Numerous factors need to be considered as one goes to compare Business Brokers in Eau Claire WI. The wrong decision can lead to the business owner feeling extremely frustrated and like his or hard earned money has been wasted. The right choice, in contrast, helps the owner sell the business in a reasonable period of time and at a price he or she is comfortable with. Here are some things to look for when researching Business Brokers in Eau Claire WI.
Experience is of importance when one is comparing Business Brokers in Eau Claire WI. When you choose someone who has sold a number of businesses that are the same approximate size as yours, they will have a network already in place, one of buyers interested in a business of your size. Brokers typically focus on businesses of a certain size, rather than working with small, medium and large companies. This does vary by broker, however, as some have different divisions, with each division focusing on a particular company size. Be sure you check this out before you sign with someone.
Never pay Business Brokers in Eau Claire WI up front. Most work on commission, just as residential and commercial realtors do. In most cases, the broker requests ten percent of the selling price, but you do have the option of negotiating this figure. Some brokers refuse to negotiate under any circumstances, yet others will, especially if you already know of someone who would be interested in obtaining the business as this requires less work on their part. Keep this in mind as you talk to different companies offering this type of service.
The time will come when you are asked to sign a contract. Be aware that some brokers will ask you to sign a one year contract, while others are willing to be more flexible. In some cases, they allow you to sign a contract for only 90 days. This is another area where you should negotiate and obtain the best deal possible. Many recommend you sign a six month contract to give the broker time to sell the business, without wasting time if they aren’t effective.
Consider the above as you go to choose a business broker. Many other factors should also be looked at as this isn’t an easy decision. Don’t make this decision lightly as the consequences of doing so could be disastrous.