Why You Need a Business Broker to Sell Your Business
The service economy has had a great boost from the internet and more specifically, mobile devices and apps. But can an online service really replace the expertise, the nuances and experience that can increase the sale price of your business?
Business opportunities in Sydney are as vast as the suburbs in which they operate. An online directory/site might be a great place to start, but chances are, it won’t be able to provide the in-market expertise that can provide the difference when selling.
What Does a Business Broker Bring to the Sale?
An understanding of the market and its dynamics is the most critical factor in getting a good price for your business. A reputable business broker can also be the difference between a well-planned and managed sale that’s satisfying to all parties involved and expensive litigation due to negligence.
A good business broker will have a wealth of experience in valuing businesses like your own and performing the necessary steps to ensure that the most accurate and realistic price is attached to the sale.
The Complete Package
Presenting and marketing your business is as important as the state of the business when it’s on the market. The professionalism of a sale, or addressing any and all questions a buyer may have before the business is on the market, can expedite the process by creating an environment of trust and complete transparency.
Expertise
While you know your customer and market intimately, they’re not the same as the buyer of your business. A business broker is the expert in the market for your business. While your customer may be prepared to spend $50 at your shopfront, they’re not the same customer as the one you’re looking for to spend hundreds of thousands of dollars on the assets, revenue and goodwill you’ve built up over years of servicing your customer base and community.
Window shoppers vs. Serious Buyers
A reputable business broker will know the marketplace and be able to separate the tyre-kickers from those with a real interest in purchasing your business. Focussing on the interest of potential buyers creates a more competitive environment and ultimately, a higher price for your business.
Closing the Deal
Although having prospects interested in purchasing your business venture it really doesn’t matter if you don’t get the sale.
A business brokers goal is exactly aligned with yours, they don’t make a commission if they can’t sell your business, and that motivation is what seperates a business broker and every other potential channel to sell your business – and that’s closing the deal.
To talk to the expert business brokers at LJ Hooker, either contact us online or call 02 9552 1111 (9am – 5:30pm Monday to Friday AEST).
