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What to know about using business brokers

Business owners in North Carolina and throughout the country can make a lot of money selling their companies. However, it is important to find the right buyer, and a business broker may be able to help facilitate a transaction that a company founder will be comfortable with. Business brokers will charge anywhere from 10 to 15% of the final purchase price. Of course, a broker will also make sure that only serious buyers inquire about purchasing the organization.

The person or entity acting as broker can also work with a buyer on a company owner's behalf during the process of completing the transaction. There are many things to know about a broker before choosing to work with one. Ideally, he or she will have relatively few listings at any given time. The fewer listings a broker has, the more time is available to focus on the details of a given transaction.

Furthermore, the right broker will use a variety of marketing strategies to ensure that the company is seen by the right people. Ideally, both inbound and outbound marketing practices will be used. Finally, a broker should be a professional who has experience helping buyers and sellers get deals done. As a general rule, it can take up to 12 months for a deal to be finalized with or without a professional's help.

A team of professionals may be necessary to complete a business transaction that is in a seller's best interest. Ideally, company owners will have an attorney and a CPA to structure the deal properly from a tax and estate planning perspective. An attorney may also help with the due diligence process, which might help the transaction close in less time and with less frustration on the buyer's part.

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What to know about using business brokers | Britton Law, P.A.