If you’ve ever considered selling your business, you’ll likely have put at least some thought into how you’d go about doing it. After all, it’s not a straightforward process, and it involves selling something that you could have put years of your life into developing.
At some point, you may start to think about whether it’s time to reach out to a business broker for assistance. To convince you that it’s the right thing to do, here are three of the main reasons why using a broker is a good idea in almost all situations.
1. Access their network
When trying to sell a business, the saying that it’s not what you know but who you know is particularly relevant. There likely won’t be a lot of people out there looking to buy your exact kind of business, and it’s critical that you know exactly where to look to find them.
When you use a business broker such as Dexterity Partners, one of the most important things that you gain access to is their network of potential buyers. They should be able to put you in contact with a range of people who will make the process a whole lot easier, in some cases ensuring that it’s possible at all. These networks are invaluable, and even if that’s the only thing your broker provides you with, it will almost always be worth it.
2. Knowledge of the relevant regulations
Selling a business isn’t just like selling a bike or a pair of trousers on eBay. There will be a wide range of different legal implications associated with the sale, and it’s crucial that you’re able to access expert advice on these matters.
Whether that’s about who to contact to ensure all of your financial files are in order, or which solicitors you might need to reach out to conduct due diligence on potential buyers, your broker should be able to provide you with guidance in all of these areas. This can be critical to ensure that the sale is carried out in a legally compliant manner, reducing the probability of any complications further down the line.
3. Increased efficiency
In some cases, it might theoretically be possible for you to complete the sales process without the help of a broker. However, the amount of added time and effort associated with the process could end up being immense.
You’ll likely have to do a substantial amount of research, with no guarantee that the solutions you come up with for various problems are in fact the best ones available. Using a broker will likely result in the sale being a far more efficient procedure, while also increasing the amount that you receive at the end.
There are many benefits besides these to using a business broker, but which ones apply will depend on your specific circumstances. If you’re still on the fence, then it’s worth reaching out to a few potential options, to see if they can clearly outline which strategy they’ll use to help complete the sale, from start to finish.