So, you’re ready to sell your business and begin looking around for a broker. But how do you know you’ve chosen the right one? And what are the red flags to look out for?
Selling anything today is tough but selling a business in today’s economic climate is a lot tougher. Some brokers may promise you the earth just to get you to sign up but underdeliver when it comes to marketing your business.
The upfront fee is a contribution to the work and marketing to be done by the brokerage firm you entrust to sell your business.
This could cover activities such as:
Before agreeing to pay any upfront fee, ask the broker what they will do for you besides placing your company on their website.
What does a broker promise you to get your business sold?
Is their promise on their agreement? Ask how they will back this up? But most importantly, will they be held accountable to do what has been discussed?
Always read the agency agreement in full and take note of whether it outlines what activities the company will be carrying out in order to sell your business.
Our agreement states exactly what we will do to sell your business and we sign for this commitment. We use a three prong approach to selling businesses and every step of the way; we keep you updated as to what we are doing and where we are going next.
But above all, you can hold us accountable that we will do what we say we are going to do.
A promise we make is a promise we keep