As a business owner, and part of the baby boomer generation, you’ve seen your share of

ups and downs in the business world. The time is coming to step back and take life in a

different direction. You’ve decided it’s time to seriously consider selling your business.

Where do you turn?

Many business owners in similar circumstances look first to their accountant or their

business attorney, people they’ve worked with and have developed a relationship with.

But the fact of the matter is they aren’t experienced in selling a business, just as you

probably would not ask them to sell your home for you (which is much easier). No

doubt, you’ll consult with them as you prepare to sell your business. But an initial step

should be to enlist the help of a professional business broker or intermediary.

A business broker or intermediary works to bring together buyers and sellers of

businesses. Finding the right person to fill that role is crucial to making the right deal to

sell your business. Here are some tips:

source. Your accountant or attorney may be able to direct you to a broker with a

proven track record. Business brokers should also be able to provide you with a

list of satisfied clients.

IBBA is a non-profit trade association with 1,900 members, providing education,

professional certification, conferences and networking opportunities. The IBBA

also provides the Certified Business Intermediary (CBI) designation for those

members who have successfully completed a number of IBBA courses, including

ethics, financial analysis, business pricing and valuation, legal and tax classes.

time selling businesses will add more value to your sales transaction than

someone who just dabbles in the sale of businesses, among other endeavors. A

full-time professional intermediary will bring along a network of contacts and an

understanding of the principles of business valuation, marketing and

confidentiality. Find someone who is dedicated to the profession. Again, ask for

testimonials.

with must be someone that you believe you can put your trust in because you will

be working with him or her very closely for some time. He or she must have

credibility and bring across to you a sense that you can rely on him or her to

obtain the best price for the sale of your business in the shortest amount of time.

you need in the way of analysis, appraisal and valuation. A business broker’s fee

is typically a commission based on the sale price of your business, and sometimes

includes a small upfront fee for valuation an/or marketing. Think twice before

you decide to work with any broker who asks for an excessively large upfront fee

to do a business valuation or to help market your company. Are they making their

money from their valuation/marketing fee, or from selling your business? (It

should be the latter.)

until the time is right. A professional business broker will ensure that all

safeguards are in place to protect your company and all information is kept

confidential. Leaking your plans prematurely to suppliers, customers or

employees can have repercussions on your business operations.

that you’ve poured your heart and soul into for years is a complex proposition; not

one to be rushed into. Be sure to take the time you need to learn about and clarify

all uncertainties.

Selling your business will undoubtedly be one of the biggest transactions you’ll ever

make and one that you’ll probably only do once. The right professional business broker

will help you find a source of potential buyers and aid in the sale of your company.

Work with a team of professional advisors for the best results.