Tips to Find the Best Business Broker to Sell Your Denver Business

Selling your small business for a high price usually requires years of persistence. Even with a lot of work, though, finding the right buyer can be challenging—especially if you’re not in a hot niche. Business brokers are like match makers for your business, taking the work out of the process to connect you with highly qualified buyers who see your company’s true value. Finding the right business broker can be difficult, so it’s important to cast a wide net, ask for referrals, and interview several candidates. Here are our winning tips for finding the right business broker to sell your Denver company.

• Get referrals. A referral from someone you trust is always more reliable than an online review or a stranger’s marketing materials. Ask your lawyers, friends, accountant, or trade association for business brokers, and be sure to ask why they recommend a specific broker.
• Use the International Business Brokers Association. This nonprofit organization helps business brokers educate themselves, network, and improve their skills. Members are career brokers, not mere dabblers, which means they’re more likely to know how to successfully sell your company.
• Treat this like any other employment relationship. Do your due diligence to ensure this person is a good fit. Examine their experience, credentials, and backgrounds. Google them and check for lawsuits. Be sure to check online reviews and call references, too.
• Choose a professional. The best brokers know your industry inside and out. They’re not just realtors who occasionally sell businesses, or novices looking to get rich quick. Ask how long they’ve worked in this industry, and what they’ve done in that time.
• Keep it confidential. If stakeholders learn about the sale too early, they may jump ship. That reduces value for oyur company, and can give competitors an unfair edge.
• Build a marketing plan. You can’t just put your business on the market and forget it. You need to properly position your company as an enticing investment to create a competitive bidding environment. Ask the broker about the marketing plan, and don’t be afraid to push back if there aren’t clear details.
• Don’t succumb to pressure. You’re the boss. Don’t let the broker pressure you into doing anything you don’t want to do. You must remain the final decision maker.
• Avoid large upfront fees. Brokers typically charge a 10-15% commission, and may charge a flat fee based on the size of the business. Ask specific questions about fees, and compare fees across brokerage firms.