Because selling your business may be one of the most important things you ever do, it is very important to interview brokers. When interviewing brokers, learn their qualifications, and really get to know who is representing you. Are they friendly, detailed, and meticulous – or do you simply smell commission breath across the table?

It’s important to put them through the ringer a little – they should be able to handle it.

How long have you served as a business broker?
Ideally, you want to work with a broker with a track history that goes back several years. Have they sold companies the same size as yours or in the same industry as yours? If so, how long did the sale take? Did they receive full asking price?

Do they work as part of a team or individually?

Many large offices have access to in-house counsel for questions. Many have support staff for listing on various websites, developing mailers, making cold calls, and reaching out to potential purchasers. Some large business brokerage firms have multiple offices giving them additional reach.

Do you work full-time or part-time as a business broker?

This will be important when an important phone call needs to be made.

Do you have a real estate license?

All business brokers in the state of Nevada must be a licensed real estate agent holding both a real estate license and a business broker permit. Not only is it illegal to operate without both of these, but it is important to the client if their deal includes the sale of a building or other real property.

Does the Broker Have Good Web Presence?

Most business buyers search on the web. There is no MLS for busiess sales, so it’s important your business broker has a strong web presence.

Ask the broker for information on some of these important topics:

  • Will you prepare a business profile? Can I see a sample?
  • Does the broker do any direct mail or email blast marketing?
  • How many brokers does your firm have?
  • Is your firm local, regional or national?
  • Will my competitors be solicited as potential buyers?
  • Will you contact companies within my industry, outside the state?
  • What method does the broker use to establish the asking price for a business like yours?
  • What sort of price variance is typical between the asking price and the closing price?
  • How do you maintain the utmost in confidentiality?
  • What type of qualification process is in place for interested buyer inquires?