It seems more and more things can be done the "DIY" way, especially with the advent of the Internet. From selling a home or car to fixing them up, the information age allows you to learn what you need and meet the people who will help you meet your objectives. Although selling a business can be conducted via the DIY method, it may not be the wisest choice. For the following reasons, choosing to use a broker to represent the sale of your business is still a practical and productive methodology.
A Business Broker May Know More People Than You
Even if you're well connected in your industry, you likely don't know who is interested in buying a new business and who isn't. That means you have to do a lot more of the legwork yourself, as opposed to using a broker, who already has clients lined up and waiting to buy a new business.
Selling The Business Yourself Means Everyone Will Know
Often times, when everyone knows a business is on the market, sales can suffer and staff can become discouraged. Customers wonder why the business is being sold and whether or not the new owners will maintain the same high standards as the previous owners. Employees, too, are left with questions, such as if the new owners will retain them, once the sale of the business is complete. Because you don't want your staff or sales to be negatively affected as you search for a buyer, using a broker is quite probably the better option.
Using A Broker Gives You More Time To Devote To Business Operations
As you know, running a business requires a good deal of time and energy, but so does selling one. Therefore, any one person doing both, simultaneously, has a major task on their hands. Rather than balancing both tasks, consider having a broker handle the sale, so you can keep the business running strong and save yourself the stress and aggravation.
A Business Broker Knows How To Close A Deal
Sealing the deal is often the most challenging aspect of selling a business, and if you don't have experience the deal could turn sour quickly. That would mean all the time and other resources you spent on that potential buyer were wasted, not to mention having to start the process over again. Business brokers know how to close a deal, especially since they're good at qualifying prospects to begin with.
You Still Have The Final Say
Even with a broker working on your behalf, you still get the final say as to whether or not the business sells at a certain price and to whom. Most business owners have formed attachments to the companies they've grown and don't want to hand them over to just anyone. You may have a brand to protect and likely care about the customers you served for however many years you ran the business; thus, you only want to sell it to someone you can trust.
Selling a business can be difficult, both technically and emotionally. Most often, putting the process in the hands of a qualified, experienced business broker is in your best interest and is better for the company you created.