A team of business brokers have many advantages over a single business broker.
When it comes to selling a business, there are many things to consider. The most important step is usually the first step. Finding the right firm or business broker that will list and sell your business.
When searching for the right business broker, you must consider many things such as experience, availability, responsiveness, and so on. One item that is usually not considered is if the firm’s business brokers work individually or as a team.
Having a team of business brokers can provide a lot of benefits.
Responsiveness is one of the biggest benefits that a team of business brokers can provide over a single business broker. If a firm or broker is not responsive, it may lose a perspective buyer. Most buyers are evaluating many businesses at a single time. When they find one that interests them, it is important to keep them moving forward in the process of evaluating a business. So timely responses can ensure a buyer doesn’t “forget” or “move on” from a listing they saw.
Additionally, as a seller, you do not want to wait 24 hours between communications. So if one business broker is out of town, the other business broker can address questions quickly. All around, the responsiveness is greatly approved.
When working with a buyer, having a team of business brokers can be very beneficial through the sales process.
It allows the brokers to almost have a “good cop, bad cop” approach. Developing a relationship with a buyer is very important in the sales process. It gives the sellers and the business brokers valuable insight on where they stand and what their intentions are. As a single business broker, it is hard to play the good cop and bad cop role single-handedly. When you have a team of business brokers, one can assist the potential buyer, develop the relationship, and gain insight. The other can ask the “tough” questions or bring up items in a straightforward manor that may be difficult. This protects the relationship without tarnishing the insight the other broker has.
A team of business brokers can also come up with better marketing options.
In marketing and sales, there are many options. The best solution is using multiple methods. When you have a team of business brokers, especially one with mixed styles and approaches, they usually can create better marketing campaigns. With the right brokers, it also makes them individually better because they’ve had the opportunity to learn multiple styles. So the saying is true when it comes to selling a business, two heads are better than one.
Please contact us if you have any questions or want to learn more. – Wishing you the best, Alex Khabbaz, Managing Partner and Austin Business Broker for Texas Business Brokers.