So, you have decided to sell your business in Roanoke, TX and are ready to get your business out in the market. Like many others you might be a first-time business seller and lack the experience. A business broker can help you in selling and maximizing the value of your most prized possessions.
Business brokers are experts who work for brokerage firms with professional experience and knowledge of how businesses work and how to sell them. Business brokers in Roanoke, Texas armed with current knowledge will evaluate your business’s worth and connect potential buyers and sellers to mediate a successful transaction which benefits both parties.
So it becomes essential to hire an experienced broker for the best possible transaction. Below are some guidelines to help you find an expert business broker in Roanoke, TX:
1. Check Their Experience and Credentials
The first thing you need to assure when you are looking to sell a business in Roanoke, TX is the experience and credentials the business brokers have in their portfolio. Look for brokers who are certified CBI (Certified Business Intermediary) by the International Business Brokers Association (IBBA). A CBI (Certified Business Intermediary) requires a substantial amount of experience and dedicated hours of training in order to gain certification. A certified business broker will be equipped with the right tools to mediate successful deals, profiting both parties.
Besides accreditation, specialized experience in the industry relevant to your business is an added bonus to look for. Many brokers might be accredited but lack successful selling experience in the industry relevant to your business.
There are business brokers in Roanoke, TX who are experts with a successful track record of selling businesses similar to yours. And these are the ones you need to seek out.
2. Ask for Reviews and Recommendations
After conducting thorough research of their professional credentials and experience, reviews and recommendations matter when looking for a business broker in Roanoke, TX. It’s a fact that word-of-mouth from trusted sources has profound impact on your decisions and is one of the most common ways to find a legitimate broker. Reviews and suggestions from reliable resources provide and extra security blanket when you hire a broker.
So, try to obtain referrals from trusted and reliable resources to further ensure the legitimacy of the business brokers. Ask lawyers, financial advisors and relevant regulatory bodies for references of good brokers in Roanoke, TX.
3. Review Past Clientele
The clientele portfolio of business brokers speaks for itself upon examination. When you are looking for a broker in Roanoke, TX; look for someone who has successfully sold businesses similar to yours in terms of industry and size (monetary worth). For example a broker who deals with transactions of lower scale might not be suitable for a large scale project.
Past clientele is a good resource to figure out the capabilities of the broker and how their transactions usually go. Since the brokers will not praise themselves, previous clients’ experience can give you insight and help you evaluate the business broker.
4. Check Current Listings
It is not unexpected to have brokers managing multiple deals at one time. Look for how many listings are business brokers in Roanoke, TX currently managing. This information reveals how capable the broker is at handling multiple accounts and mediating profitable deals. The number of transactions they successfully close during the year can help gauge their selling capabilities and experience.
On the average, one broker closes around 10-20 listings in a single year. If a broker has too few or lower value listings, then it might be an indicator that the business broker might be inexperienced or not capable enough.
Too many listings might sound like a positive attribute, but can indicate a risk to your business not getting an appropriate amount of attention. Knowing the number of listings a broker has can be of big help, so don’t be afraid to ask for them.
5. Ask for a Marketing Strategy
Selling anything requires a full-fledged marketing strategy in order to make great sales. This strategy will determine the price of your business as well as what type of buyers it will attract in the market. When you are hiring a business broker in Roanoke, TX, ask them for a comprehensive marketing strategy they plan on utilizing to sell your business.
Experienced and knowledgeable business brokers in Roanoke, TX will be well-versed with promotional tactics to sell you business. With a sound strategy, the right kind of connections and reputation works wonders. If the broker has good connections, it automatically increases the chances of attracting suitable buyers at handsome prices.
So, ask the business broker for a detailed report of how they plan to incorporate these tactics on multiple platforms. This is where you can check what kind of marketing strategy they come up with in relevance to your business needs, all while maintaining confidentiality. The strategy they devise can make or break your deal when you are looking to sell a business in Roanoke, TX.
6. Develop a Relationship
When you decide to sell your business in Roanoke, TX, it means your relationship with the business broker will be lengthy. From the time you hire the broker, till the final stages of the transaction, your broker and you will be in contact frequently. So it makes sense to build a relationship where both of you can communicate easily and are on the same page.
A cordial relationship will make it easy for the broker to learn about the business and your expectations in selling it. Similarly the seller can easily communicate their intake and insights to the business broker with ease. Decisions about the sale can be made more easily agreed on and finalized if there is mutual understanding between the broker and the seller.
Selling your business can be a stressful time but an expert and savvy business broker can make the whole process smooth sailing and profitable. An inexperienced broker on the other hand, can botch the transaction and land the deal in loss.
If you want to sell your business in Roanoke, TX and are in search of a business broker matching the all these requirements, then choose Kirksey Business Brokers. Here you can find internationally recognized brokers to help strike the perfect deal.