I’m concerned about confidentiality. Will the brokerage protect my privacy?
Experienced business brokers in reputable firms have systems in place to protect the confidentiality of clients and details about their businesses. To further protect seller interests, prospective buyers must complete binding non-disclosure and/or confidentiality agreements and provide financial statements and bank references before they are granted access to essential business information.
Isn’t a business broker just the same as a real estate broker?
It’s true that business brokerage began as simply a subset of real estate brokerage about four decades ago, but the two industries have diverged completely since then. While business brokers in Minnesota (and many other states) are licensed identically to real estate brokers, the business brokerage industry has such singular requirements and challenges that it doesn’t functionally overlap with either commercial or residential real estate brokerage. As with any specialization, expertise is the result of many years of experience focusing exclusively on the niche.
Can’t I can sell my business myself? How does a business broker add value?
Like a good accountant, lawyer or other professional, business brokers contribute value according to their experience, education, and knowledge of the requirements and best practices of their industry. Yes, you can sell your business yourself: likewise, you can also do your own taxes and represent yourself in court, but doing so successfully requires a huge investment in time and education. It also comes with potentially costly risks.
Thanks to our experience and training, we know:
- how to value a business
- current market conditions
- where to find reliable data
- the challenges and issues likely to arise
- where to find money for business transactions
- the crucial details and checklists to complete a transaction smoothly
- how to comply with legal regulations
Further, we serve as a buffer between the seller and buyer, engaging both parties with effective negotiation skills based on extensive experience and industry knowledge.
But why are the fees so high? Is it worth it?
Fees are based on a percentage of the selling price and have remained constant for many years. Hiring a professional business broker has three concrete financial benefits for the seller:
- We expose the business to many more potential buyers than an individual seller can, enabling a quicker sale at a higher price
- We have the expertise to accurately evaluate the business and ensure the listing is priced right and attractively described
- We handle the details of the transaction with expertise to protect both buyer and seller, preventing costly mistakes, misunderstandings or misrepresentations
My business is special — do you have experience selling businesses in my industry?
At Opportunities In Business, we’ve got over 35 years of experience and we have sold in every SIC code or industry. Browse our listings and you’ll see successful sales of businesses from wholesale manufacturing to laundromats to credit card processing to cafes. With every account, we dive deeply into the business and the industry. Our standard process involves gathering lots of information and asking essential questions to fill in any gaps. Selling the business relies on a different skill set than running the business. We’ve yet to encounter a business so unique and specialized we couldn’t adequately represent it.
Check-out some of the recent businesses we’ve sold! https://oibmn.com/listing_status/sold/
My husband has his own business and one day might sell. It is good to know that he can sell it himself. I am going to mention that if he goes that route he will want a business broker there to better negotiate the deal.
Thanks for mentioning how a business brokerage firm should help you sell if that’s what you are looking to do. I also like how you said that they should help you find reliable info. and data. If someone was looking for a business brokerage firm for some consulting, I would assume that they would keep your post in mind.