Breaking into Business Brokering

Getting Started

Understanding the Field:

• What attracted you to business brokerage? This gives insights into their passion and motivation.
• What’s your specific niche or area of expertise in business brokerage? (e.g., Main Street businesses, tech startups, franchises)
• How do you stay updated on market trends and changes in the business brokerage landscape?

Experience and Qualifications:

• How long have you been a business broker? (Length doesn’t always equate to experience, but ask for specifics of prior roles and deals)
• What professional certifications or designations do you hold? (e.g., CBI, CBA, M&AMI)
• Can you share some examples of successful deals you’ve closed in the past? (Focus on deals similar to your business)

Approach and Methodology:

• What’s your approach to business valuation? (Ask about specific methods and considerations)
• How do you market businesses to potential buyers? (Online platforms, networking, targeted outreach)
• What steps do you take to prepare a business for sale? (Financial due diligence, legal documentation, marketing materials)
• How do you handle confidentiality throughout the selling process?
• What is your communication style and how often will you update me on progress?

Fees and Expectations:

• What is your fee structure and how does it work? (Commission-based, retainer fees, additional charges)
• What services are included in your fee? (Marketing, negotiations, due diligence support)
• What is your typical timeline for selling a business? (Be realistic about expectations)
• What happens if the sale falls through?

Additional Considerations:

• What resources do you recommend for new business brokers like myself? (Books, courses, professional organizations)
• What advice would you give to someone just starting out in business brokerage?
• Do you have any references I can speak to? (Previous clients or colleagues)

Remember, asking insightful questions can help you identify a business broker who’s a good fit for your needs and goals. Feel free to tailor these questions to your specific situation and be sure to clarify any unclear points.