Every business broker and M&A intermediary works towards the same goal, to help you successfully sell your business for maximum value.
A good business intermediary will provide you with valuable services essential in selling your business:
- Evaluation: The most important step in any transaction is evaluating your business before it goes to market. A business broker should carefully examine your company's financials and your personal needs to guide you towards a price that would best accomplish your goals while remaining realistic.
- Buyer search: A business should be marketed confidentially through several channels to create a competitive arena with multiple buyers. Besides business-for-sale Web sites, the business intermediary should have an existing buyer database of local and national prospects. A successful business intermediary often has other marketing strategies to generate competition for your business, which will lead to a higher selling price.
- Negotiate a Letter of intent: Once a potential buyer expresses interest in the business, a business broker will help review the buyer's Letter of Intent, which is a tentative agreement outlining the primary economic considerations of the transaction and other issues. If your broker is able to negotiate with many potential buyers simultaneously, he or she can usually achieve the best results.
- Due diligence: Once the Letter of Intent is signed, the buyer brings his or her attorney, accountant and other professional advisers to conduct a thorough investigation of your company. During this time, your business broker must use his skills and diplomacy to defend your business.
- Definitive purchase agreement and closing: When due diligence is complete, the business broker helps you and your attorney review the final Purchase Agreement and closing documents.
When looking for a business broker, it is important to interview several and ensure that they have the experience in handling transactions similar to yours in size.
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