How do you choose the right adviser when you’re ready to sell your business?
For any business owner, selling your business is one of the biggest financial transactions you can undertake – and clearly, it requires careful planning and execution.
One of the most important decisions you will make during the process is choosing the right advisers to guide you through the sale. So, what are some of the key factors to consider when choosing a broker to help you sell your business?
Experience and Expertise
Firstly, their expertise in selling businesses – along with experience in your particular industry. You want to work with someone with a successful track record in business sales who understands the unique challenges and opportunities that come with your industry sector. Do they demonstrate an interest in and knowledge of your type of business? Look out for examples of previous business sales or recommendations from other business owners.
Understanding Your Goals
An important consideration is the adviser’s understanding of your goals. What is it you personally want to achieve? A quick sale to allow you to move forward to the next stage of your life ? Or are you prepared to wait to maximise sale price? Is finding the right buyer important, so that you feel the future of the business is in the right hands? A good adviser will take the time to understand your objectives and will work with you to develop the right strategy aligned with your goals.
Communication
Good communication is crucial. Selling a business can be complicated and you need an adviser who communicates well. They should be able to clearly explain complicated procedures, be responsive and helpful when you have questions or concerns – and be comfortable in bringing together the various parties involved in the sale, including buyers, solicitors and any other advisers. Take a look at the adviser’s website and written communications – are they clear? Avoid jargon?
Service Excellence
You want to work with an adviser who has a reputation for great customer service. Is there a clear process in place? What are the experiences of previous business owners who have gone through the sales process? Independent review sites such as Trust Pilot which share experience of service levels are a helpful guide.
Fees and Costs
Finally of course, you need to consider the fees and costs associated with your business sale and ensure you are getting value for money. Look for an adviser who is able to tailor the service to suit your particular requirements – and is clear on the service being provided for their fees.
Whilst selling a business can be a complex and challenging process, choosing the right broker can make all the difference. Once you start thinking about selling your business, consider the factors outlined above to find an adviser with the right expertise, level of service, communication skills and clarity on fees to suit your needs and help you achieve a successful outcome. Selling your business is a huge decision and a major undertaking – you deserve an adviser who will work with you to help you achieve your goals.