Bridging the Way BayState Business Brokers blog

So, you’ve been referred to a business broker. Now what?

by | Feb 16, 2024

For most business owners, selling a business is a once-in-a-lifetime experience. While there are certainly exceptions with serial entrepreneurs, for most this is not a common experience. And that leads to uncertainty and concern.

You have spoken to your accountant, attorney or trusted friend and been told to hire a business broker. Usually, they refer you to a firm and a business broker. If they provide you with more than one name, how do you decide who you go with? This is new territory, you trust the referral sources, but how do you make the decision on who to work with? You want to find someone you feel comfortable working with for a period of time and who you feel will be successful in completing the transaction for you, but it can be difficult to determine this only from initial meetings.  

Here are some ways you can evaluate a broker to work with when selling your company.

1 – The IBBA.

As we wrote about in a prior blog, the International Business Brokers Association is THE most credible organization in the industry. Do your homework. The IBBA is an incredible resource for business brokers and intermediaries in the industry and is an important source of ongoing education and advancement. Review the firm and the bio of the business broker. If the firm or broker is not involved in the IBBA, it suggests that they may not have the experience and education to successfully sell your company. Additionally, the prestigious designation of CBI, a Certified Business Intermediary, is earned through the IBBA and is a great designation for a broker to have, since it means they have taken extensive educational courses and passed a difficult exam.

2 – Experience

Has the business broker run a business or been involved in a closely held business?

Most of our business brokers have grown up in a family business or worked in a closely held business. This experience brings a valuable and unique perspective as our brokers have experienced what you are about to embark on. They have been a part of running a family business and leverage that personal experience to best serve our clients.

This experience also converts to passion, and we are passionate about small businesses and how they play an important role in our economy. We tap into this passion to help our clients successfully achieve one of the most important milestones in their lives. We understand the emotions involved in deciding to sell and bring a unique commitment and determination to work hard to look out for your best interests every step of the way.

3 – Expertise

Successfully marketing a business requires depth and breadth of knowledge and skills. Our business brokers bring a wealth of industry knowledge and core expertise to analyze your business. Our business acumen and market knowledge convert to the preparation of the BayState Confidential Brief which is often described as superior packaging in how we bring a business to market. We will align a business broker to bring this expertise to the table for you.

When you decide to speak with a business broker about selling your business, referrals provide great testament to the faith and trust that someone has in that broker. Given the significance of this event in your life as the owner, do not short cut the due diligence of speaking with the business broker to get a sense of the firm, background, experience, passion and yes, grit.

We offer a great team of highly professional and experienced business brokers who value ongoing education through the industry’s leading organization, and we bring invaluable experience and expertise to serve our clients. Learn more about us.

In the event you have not received a referral, contact us. If you have received referrals, use the above criteria to help you make an informed decision.

We welcome the opportunity to work with you every step of the way.

Contact us.

Archives

Steps

Time to Sell Your Business?

Contact our experienced, knowledgeable and passionate business brokers to achieve your goals.

Call us at 617-562-5700 or Contact

Hands

Looking to Buy a Business?

Work with one of our experienced business brokers with local market knowledge and industry knowledge.

Call us at 617-562-5700 or Contact