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5 Tips to Find a Professional Business Broker
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Posted On :
Nov-18-2011
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Article Word Count :
537
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A good business broker might be able to give you attractive offers and help you sell your business within a very short time. But if you have the misfortune of getting involved with a person who is not experienced enough to bring the right buyers to your store and within the right time
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A good business broker might be able to give you attractive offers and help you sell your business within a very short time. But if you have the misfortune of getting involved with a person who is not experienced enough to bring the right buyers to your store and within the right time, you will have a tough time selling your business. Sometimes, you may have done a lot of research on him and checked his references. He may also have a lavish office where he conducts his business. But if he is unable to give many leads within a few days, you should look for another one. There are a few tips you can follow to get a good broker and feel happy that “I could sell my business in New York city”.
Experience
Make sure that the business broker you hire has a good resume. You can look for the International Business Brokers Association credentials in his resume. This can assure you that the broker is actually good and experienced and has a lot of classroom training under his belt. He has not built his reputability in a day.
Specialists
When I wanted to sell my business in New York City, I made up my mind to look for brokers who specialized in my type of business. This is very important as someone who is a generalist can never find the right kind of buyer for you. If you own a dot com or a graphic design firm, make sure that the broker has already lots of experience in the niche you want. He will be able to sell your business in the right way.
Size
The business broker should have handled transactions of the high level that you want. If your business is of a relatively smaller size than the ones the broker is used to handling, then he won’t give you much attention. Make sure that the broker usually handles transactions of your size so that he can get you the best buyer.
Updates
I was very particular about getting updates about the status of the transactions when I wanted to sell my business in New York City. You should be able to get a clear picture of how the broker is handling the transaction. He should tell you about the valuation of your business, and then the potential buyers who want to buy the business. You should also ask if the broker will look after the deal himself or another associate of his will. He should present you with reports, calls and updates every week.
Fees
The business broker makes his money by charging a commission when the sale is made. There should be no upfront fees. Most brokers charge 10% of the sale proceeds but others can also negotiate this with you. If you can suggest a buyer to the broker and the deal gets through, then you might negotiate with the broker for lower fees because he has not invested much effort in the deal. In my case, I paid much less when I could sell my business in New York City, because of my useful suggestions.
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Article Source :
http://www.articleseen.com/Article_5 Tips to Find a Professional Business Broker_106610.aspx
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Author Resource :
Ryan Wilson is an author who writes useful articles on business finance, investment, business broker and other related topics for people interested to buy or sell a business. For more information on sell my business, please visit www.nycbuybiz.com.
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Keywords :
sell my business, business broker, sell my business in new york city, business brokers,
Category :
Business
:
Sales
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