If you are considering selling your business, you may have already started looking for brokerage services in Minneapolis. Though you may have experience in creating a business, you may have little to none in selling one, or in dealing with any of the processes or people that come along with it. Here are just a few tips for finding the best brokerage service for selling your small to mid-sized business.
One of the easiest things to guess about finding a brokerage service to work with is that experience is one of the most important things. You’ll want a broker that has brokered many different transactions successfully, especially in your field or in your size of business. This will not only help your broker do a better job, but will help you feel more confident in him or her!
The next important thing is negotiating the fee. You’ll want to watch out for a broker that asks for a fee upfront--this will automatically tell you to run. However, be sure to check with them about the percentage they get as they will sometimes be flexible.
You’ll also want to negotiate the contract. Some brokers will make you commit for a certain amount of time, but be sure and negotiate down--most businesses won’t take more than a year to sell. You’ll also want to possibly include a 90-day contract or statement that makes it easy to jump ship just in case you get in bed with a bad egg.
Lastly, you’ll want to be sure that your brokerage service in Minneapolis isn’t a generalist service. You’ll want to find someone that typically handles companies like yours, especially with regards to your company's size, culture, and type. Because they will be representing you and your business, you’ll want to make sure that your business is represented properly--especially to potential buyers!
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