Business Brokers - Do You Need One?
You have worked hard to build your business in Georgia and now you want to sell it and move on to the next stage of your life or career. You’ve even seen business for sale ads on BizBuySell.com, BusinessesForSale.com, and Craigslist. Isn’t that all there is to selling a business? Do you really need Georgia business brokers to help buy or sell a business? What does a business broker do? This article will tackle these questions and help you understand the role of they play in today’s business for sale transactions.
What do Georgia Business Brokers do?
One misconception is that the only role of Georgia business brokers is to bring buyers to the table. It is far more expansive and important than just sales and marketing. For small business transfers, they play a part in many aspects of the transaction. A full service Georgia business broker can help you in all of the following aspects of the sale:
- Helping you understand the current business resale market and set expectations
- Recommending changes to the business operations and financials that can increase the value
- Preparing you and the business for the sale
- Valuing the business in comparison to other businesses on the market
- Creating a marketing and financial package up front to present to buyers
- Working with other business brokers to reach potential buyers
- Screening buyer calls and emails to keep your confidentiality
- Managing negotiations to keep the parties engaged and focused
- Helping a buyer to understand the business and make an informed offer in writing
- Providing the legal contacts, documents, and disclosures required
- Assisting the buyer through the permits and red tape to take over the business
- Ensuring a smooth transition between buyer and seller
- Keeping the transaction on schedule until escrow closing; when you get paid!
Are Georgia Business Brokers worth their fees?
Considering the long list of duties above, business brokers provide a tremendous value in completing one of the single most important transactions of your life. Besides, good full service business brokers only get paid when the transaction is complete and you close escrow. Try getting your accountant or attorney to waive their fees if the transaction falls apart! A business broker really does earn their fee and only get paid after all of the work is done. There is no risk to you.
When all is said and done, do you need Georgia business brokers to sell your business? Unless you have another team of marketing, accounting, and legal folks that really understand business for sale transactions, a good intermediary will keep a good deal from going bad or a bad deal from getting done.
