04/09/2012 // Dallas, Texas, United States // DallasBusinessBroker // Bill Whitehurst // (press release)
There are many reasons why you may be thinking about selling your Dallas business. Perhaps your partner wants out but you need a partner to survive. Or, maybe it’s time to retire and start relaxing after all the hard work you’ve put in over the years. Maybe your business is struggling but you know it still has value and want to sell it. Whatever the reason, the most important decision you’ll make is how to sell your business.
The very best way to do this is finding a Dallas business broker who is well-versed on how mergers and acquisitions are completed and those who can help value your business. You’ll also need one you can trust with your confidential information—one that has no qualms about signing a confidentiality agreement and has Dallas business area connections and contacts. You will also need to find a Dallas business broker who knows about business valuation methods. Here are three must-have tips before you choose a business broker in Dallas to help sell your business.
Not all business brokers know how to value a business. They simply open a brokerage business and attempt to gain clients. To ensure your broker is the best possible choice, ask them if they know about various valuations methods such as asset, cost, income or market approaches.
Not every business can rely on just one valuation method and some industries are hard to value, especially business that are unique or of the franchise type. Because valuation methods come in all shapes and sizes, look for a broker who can clearly explain the all valuation methods and explain to you which one is best for valuing your company. A good broker may recommend using two or more methods to value your business and that’s even better.
You certainly won’t want to hire a business broker with no business connections. It’s easy to spot these kinds of brokers by asking them some simple questions such as where they’ll be seeking interested investors or buyers. Do they have set guidelines on determining true buyers and those who will just waste your time? Do they have vast industry experience when it comes to selling businesses? By that, do they sell only one type of business or have they been involved in many types when it comes to brokering a sale.
You should also inquire about where they will advertise your business. Will they utilize venues that are reliable or those bulletin-board type venues where just about anyone can inquire? How much will they reveal about your business to prospective buyers and will they ensure their connections will sign confidentiality agreements and return financial information if the deal doesn’t go through?
Good connections in all avenues of the business world are a necessary must-have when choosing a Dallas business broker.
Honesty & Experience
Our last tip on finding a reliable Dallas business broker combines two necessary elements. First, you’ll want to obtain some references from business brokers before you make a decision on hiring one. Ask for contact names and telephone number of former clients you can speak to. Ask to see their portfolio of successfully sold businesses.
Great business brokers will offer you sound advice—even if you don’t want to hear it. They know the business valuation world well and may tell you if you’re setting your price too high or even too low. And, they’ll be able to back-up their recommendations with valuation methods you can understand.
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