When it comes to a business, the elements needed are entirely dependent on the nature of the business itself. What, or who, may work for one Raleigh business can be entirely different from another. The same goes for finding a business broker in Raleigh.
As a Raleigh business broker with VR Business Brokers, I understand that finding the proper broker who will work well with a business is a process. It is a good idea to interview several different candidates to find the perfect match.
5 questions that a business owner who is selling needs to consider are:
What are the broker’s background and credentials? Are they qualified to work as a business’ broker? Pay close attention to education and credentialing from state broker associations. If a candidate has the IBBA (International Business Brokers Association) or CBI (Certified Business Intermediary), they have reached the requirements and standards of the IBBA.
Experience is also important. What has this broker done in the past, and how may their experience help with the current business?
Are they interested in learning about the business? To successfully sell a business, one must first understand it. When meeting with a potential broker, take note of how much interest is expressed in the company. Without any knowledge of the business being sold, it is possible for the wrong type of sale to be made.
How will they promote the business’ sale? The strategy is important! How does the broker intend to attract interest from qualified buyers? The right broker will make sure the client is up to date on what steps are being taken throughout the sale process.
What process will the broker use to screen prospects? If the sale of a business is marketed and advertised well, it is likely that there will be many prospective buyers. However, making time to meet with every individual who is interested can be time-consuming. The right broker will weed out those with faint interest from the serious buyers, saving precious time.
Are they local? A broker working from a different market is at a disadvantage to a broker who is local. They don’t know the subtleties of the market, what buyers are looking for, or what it means to be in Cary compared to Smithfield. The Triangle market is a unique market. Picking a broker based in the Triangle area will help your chances of getting your business sold.
When it comes to business brokers, they should fit with the company like a glove. It is important to pay attention to aspects like the ones listed above in order to find the right Raleigh business broker! Want to find out is VR Business Broker of Raleigh is the right fit? Then, contact us today.
For many business owners, selling their business has more value than their other assets. It is important to know the window to sell and how the selling process will go for the specific business. VR Business Brokers helps business owners in Raleigh sell their businesses and has detailed the process below.
The 10 step process for selling a business is the following:
The business owner plans to sell the business during the current market. Then the business owner provides information about the business that is relevant to its property value, business value, and revenue to the brokers.
Brokers will confidentially market the business’s availability to others in the industry and beyond to generate potential buyers.
Brokers will then correspond with the potential buyers to get rid of those that are not interested or are unqualified.
The intermediary (business broker) will then detail more about the business to the remaining buyers only after they’ve signed a confidentiality agreement.
There will then be a meeting with all parties represented: the business owner, potential buyer, and intermediary to gauge the buyer’s consideration of the business. There is also the discussion of financing during this exchange and the establishment of an offer. The offer is explained to the business owner and then either denied, altered, or accepted until approved by both parties.
After the acceptance of the offer with contingencies, the buyer inspects the business for its operations, finances, and licenses.
The seller provides information to the buyer to remove the contingencies.
Buyers are evaluated to lease the business along with discussions with their lenders and attorney.
At the “closing,” the final documents are compiled by the attorney for the business owner and buyer. Then the final terms are agreed upon and authorized, and the business is transferred to the new owner, as is the down payment to the seller.
Business owners are often tasked to make difficult personal sacrifices, both financially and otherwise, in order to keep their business thriving. Maybe the location isn’t ideal, or they’re in an already saturated market. Regardless of their reasons, when an owner decides to sell their business it’s usually because they’ve exhausted all their options.
Business owners are unique people who are loyal and devoted to their cause. Depending upon others to handle their business seems unimaginable. However, business brokers are an ideal match for the owner who is unsure of how to begin to sell their business. At VR Business Brokers, we have friendly, professional, and passionate brokers who know the industry and markets well.
3 ways that a Raleigh business broker is able to assist business owners during the selling process is:
Prescreening Buyers. When houses are for sale, a parade of potential buyers will come through to view it and will feign interest in actually purchasing it. The same goes for selling a business. Instead of business owners having to weed through buyers to gauge viable potentials, a business broker can handle this process so the owner can attend to other matters.
Negotiating Deals. This is a key point during the selling process. Business brokers know their markets and they know how to vet buyers according to the business’s needs. Business owners may jump on the first offer that comes to them, but a broker can be sure that sellers know all their options and will discuss them openly, ensuring the best deal for all parties involved.
Administrative Tasks. The paperwork behind transferring business ownership is a bit overwhelming. In short, there is a lot of paperwork that must be completed and filed at specific points during the selling and negotiating process. A business broker can handle these tedious details, allowing the business owner the peace of mind that the process is going smoothly.
There are many other ways that a business broker can assist an owner during the selling process. VR Business Brokers are the best in the business with a thorough understanding of all required processes. Contact us today to connect with our professional, client-focused brokers who are dedicated to providing outstanding service to Triangle business owners.