Take a look at the internet and you will find a good number of business brokers who are waiting to be contacted by business owners who want to sell or buy their businesses like you. The good thing about having a Franklin Business Broker is that they make the entire selling or buying a business so convenient for you. To hire the right professional business broker, take a look at these tips:
Check the experience
The selling or buying a business can be a lengthy process which involves expertise in handling documents, negotiation skills, a substantial knowledge in business-related laws and several other factors. The expertise in these areas is developed over time, through intensive training and experience on the field. Thus, look for a business broker who has been in the industry for not less than 10 years and one who has credentials from the International Business Brokers Association (IBBA).
Determine the specialization
There are different types of businesses and you want to hire a Franklin Business Broker who specializes on the type of business you have. This way, the broker is confident and at ease in getting into transactions because he is familiar in the field.
Look for red flags
When looking for potential business brokers, be wary of red flags such as those who would ask for upfront payment. Generally, business brokers are paid on a commission basis and they get their commission at the end of the transaction. The usual commission rate of business brokers ranges from 8% to 12% though on an average, they would collect 10%. The commission rate is negotiable depending on the size of your business and on the effort and work put in by the business broker.
Trust your instincts
Business selling or buying may take some time and it is important that you are comfortable with the Franklin Business Broker that you are going to hire. When you feel like you and the business broker do not have chemistry, trust your instinct and search for another potential broker to help you with your business.