?
Remember, these questions are a starting point, and it’s crucial to have an open and transparent conversation with the business broker to address any specific concerns or needs you may have.
