Hiring a business broker can make all the difference in your buying or selling journey. Discover the key benefits they bring to the table.
So, you're thinking about buying or selling a business, but you're not quite sure where to start. Enter the business broker. Think of them as your trusty middlemen (or middlewomen) who make the whole process smoother and less stressful. But what do they actually do?
"A business broker is basically a go-between who helps connect buyers and sellers."
They handle all the tricky stuff like negotiations, paperwork, and making sure everything is in order for the sale. In a recent podcast episode, Chandler describes the role of the business broker as the “in-between, the mediator of the transaction" who works to secure the best possible terms for both the buyer and the seller. Whether it's a small mom-and-pop shop or a larger operation, brokers make sure everyone walks away happy.
Do You Really Need a Business Broker?
You might be wondering, "Can’t I just sell my business myself?" Sure, you can. But we strongly advise against it. Think of it this way: Would you represent yourself in court? Or would you trust an experienced lawyer to intercede on your behalf? So, let’s talk about some of the things a broker can do for you.
1. Get You the Best Price A broker’s expertise means they can get you more money for your business. Chandler explains that brokers “allow your business to be sold at a higher multiple for a bigger price than what you'd be able to do by yourself.”
2. Speed Things Up
Selling a business can take forever if you don’t have a network of buyers. Brokers do. They’re connected to a pool of potential buyers, which means your business can sell faster. Plus, you avoid the headaches of finding buyers on your own.
3. Keep Running Your Business
Trying to sell your business and run it at the same time is tough. Something’s going to slip through the cracks. Let a broker handle the sale so you can keep focusing on what you do best—running your business.
4. Avoid Costly Mistakes:
In another episode, Joe shared his story about buying a business without a broker. Long story short, it was a nightmare. Missing documents, poor deal structure, and no due diligence led to a lot of unnecessary pain. Brokers know what to look out for and can help you avoid these pitfalls.
5. Creative Solutions:
Sometimes deals get tricky. Financing falls through, terms need to be adjusted, and other unexpected issues pop up. Brokers have seen it all and can come up with creative solutions to keep the deal on track.
The Bottom Line
Yes, you can sell your business on your own, but a business broker will save you time, stress, and potentially a lot of money. They bring expertise, networks, and negotiation skills to the table helping you get the best deal possible. As Chandler says, “Let the expert be the expert."
So, if you’re serious about selling your business, get a broker on board. It just might be the best decision you make for your business. For more tips and expert advice, check out our YouTube channel where we dive into other common questions from buyers and sellers. Happy selling!
About Robbins Pellegrino: Robbins Pellegrino is a Florida-based business brokerage firm led by Chandler Robbins and Joe Pellegrino, Jr. that is committed to redefining industry standards. We focus on creating meaningful partnerships and ensuring successful business transitions for both buyers and sellers. For more information, visit us at www.robbinspellegrino.com or call (239) 360-6273
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