What is the role of a business broker?
When selling a business, turn to a professional expert for step-by-step guidance on how to approach each stage of the business sale journey. As with any other major milestone, advice, and support from a professional can help you accomplish your vision, in this case – a successful business sale.
A business sale broker is the go-to specialist for help with how to sell a business.
What is a business broker?
A business broker is a professional expert used to buy a business or sell a business, also known as a business transfer agent. A business broker is responsible for supporting the business sale journey from start to finish, including preparing a business for sale, arranging a business valuation, advertising a business for sale, finding a suitable buyer, directing the sale, supporting sale negotiations, and closing the sale.
They also support business buyers by providing access to vast marketplaces of businesses for sale and connecting them with business sellers.
- Previous sales and acquisitions experience
- Sector specialisms and average success rate
- Sales value expectations and growth potential
Why use a business broker to sell a business?
A business owner may use a business broker to sell a business for their professional expertise, strategic advice, sector experience and industry connections.
Professional experience – An experienced business broker will be able to share unique insights and guide you throughout each stage of the business sale journey. They can draw upon their experience when advising on how best to position the business to secure a buyer that is suitable and ready to proceed.
Sales data - Business brokers, or business transfer agents, typically have banks of sales data available that business sellers can use to determine how much their business is worth and how much buyers are willing to pay for it. This information is invaluable to the business valuation process as it can help accurately calculate the market value, without the risk of undervaluing or overvaluing.
Sales data that is varied, rich, and covers businesses of different sizes and sectors is hard to come by unless the business broker is experienced.
Sector expertise – The role of a business broker is naturally varied as they advertise hundreds of businesses for sale across numerous sectors every year. As such, they will require a certain level of understanding of each sector when interacting with potential buyers.
From strict conditions that regulate selling a post office and appointing a new sub-postmaster, to boarding licensing when selling a kennel or cattery; their knowledge is varied which is necessary when searching for a buyer that is suitable and qualified.
Sale management – A business sale broker will manage the complete business sale process from start to finish, which means minimal stress on your part while you navigate the business until a buyer is secured. The business sale broker will check in at each stage of the business sale process after gathering all the information that they require upon onboarding.
Investing in a business broker can save you time and money as business transfer agents have the resources, expertise, and connections to target suitable buyers that are ready to proceed.
For further reading on the topic of a business broker, read our articles on why to use a business broker, how much business brokers charge to sell a business and how to appoint a business broker. For advice from a business sale broker, get in touch with a member of the Selling My Business team.