The short answer is yes, but not for the reasons you may think!
The primary function of a business broker is to find a buyer for your business, help you determine the right price for the business, and to close the transaction. Business brokers often provide additional services such as advising on whether the sale should be structured as an asset or stock sale, provide assistance with financing, and to supervise the due diligence process. The business owner should make sure the broker is highly qualified to undertake the transaction because there are no established qualifications for brokers, and many brokers operate on a part-time basis.
But the real reason a business owner should hire a broker is because selling a business is very time consuming, and someone needs to guide the sale process while the business owner keeps the business performance strong. It has been my experience that deciding to sell a business is a very personal decision, and one of the toughest decisions an owner makes. But once decided, owners tend to let down mentally on the business because it is being sold. WRONG! The owner must keep the business performance strong during the sale process, or risk losing any potential sale. I have experienced transactions fall apart because the business is performing poorly during the sale process. And this is precisely the time when the business needs to be at its best!
So, if you have decided to sell your business, seek a qualified broker and trust the broker to guide the sale process while you keep the business performing strongly. This approach will help to maximize the sale process and the proceeds!
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