Buying or selling a business in Rochester, MN is a great opportunity. For the seller it is a chance to try something new, take on another challenge or perhaps just enjoy a well-deserved retirement. For the buyer, there is a whole range of future possibilities to expand, grow and develop a company that is uniquely your own vision.
Whether in the market to buy or sell a company, the most important first step is to find qualified, experienced business brokers. As a seller, will be essential to work with a service offering a team approach, allowing your personal broker to network with other brokers within the company and outside of the company to find the buyer you need. As a buyer, you also want to use a national broker as he or she will have access to a wider range of listings in your area of interest and in your budget.
To help find the right business brokers, sellers and buyers will need to do their homework. Finding out as much about the professional as well as the company they work for is critical.
Expertise and Experience
While someone newer to the profession and highly motivated and energetic can be a great option in business brokers, this is only true if they are working for an established company with expertise in the markets.
Ideally, look for a good match for both expertise and experience. Consider a business brokerage firm that offers specific brokers for different industries. This allows a better understanding of comps on the market and a good understanding what buyers are looking for in a particular business.
One Size Does Not Fit All
Typically, a business broker, or more accurately the business brokerage, will specialize in businesses of a specific size. This is measured in revenue, which allows the brokers to specialize as well as have a better network of vetted and qualified buyers.
Look for a business brokerage that is going to be willing to spend the time and effort needed to actively market your business. By choosing a company that handles your size of company, you don’t have to worry about the broker focusing more on higher value businesses and spending less time on yours.
It will also be important to compare the fees of different brokers in Rochester, MN. Some of the top companies work on a contingency basis, only collecting their fees once the business is sold. This is a benefit to sellers and also an incentive for these professionals to match buyers and sellers, which is a benefit for interested and motivated buyers as well.
