What to Look Out For When Choosing a Business Broker

A large office building with a white stone base and glass top.

If you’re buying or selling a business in the greater Triangle area, the right business broker will define your experience. You need a broker who is dependable, resourceful, and relationship-oriented for the optimal buying or selling experience. Not all brokers are created equal, which is why it’s so important to be detail oriented when picking the broker who’s going to assist you in your transaction.

Here at VR Business Brokers, we have more than 40 years of experience and have helped more than 100,000 families in selling a local Raleigh business. We understand the intricacies of the process and how to walk our clients through the transaction with ease. Here are some tips on what to look for, and what to avoid, as you go about picking the right business broker for your needs.

Traits to Look For in a Broker

Selling a business is a complicated transaction, so the first thing you want to look at when choosing a broker is their experience and specialties. As you speak with a broker, ask them detailed questions and listen to your instincts. Above all else, you want a broker who is experienced, knowledgeable, and relationship oriented. This guarantees the best results, and top tier customer service, as you sell or buy a business in Raleigh.

Generally speaking, here are five traits you want in a business broker:

Responsive & Honest

As with any business relationship, you should prioritize a broker who responds quickly and communicates honestly. For example, here at VR Brokers we make it a priority to respond to every missed call and email as promptly as possible. Additionally, if we don’t know the answer to a client’s question off the top of our heads, we give them an estimated time frame of when we’ll know something and always deliver accordingly.

Trustworthy

Selling a business is a big deal—it’s a complicated transaction with high stakes. That’s why trustworthiness is one of the most important traits you should look for in your broker. If you can’t trust your broker to handle your transaction, and the many details that come with it, you’re going to have a negative buying or selling experience.

Knowledgeable

Because it’s such a complicated process, selling a business requires a team of professionals who know what they’re doing. Your broker needs to have a lot of experience, as well as a suite of tools and a network of like-minded industry professionals at their disposal. 

If your broker doesn’t have the answer or resource that you need right away, they should be able to find it quickly among their network. A smart broker will be a resource to you as you sell your business, and they should be able to provide you with everything you need to get it done successfully.

Results-Oriented

At the end of the day, you’re selling a business because you want to see specific results. The best broker will do whatever they need to to get that done and deliver on your goals. 

The right broker will be able to solve problems creatively and flexibly as they come up, as well as have systems in place to ensure a stress-free transaction from start to finish.

Warning Signs to Watch Out For

Not all brokers are created equal. You don’t want the wrong person representing you as you sell your business, which is why it’s crucial to thoroughly vet broker you could be working with.

These are some of the warning signs that a broker might not be the right fit for you and your business needs. 

  • They don’t know a lot about the business
  • They’re not very attentive to details
  • They’re not responsive to your requests 
  • They just started their business brokerage or it’s not their full-time focus

Tips for Choosing the Right Broker for Your Business

Not sure what to look for in a business broker? We’re here to help. The process can be long, but it’s worth it when you find the right broker as they will make your transaction simple, straightforward, and lucrative.

Some tips to keep in mind as you search for your broker include:

  • Check your potential broker’s credentials, track record, and client testimonials
  • Find a broker with a solid sales strategy and confidentiality plan

Looking For Resources? We’re Here to Help

If you’re buying or selling a business in Raleigh, you don’t have to go it alone. VR Business Brokers is here to help you navigate the complex transaction for a successful result. Have a question about selling your business in Raleigh? Set up a free, and confidential, consultation with us today

We look forward to helping you achieve all your business goals!