How to find a business broker that optimizes your results

When selling or buying a business it’s smart to collaborate with a business broker. But how to find a business broker that optimizes your results, someone that has your best interest at heart. These five indicators will help you determine if you’re talking to the right partner.

Why use a business broker 

When it comes to business transactions, there are buyers, sellers, and brokers. While it may seem like only the first two are needed for the sale to go ahead, the nature of business ownership means an extra set of skills is required to facilitate the transition. Buyers and sellers may know businesses, but that doesn’t mean they know what is required to sell a business. Business brokers handle transactions the way you would want your business to run – smoothly, with everybody kept happy. Curious to find out how to find a business broker that gets you results? Read the 5 tips that will get you all the insights you need.

How to find a business broker that has your best interest at heart

Just as no two businesses are the same, business brokers can also differ in what they offer. Some may specialize in certain industries or provide services that others don’t. One of the key traits they must possess is interest in the business being offered. In order to get the most for their client, brokers must know every part of what is being sold. Only from there will they be able to truly determine its overall value. It’s always worth doing your research before making contact with a broker. Here are five ways to narrow the search for a business broker.

1.Check reviews and public reputation

It’s all very well for a broker to have the experience, but the quality of work is also important. Relationships are a vital part of business brokerage, so it doesn’t hurt to have a look at what previous clients have said. Brokers won’t want to hide any positive feedback they have had, and even negative reviews have a way of finding their way to the surface. Social media can be useful in getting a sense of the type of transactions conducted by a brokerage firm and also what they stand for. Even in the digital age, word of mouth can also guide you in the right direction. You may know someone who has sold a business or know someone who knows someone else. It’s all about getting the conversation started.

2. What’s their experience in general?

You should be able to get an indication of a brokerage’s history through web research. The ‘about’ section of their site will provide a brief outline of where they started and how they got to where they are now. On our about page we not only give you an outline of our story, we also introduce you to our team of business brokers in Perth.

As with any web-based fact-finding mission, it always helps to cross-reference any claims that are made and names that are mentioned. If possible, try and find information from outside sources about the brokerage to build a fuller picture of the business. A broker who claims to have a large number of buyers at their disposal may seem like an attractive option, but its quality, not quantity that could be more beneficial. Solid relationships with a handful of relevant buyers is of greater value than a generic email list.

3. What’s their experience level for your industry?

A business broker should not only have an understanding of the business he or she is trying to sell, but also of the industry it belongs to. While there are industry-specific brokerage firms, many cover a broad spectrum of business types. Testimonials can be a good source of context, as search engines. Even googling your own industry with the name of a potential broker could be enough to decide whether a broker is suited to sell your business. A broker who has sold businesses in your industry would have relevant contacts of buyers related to your business and know the appropriate marketing path to take.

4. Find out which marketing tools they will use

A big part of selling a business is finding the right audience. This can come down to the methods used to put the business on the market. The role of a broker is to assist a seller as they explore networks of competitors, customers, employees, friends, family, and industry professionals, while also providing contacts from their own mailing lists. They are best placed to assess the values of channels such as social media, the internet, local and state newspapers, and trade journals when it comes to finding a buyer for your business.

5. How do they make you feel?

Never underestimate the value of your own instincts when it comes to deciding on a business broker. After all, as a seller, you are entrusting them with a significant portion of your professional life – a business that you have invested time, money and effort in. The broker needs to understand your motivations for selling and what the sale will mean to you. From a buyer’s perspective, the purchase of a new business can be one of the most critical decisions they will make. This can only happen with someone you trust and feel comfortable with. A business broker could have all the right skills, but if they don’t make you feel like they are on your side, then the transaction will reflect as much.

GMO business brokers in Perth, Western Austalia

Are you ready to find a business broker that gets you results? GMO is Western Australia’s most established and well-respected business broking agency. With over 25 years’ experience, and assisting on over $1.2billion worth of sales, we offer a premium buying and selling service for businesses across various sectors such as manufacturing, wholesale, accommodation, retail, hospitality and more. As Perth’s preferred business brokers, we are proud to be referred by the region’s best accountants, bankers, law firms and Western Australian migration agents. At GMO business brokers, we sell a multifaceted portfolio of businesses from all sectors. Our businesses range from retail outlets, hospitality establishments, and restaurants, to mining, service-related and information technology companies. 

 Contact us by e-mail or call us at +61 894 81 4422 to see if we’re your missing shoe.

CONFIDENTIALITY DISCLOSURE AGREEMENT

  • The disclosers are willing to disclose such information to the recipient subject to their acceptance of the following conditions:
    1. The recipient shall treat all information received from the discloser as confidential and shall ensure that all such information remains confidential and shall not use any such information in any way other than for the specific purpose aforesaid. The recipient acknowledges that all conditions subsequent in this disclosure apply to the recipient and any associates of the recipient be they partners, co‐directors, trustees, holders of shares or officersin entity(s) the recipient has interest in.
    2. The obligations of paragraph 1 shall not extend to any such information which is in the public domain, or which hereafter becomes part of the public domain otherwise than as a result of any unauthorised activity or omission of the recipient, or which is already in the possession of the recipient and was not derived from the disclosers.
    3. The recipient shall return all such information received other than that which is submitted orally at the termination of such negotiations entered into as a result of this agreement.
    4. The obligations set forth in paragraph 1, 2 and 3 shall terminate 12 months from the date of this agreement or upon the disclosers and the recipients entering into an agreement whichever event occursfirst.
    5. The recipient shall obtain no rights of any kind to such information other than for the specific purpose stated in this agreement.
    6. The receiving party will not utilise any material made available to improve, construct or change another business, in such a way as to allow that business to compete with the business being discussed.
    7. The recipient understands that the information has been compiled by GMO from details provided by the Vendor. Prospective purchasers should be aware that it is not intended that any projections or this information be treated as a representation, warranty or promise by GMO or its representatives, as to the correctness of the information, or that all relevant information is contained in the information provided.
    8. The recipient acknowledges that they will not act on information provided without first seeking independent financial and legal advice.
    9. The recipient hereby agrees to declare any beneficial interest in any business that could currently be interpreted as being in competition with the subject business.
    10. The recipient agrees to return all documents supplied within 50 days of receipt (and any copies) should they decide not to proceed. The recipient further agrees to destroy any electronic information supplied by the Seller or GMO and to instruct their professional advisors to also destroy any information passed on by the Seller, the recipient or from GMO.
    11. The recipient acknowledges they are precluded from physically visiting the premises of the business or talking to any client, supplier or employee of the business without the permission of the discloser.
    The recipient/s hereby accepts the above conditions as binding on them in respect of the information referred to.
    By ticking you are accepting and agree to our Terms & Conditions including Confidential Disclosure Agreement & Privacy Policy.

Subscribe to GMO's Monthly Hotlistings

Subscribe today to receive GMO’s monthly updates and a list of all current business opportunities
  • This field is for validation purposes and should be left unchanged.

All Search Filters

  • Business type

  • Industries

  • Location

  • Sort by Price

  • Reset