It’s common sense to enlist the services of a business broker when putting your private practice or small business up for sale. Below, we explain the important benefits of business brokers and how they help sellers through the sale and negotiating process.
When selling your business, you want your listing to reach as many eyes as possible so that you can find the right buyer and generate enough interest to raise the sale price. A business broker brings a network of resources gained from experience that will put your business listing in front of the right people. They know how to advertise your business and market it to the ideal buyers.
With that experience of buying and selling practices and small businesses comes expertise in valuing your business. Brokers understand the market and where your practice sits within it. With their experience and knowledge of the market, a broker will help you set a fair market value. Setting a value on your practice is a complex process, so having an experienced professional there to offer advice is invaluable to a seller.
Confidentiality is a key aspect of any business sale. Many business owners don’t want the public or even their employees to know that the business is listed for sale, as it can make it look as though they’re struggling, which may cause panic among employees. Brokers protect the seller with confidentiality and non-disclosure agreements between themselves, the buyer, and potential sellers, so word doesn’t get out until the seller is ready to announce the news.
Another important benefit of business brokers is their ability to help you vet the potential buyers of your business so that you only consider serious, viable offers. Brokers will ensure potential buyers meet the financial qualifications for the sale so that sellers don’t waste their time and can focus on real opportunities. If needed, brokers can even help secure buyer financing assistance, like a Small Business Administration loan.
Business brokers are also professional negotiators who can help sellers during the tense negotiation process. Experienced brokers know how negotiations work and how buyers and sellers should approach them. Working with a broker is an excellent idea if you want someone at the negotiating table who knows what they’re doing and will look out for your interests.
If you could use some help to sell your business, a broker is a great choice. Private Practice Transitions has a staff of business brokers with years of experience and success helping small businesses and private practices sell to buyers. Call us or complete a basic information form to start selling your business with Private Practice Transitions today!