Are you considering working with a business broker and aren’t sure what services they can provide? You aren’t alone! We are often asked what services a business broker can provide and whether you need one when buying or selling a business. A business broker will do much more than list your business for sale, and we are here with the 9 services they can provide. Not every business broker will offer all of these services, but by reading our article, you will be aware of some of the services you can expect when you work with a business broker.
1. Business valuations
One of the key services a business broker provides is valuing businesses. Before you sell your business, a business broker will visit your premises and carry out a valuation, so you know what price to expect if you sell your business. Business brokers, especially broker firms, will have experts in every industry to ensure you get a fair and realistic price for your business. As part of the business valuation, the broker will discuss any outstanding debt the business has, the condition of its buildings, and what would be included in the sale to provide an accurate price.
2. Marketing and advertising
When you are happy to proceed, a business broker takes care of all the advertising and marketing, helping to sell your business. When you work with a business broker, you won’t have to do anything! They will advertise your business and create a marketing strategy to attract potential buyers. Business brokers will often work with investors who are looking to purchase businesses and will have potential clients they can speak to directly to help find buyers for your business.
3. Buyer screening
When potential buyers are lined up, a business broker will screen them to ensure they are suitable buyers for your business. This involves making sure they are in a position to buy your business and that they are serious about the sale. When selling a business, there can be a lot of time wasters, but a business broker can work with you to ensure that only serious potential buyers are considered.
4. Due diligence coordination
Due diligence is important for buyers and sellers, and it is one of the services that business brokers provide. As part of coordinating due diligence, brokers will ensure a smooth transition for the business, carrying out their due diligence to make sure the sale is suitable for both parties.
As a buyer and a seller due diligence is important and can be a time consuming part of the sale. Having a business broker complete this, especially one with years of experience will speed the process up and ensure all due diligence is completed.
5. Closing assistance
A business broker can also provide closing services, ensuring that the sale closes smoothly. This is an essential service for both the buyer and seller, as there is someone to answer last-minute questions and ensure all the paperwork is completed and submitted correctly. If you have never sold or bought a business before, having this additional help when closing is essential.
6. Negotiation support
The negotiation period of buying and selling a business can be tricky as the buyer and seller both try to get the best possible deal. The process can quickly break down, which is why we recommend using a business broker. The business broker removes the need for the buyer and seller to speak to one another, reducing the chance of emotional exchanges. A business broker will support you both through the negotiation to ensure the best price and terms for the buyer and seller.
7. Market research
As a buyer, business brokers offer market research services that can provide you with the insight you need to make your purchase. Their market research can show you which industries are promising and which would be good investments. They can discuss any current market trends and projections for the future to see if the business is a wise investment. Most business broker firms will have experts in several industries to carry out your market research.
8. Identifying potential businesses
As a buyer, business brokers can help you identify potential businesses for you. You won’t need to spend hours scrolling through listings. Simply tell the business broker what you want from a new business, and they will take care of the rest. This service is ideal if you don’t know what business you want or have a lot of time to search for yourself. Instead, the broker will present you with a list of viable businesses to choose from.
9. Financing assistance
Buying a business is not cheap, and for many buyers they will need financial assistance. Finding the right assistance can be tricky, but a business broker can help. If they offer financial assistance, they can help to connect you with potential lenders and offer support during the financing process to ensure you get the funds to make your purchase.
Find your business broker firm today
A business broker firm will offer many services that make the process of buying and selling a business a breeze. When choosing a business broker, ensure they offer a wide range of services to help you. Firms like Lloyds Brokers will offer all of these services and more, ensuring you can buy or sell your business with ease. Contact Lloyds to speak to a business broker firm in Adelaide and find your new business venture.
