Sell a business in Las Vegas
What is a Business Broker?
Selling your business will be the biggest decision you will make in your business life. Like all other huge decisions, it is important to know more and look at your options before making a choice. Just like when making big decisions in life, it is easier to get assistance when selling your business so it is not so overwhelming and stressful for the business owner.
One option to look at is having a business broker work with you every step of the way. But before you go into this, you need to understand fully what a business broker does and how it will be able to help you in selling your business.
A Las Vegas business broker, sometimes called business Intermediary or business transfer agents, assists buyers and sellers of privately held businesses in letting go or acquiring their businesses.
It can be described as a professional who handles and facilitates the sale of small to medium-sized businesses with working with both the sellers and buyers. They work like real-estate agents but their practice is limited to business entities only. They can represent either the buyer or the seller in a sale. Traditionally, business intermediaries are hired to represent the seller but buyer representation is becoming more common.
Teaming with a professional business broker will provide you with the expertise to help you make decisions. They are experienced, professional and competent and have skills necessary to handle negotiations, marketing and other complex details involved in selling or buying a business.
Business intermediaries are required to meet the following criteria:
Education: Business Intermediaries are required to have business brokerage courses and should have a commitment to professional development through continuing education and learning.
Experience: Business Intermediaries, with their years of experience have gathered knowledge in business brokerage and interpersonal relationship with others. With this, also comes a wide database of contacts, personal network, and information that is helpful in going through the process of buying or selling a business.
Knowledge: With experience comes knowledge. This not only includes knowledge of the market, pricing, and data but also knowledge in handling and reading people, papers, trends to help you make better decisions. This will also help in looking ahead at possible hurdles and finding or preparing the best solutions before it even happens.
Ethics: Working with different people from all walks of life, business intermediaries are able to maintain business ethics and work professionally with both the seller and the buyer. With this, they are able to make and suggest solutions with a level-head. They could also create solutions that will benefit both parties involved in the process of buying and selling a business is so stressful and overwhelming especially to those who have no experience.
Here are a few situations where a Business broker will be helpful:
1. You have never sold a business before.
As we have already mentioned before, selling a business is a stressful and overwhelming process for a business owner. The process of selling a business is not a simple transaction of negotiating on the price as it involves a lot of processes an paperwork that is most of the times complex.
2. You would like to maximize the price of your business.
A broker is well adept at knowing the current market value of your business and will be able to give you suggestions whether it is the best time to sell or not. They will also be able to see the value of your business and make negotiations for the best price for both parties.
3. You would like to sell your business FAST.
If you would like to be able to sell your business, for the best price, fast, it is best to get the help of a broker. A business broker with years of experience already has a wide list of contacts, both national and international, which they can get in touch with, in the least possible time, to sell your business. They also know who among their contacts are best suited to sell your business to.
4. You do not have enough time to take care of the process of selling your business.
Selling a business involves a lot of time and paperwork. These process, if not done correctly could be time-consuming and very difficult to handle.
If you are planning to sell your business but do not have enough time, getting the professional help of a business broker is helpful. Intermediaries have enough experience and knowledge to know which papers need to be prepared and taken cared of in the least possible time.
They could also help in showing the business to potential buyers, market the business and answer questions that they might have. Sellers tend to accommodate everyone who are interested in buying the business and these take up most of their time. With help, potential buyers can be screened and questions can be answered by the broker and just let the business owner use their precious time in taking care of their business.
Brokers could also help you do the following things to prepare the sale of your business:
1. Assess the readiness of the owner to sell the business
2. Creating an exit strategy
3. Valuation of the business
4. Studying, adjusting or recasting the financial statements
5. Marketing the business for sale
6. Preparing a business summary and an enticing profile for the business
7. Screening the buyers and showing the business
8. Negotiating the transaction
9. Preparing the offer
10. Closing the transaction
Although it is not necessary to have a business broker when selling your business, just like suing someone without an attorney, it is best to get the best professional help in dealing with the most complex decision for your business.
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Business Broker – Trent Lee
Address: 5420 W Sahara Ave Suite 201, Las Vegas, NV 89146