How to find a business broker: An 8-step guide for owners
January 4, 2024 ⋅ 2 min read
Finding a business broker that you're excited to work involves careful vetting and considering various factors. It’s crucial to express your needs upfront and interview multiple individuals to learn who suits your unique business case best. Baton’s team has prepared an 8-step guide to help you find a business broker and assess their experience.
Define your criteria
Clearly define your criteria and expectations. Consider factors such as industry expertise, transaction experience, communication style, and the broker's approach to marketing and negotiations.
Ask for recommendations from professionals in your network, such as your accountant, attorney, or industry associations. Personal referrals can provide valuable insights.
Search online directories
Explore online directories provided by reputable organizations like the International Business Brokers Association (IBBA) or industry-specific associations. These directories often include information about brokers' specialties and credentials.
Verify the broker's credentials. Ensure they are licensed, if required in your jurisdiction. Membership in professional organizations like the IBBA can be an indicator of their commitment to ethical standards.
Assess the broker's experience, especially in transactions similar to yours. Inquire about their track record, including the number of successful sales, the types of businesses they've handled, and their experience in your industry.
Review marketing strategies
Understand the broker's marketing strategies. Inquire about how they plan to market your business to potential buyers, including online platforms, industry networks, and other channels.
Interview multiple brokers
Conduct interviews with multiple brokers to get a sense of their personalities, expertise, and compatibility with your business goals. Ask about their approach to the sales process and how they handle potential challenges.
Seek references and testimonials
Request references from past clients. A reputable broker should be willing to provide references that you can contact to inquire about their experience working with the broker. Additionally, look for testimonials on the broker's website or online platforms.
Contact Baton’s team to review your options and hear how an online broker can support your business sale.