Selling a business can be a daunting task, and many business owners opt to work with a business broker to help them navigate the process. However, some sellers may have reservations about working with a broker. Here are ten common reservations that sellers may have about working with a business broker.
Brokers typically charge a commission based on the sale price of the business, which can range from 5% to 15%. Some sellers may be hesitant to pay such a large fee and may choose to try to sell the business themselves instead.
Lack of Control:
Sellers may have concerns about relinquishing control over the selling process, particularly if they are used to being in charge of their business’s day-to-day operations.
Selling a business can be a sensitive matter, and sellers may have concerns about confidentiality. They may worry that a broker will not be able to keep the sale of the business quiet, potentially harming the business if competitors or customers learn of the sale.
Selling a business is a significant event, and sellers may be wary of working with someone they do not know. They may be concerned that a broker could take advantage of them or that they may not have the seller’s best interests at heart.
Some sellers may worry that their broker does not have enough experience or knowledge of their particular industry or market.
Sellers may be concerned that their broker may not have the skills or competence necessary to successfully sell their business.
Some sellers may have a specific timeframe in mind for selling their business and may worry that a broker may not be able to sell the business within that timeframe.
Sellers may have concerns about how their broker plans to market their business and may worry that the broker’s marketing efforts will not be effective.
Communication is essential when selling a business, and some sellers may worry that their broker will not communicate with them regularly or effectively.
Conflict of Interest:
Finally, sellers may worry that their broker may have a conflict of interest, particularly if the broker represents both the buyer and the seller.
Working with a business broker can be an excellent way to sell a business. It’s important for sellers to carefully consider their reservations and to choose a broker, like Commercii Advisory Services who can address their concerns and provide the support and guidance they need to successfully sell their business.
If you’re interested in learning more about how Commercii Advisory Services can help you sell your business, please give us a call at 412-266-2141 to schedule an appointment. We look forward to speaking with you soon!