Those buying or selling a business should consider the numerous advantages of using the services of a business brokerage. Professional brokerages operate with experienced sales & administration teams to handle endless communications from buyers, sellers, solicitors, accountants, landlords and franchisors. They handle appraisals, preparation, marketing, buyer inquiries, inspections and contracts – they are specialists in business sales.
Generally a business broker acts for the seller and is duty-bound to represent them honestly and fairly to achieve the highest possible price and the best terms and conditions for the business. Despite being employed by the seller a broker must deal honestly and fairly with the buyer and must be accountable for all representations.
The broker will market and present the business professionally and keep the seller informed of the status of the listing, whilst maintaining the confidentiality of the business. It is imperative the broker is kept up to date with any changes in the performance of the business that may affect the sale. It’s essential that the broker and seller work together, there needs to be trust on both sides and they should work as a team.
To secure a good opportunity, buyers are recommended to deal with reputable brokers. Typically, there are more business buyers than there are quality businesses available. Most buyers need income and want to purchase something, brokers offer a wide range of opportunities (some not officially listed) professionally prepared with accurate information available for due diligence purposes, saving buyers from wasting time and money.
Business brokers offer great value to the process of buying and selling. They are an intermediary and can resolve issues for both sides easily and quickly. Brokers understand the issues and intricacies involved in a business transaction and have the knowledge and experience to achieve a win-win result for both parties.