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Finding the right business broker, investment banker or advisor is a crucial part of a successful exit strategy. But there are a number of complex issues to examine when seeking the right professional. It starts with interviewing your prospects.
First, determine their industries of expertise. Brokers who operate primarily in real estate transactions, for example, likely won't have sufficient experience in selling a distribution company.
Next, see how much experience they have. Find out how many mergers and acquisitions deals a broker has worked on and closed - the more, the better.
Make sure the broker has no conflict of interest with you as a client. Some brokers represent both sides of a transaction, which means they have an incentive to close a deal whether or not it's in your best interests. View full story...
First, determine their industries of expertise. Brokers who operate primarily in real estate transactions, for example, likely won't have sufficient experience in selling a distribution company.
Next, see how much experience they have. Find out how many mergers and acquisitions deals a broker has worked on and closed - the more, the better.
Make sure the broker has no conflict of interest with you as a client. Some brokers represent both sides of a transaction, which means they have an incentive to close a deal whether or not it's in your best interests. View full story...
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Many business brokers are scammers. Stick with ones that are only there to find buyers and facilitate the transaction. Only pick one that doesn't get paid until the deal is closed. Many have discovered that they can make more money being consultants that are there to help you get your business in salable condition. If you aren't careful, you'll end up broke and still not have your business sold.