Embarking on the journey of selling a business is a significant step, at least equal to the decision to buy or start it in the first place. However, navigating this process requires expertise, and that's where a seasoned business broker becomes an invaluable ally. At Transworld Business Advisors, we know how to sell your business. We are your advocate and advisor throughout the entire process, coordinating buyers, sellers, accountants, banks, and attorneys. Before you enlist the services of any broker, consider asking these seven crucial questions to ensure a smooth and successful business deal.
What is Your Experience in Business Transactions?
The depth of a broker's experience is paramount. Inquire about their overall experience in selling businesses, but also focus on their specific expertise in your industry. While industry knowledge is valuable, prioritize a broker who is dedicated to selling businesses full time and has access to extensive resources and advertising avenues for potential buyers.
What is Your Buyer Pool?
How many listings does your office have? How many businesses has your office sold? Transworld sells more businesses every year than any other broker We have over 300 businesses listed or more at any given time. That means any buyer looking for a business is not going to be very far into their search before they come across Transworld. We target large lists of buyers looking for specific industries, business size, sale price, cash flow and geography. We have more buyers than any other broker.
How Do You Value a Business?
Properly valuing a business requires an understanding of what a buyer and a buyer’s bank will pay for your business. It is not worth what your broker says, or what you want for it…it’s worth what someone will pay and what that buyer’s bank will finance. A proficient broker understands how banks and buyers value businesses in specific industries. This comes from successfully listing and selling businesses year in and year out.
Ensuring Confidentiality: How is it Managed?
Confidentiality is paramount when selling a business. We do not want your employees, vendors, competitors, or customers to know the business is for sale. Transworld has established procedures, including Non-Disclosure Agreements (NDAs), and buyer vetting to safeguard your business's sensitive information.
Listing Portfolio: Quantity vs. Quality?
There are lots of business brokers who have “a few” listings. While a broker with few listings may seem appealing, you want the broker with the most listings. They are talking to the most buyers! A broker connected to a vibrant marketplace with numerous listings generates substantial buyer traffic. This not only enhances your business's visibility but also fosters healthy competition among potential buyers, potentially driving up the value of your deal.
Qualified Potential Buyers: How Extensive is the Network?
A professional broker utilizes a network of potential brokers, buyers and sellers nationwide. Transworld sells more businesses to out-of-state buyers than any other broker. Transworld Business Advisors has over 200 offices across the country. No broker has a better network and buyer pool. A broker with access to a national buyer database enhances the chances of finding the right match for your business.
Connections to a Skilled Professional Team: A Critical Aspect
Your broker should serve as a bridge between your business, potential buyers, and other professionals essential to closing the deal. They should be an advocate for you throughout valuation, marketing, vetting, negotiation, due diligence, closing and transition.
Engaging Transworld Business Advisors ensures that your business transaction is guided by seasoned professionals. Contact us today and let us help you navigate this process with expertise and dedication!