Savvy entrepreneurs know that choosing a competent business broker in Pennsylvania makes the difference between a smooth sales process or one that is fraught with problems from start to finish.
However, business owners who are selling their enterprise for the first time may not know what to look for in an honest and effective practice.
In this article, we will outline three things that a first-time business seller should keep in mind when picking a business broker in Pennsylvania.
Research their background and credentials
In business, there are plenty of bad actors, so it’s vital to ensure that any business broker in PA that is under consideration has licenses from professional organizations such as the International Business Brokers Association (IBBA).
At the state level, entrepreneurs looking to buy or sell a business through a business broker in Northampton County, PA, for example, should ensure that they at least have membership through the Pennsylvania Business Brokers Association (PBBA).
Membership in either of the previous mentioned organizations requires that these brokers follow a set of codified rules that ensure ethical business practices.
As a result, those looking to use their services can be assured that they will be treated in a fair and honest manner.
In addition, be certain that business brokers in Pennsylvania that are being considered have experience selling businesses in the industry in which the entrepreneur is involved, or at minimum, a knowledge of the market.
By performing this essential task, the probability of a successful sale or purchase will increase dramatically.
Are they really interested in helping people sell businesses?
While most people involved in the business brokerage industry genuinely enjoy what they do, others may be in it simply for the commission.
True professionals that work for a business broker in Lebanon County, PA, for example will take the time to learn about the inner workings of any business that comes across their desk, and they will ask questions that will enable them to understand the motivations behind the sale of a business.
Armed with this information, they will be able to move forward with the intentions of their clients in mind, and they will be able to tailor their tactics appropriately when dealing with potential buyers.
What strategies do they utilize to sell companies?
When a seller approaches a business broker in Cumberland County, PA, for example, for the first time, the most important questions they should ask should revolve around the strategies they intend to use to promote their business in the marketplace.
Some brokers take the approach of simply posting up an ad on an online B2B classified site and calling it a day.
Any business sales professional worth their salt should make use of both online and offline sales tactics; the latter should include exposure in traditional media such as newspapers and trade magazines so that they are able to reach buyers in older demographics.
Additionally, they should also have connections to other small business professionals, as it may enable them to use word of mouth in order to obtain solid leads.