Selling a business is a process that can be extremely lengthy, stressful and difficult, so you need to go into it with a lot of caution. In this process, a lot of people go with the option of hiring a professional to help them out with the sale and that professional is a business broker. There are a lot of business brokers in LA, and while they may be a great option, you should always be careful when choosing the person you’ll be working with so today we are going to talk to you about three questions that you should always ask before hiring the broker so make sure to keep on reading.
How much experience do they have in selling a business like yours or similar?
We feel like this is a pretty self-explanatory one, but we’ll definitely elaborate on it. Selling a restaurant or a coffee bar isn’t the same as selling an online business or a website. When you are looking for a broker you always need to make sure that they have experience selling exactly the type of business that you have, or at least similar, because that will give you the best chances of making a sale.
How many businesses like yours have they actually sold?
This goes hand in hand with what the spoke about above in the sense that not every business is the same and when you’re looking at a broker’s CV you need to see exactly how many businesses like yours they have sold in LA. Selling a restaurant that seats 40 vs. one that sits 200 is a completely different game, so if the business broker you are talking to hasn’t sold any businesses exactly like yours or at least similar, you should definitely keep looking.
How many clients and listings do they have at the moment?
This is a key question to ask simply because if a broker has too many clients whose listings he’s working on at the moment, you’re probably better off finding someone else to work with. We advise you to look for a broker that has somewhere between 3 and 7 listings at the moment because that will mean that he will have enough time to focus on your business as well as theirs.
Making sure that you’re working with the right people is key and asking these three questions is a great way for you figure out whether that person is the right business broker for you. We hope that you found this article useful and that it will help you sell your business in LA.