- September 26, 2017
- Posted by: admin
- Category: Business Brokers
Selling your business with a qualified small business broker in Las Vegas will help you find the quickest track to a closed deal while increasing the chance that your expectations will be met. Without a broker, you will likely encounter significant challenges with determining a fair market value, finding eligible buyers and marketing your business in a way that attracts a fair price.
Not all Las Vegas small business brokers are created equally, though. You will want to look for certain qualities to ensure your business gets the attention and representation it deserves. Read on to learn four of the most important of these qualities in order to help make selling your business in Nevada as beneficial to you as possible.
A Proven Track Record
Without a doubt, the most important quality in a business broker is actually having the ability to sell your business and meet your expectations. Since you will not be able to predict the future, you will have to look to a broker’s past successes and hope history will repeat itself.
Ask to see examples of past sales transactions, with an eye on the most recent sales in particular. Also, ask for examples of business deals similar to yours so that you know that they can satisfy your needs and not just the needs of the average business.
Get references, and talk to the broker’s past clients directly. Recounting their experience will be the absolute best tool you have for weighing a broker’s merits. As Entrepreneur advises: “Be wary of a prospective broker if he’s unable or unwilling to provide contact information of satisfied sellers of similar businesses.”
Every business sale is different, especially when it comes to small businesses. Selling a sit-down restaurant is vastly different than selling a chain of food trucks, for example. Also, deal sizes and growth potential can make a huge difference when finding buyers and handling the transaction. An established $1.5 million earning business is different than an upstart $3 million business, even if the latter earns more revenues.
“Each industry has its own unique culture and requirements and knowledge base,” says one former business broker. “A broker that says ‘The industry doesn’t matter, I can sell any business’ would be something to question. Because can they really represent you and sell your business the best?”
An Established Network
The best brokers never work alone but with an established group of colleagues, peers and professionals. Your broker should have their own accounting and valuation expertise, for example, as well as a legal consultant. Even if you have your own dedicated accountant and lawyer, having your broker rely on professional advice of their own ensures that every “t” is crossed and “i” dotted.
Additionally, brokers with industry connections will be better-able to locate a qualified buyer. Many of the most important business sales were structured through key contacts or by broker-to-broker negotiations, so finding a broker with insider friends helps accelerate the sales process.
A Solid Marketing and Sales Plan
No business “sells itself.” You need a specific strategy for listing the business, negotiating offers and structuring the deal.
Additionally, you will need someone who is a master of marketing. Many business sales are done confidentially, so the marketing apparatus often has to lure in buyers without disclosing everything. Marketing without naming a business outright can be tricky, but top business brokers in Las Vegas have become adept at it.
Find a Certified Valuation Expert and Small Business Broker in Las Vegas
Being a certified valuation expert enables your business broker to set an accurate asking price for your business that represents general market standards and expectations. Having both a business valuation expert in Las Vegas and a business broker in one means you can rely on the expertise of your broker to get you top dollar on your listing while reducing the risk that it will linger on the market for months.
Get the services, experience and expert advice you need to sell your business the right way by working Schwartz Strategy and Valuation, one of Las Vegas’ top business broker firms. Check our references, and start making a game plan for success when you contact us today.