Keys to Finding the Right Business Broker

When you are considering the sale of a company, or looking to acquire one, utilizing the skills of a business broker can be incredibly helpful.  Not only will these professionals help you through the entire merger or purchasing process, but they can also help to find courters for your organization, helping sellers to find the highest possible purchase price for your assets.  Choosing the right individual or firm, however, can be a bit tricky.  There are several “brokers” out there that simply don’t have the experience or understanding of the industry to actually give you the assistance you need.  With this in mind, we have outlined the most important aspects of a business broker and how you can ensure that you make the right choice when selecting one.
Experience
Much like a job interview, be sure to ask for your business broker’s resume.  They should have plenty of experience in your industry.  Several intricacies are involved in the acquisition of a company, and just because a broker has experience in a single field doesn’t mean that they are  experts in every field.  Take the time to find a professional that understands everything involved in the purchase or sale in the industry that you are involved in.
Reputation
References are an incredibly efficient way to learn more about a business broker.  Their reputation should be one of action and success.  If you find blemishes, ask about them directly.  An honest organization will answer all of your questions and be able to put your fears at ease.  As you are dealing with one of the most important processes that a business professional can ever experience, be sure that you find someone that you believe can facilitate the entire process, giving both parties everything necessary for a speedy and successful transaction.
Assess Scope
Another important aspect of a business broker involves their reach.  Do they have a wide contact list to help you find a buyer?  This is how they are able to ensure that you are getting the highest price possible for your organization.   Before contacting them, research their range.  Are there networks in place that will help them attract buyers?  If not, you are likely better off finding another firm, as they will only funnel you buyers that have patronized them in the past. 
Any Specialties?
Some business broker firms specialize in one form or transaction or another, while others are quite versatile.  You don’t need a “jack of all trades”;  it is sufficient  if you can find a company that is proficient in transactions occurring within your industry.  Further, your company size must always be taken into account.  If you are a small company, a large corporate merger professional may not be of much help.  Keep these details in mind along the way, and you’ll have a seamless sale.
The right business broker can have a huge impact on whether or not a successful merger or sale occurs.  Often times, there are particular hang-ups that can derail a business deal in the late stages.  Should this happen, it could take months to find another buyer.  Taking all of the necessary research time early on can save everyone involved quite a bit of time and frustration in the future.  Getting a business broker with a solid reputation and a track record of success will be one of the best decisions you have ever made.  Use the tools at your disposal to learn about their prospecting practices, what size mergers or sales they generally facilitate, and the industry that they tend to operate in, and you’ll find the right business broker in no time!