What to Look for in a Business Broker
Selling your business is one of the most important decisions that you’ll make. You only have one chance to sell your company and a successful sale can be life-changing. When you consider these stakes, it’s clear that you’re better off selling your business with professional assistance.
However, it’s important that help comes from a business broker that’s qualified and committed to providing quality service. For this reason, there are several factors you should consider when you look for a broker. These include:
- Confidentiality: In order to protect your company’s value and maximize your sale price, it is vital that your business is sold discreetly. At Morgan & Westfield, we require that everyone with knowledge of your business’s impending sale sign a non-disclosure agreement. We also take precautions with the way that we advertise the sale of your company. We’ll advise you on how to keep the sale a secret from employees, customers, suppliers, and competitors. Confidentiality should be a major concern for sellers. Any business broker should have a plan to ensure that your sale remains confidential.
- Experience: Qualified business brokers have a wealth of knowledge and experience in business sales. They understand all aspects of the selling process. Their experience should come from their involvement in the sales of companies in many industries. From experience comes knowledge and it’s an invaluable tool for business brokers. Our brokers have over a century of experience in facilitating sales for companies in all industries. Before joining Morgan & Westfield, many of our brokers were also business owners; they understand the sales process from your perspective as well. Upon joining our team, our brokers went through an intensive training process and earned certification as professional brokers.
- Local Knowledge: Understanding the dynamics of your local marketplace is absolutely vital. For this reason, you need to work with a local broker to successfully sell your company. At our Tacoma, Washington office of Morgan & Westfield, our brokers have a deep understanding of your local marketplace. We have a vested interest in and around the Pierce and King County region of Washington. This includes the communities of:
- Tacoma, Fife, Ruston, Puyallup, Buckley, Orting, South Hill, Graham, Ohop, Elk Plain, Spanaway, Roy, Mock City, Yelm, DuPont, Anderson Island, McNeil Island, Artondale, Purdy, Vashon Island, Enumclaw, Cumberland, Black Diamond, Auburn, Ravensdale, Covington, Kent, Des Moines, Sea Tac, Renton, and Lakewood.
Our brokers have considerable experience in these communities and many of the surrounding areas in the region. We average more than a hundred successful sales every year. Our extensive experience gives our brokers a unique understanding of our local marketplace. This helps us to better serve the business owners of this region.
- Services: A well-qualified broker provides services that address every aspect of the sales process. These diverse service offerings ensure that you will always have access to the assistance that you need. Our brokers provide an array of services to help you complete every step in the process of selling your business. Morgan & Westfield is committed to being there for you every step of the way — from the moment you decide to sell your company to the moment that the sale is closed.
- Reputation: Every business brokerage firm has some type of reputation. In the eyes of potential buyers, the reputation of the firm that you choose to work with will reflect on you. If the firm has a poor reputation, buyers will be hesitant to consider purchasing your company. At Morgan & Westfield, our brokers are proud of the reputation we’ve amassed over the years. Our reputation reflects a firm that provides honest, professional, and ethical service. We’ll never mislead you or tell you what you want to hear. We’re committed to maintaining an ethical standard. When you market your business with us, it’s a signal to buyers that you embody these same qualities, thereby gaining their trust.
- Price: It’s common for business brokerage firms to charge you in a variety of ways for their services. Many firms bundle their services together. That is, they’ll charge you fees for their services, as well as a commission on your company’s sale. This is not how we operate at Morgan & Westfield. We don’t bundle our services together so that you are forced to pay for more services than you need. We don’t charge you a commission either. Instead, we allow you to choose from our services and you’re only charged for the specific services that you require. This saves you money and puts more of the sale price in your pocket.
- Freedom: Most firms require that you sign a long-term contract, which forces you to sell your company through them. This is not how we operate at Morgan & Westfield. You will never be asked to sign a long-term contract. We won’t require you to complete your sale with us if you feel that you’re not receiving adequate service. Because our brokers know that you have this option, they understand that they must continually earn your business. This means you have better service as our brokers work harder to satisfy your goals.
- Specializing in Business Sales: You should always choose a broker that specializes in business sales and doesn’t have other obligations that will distract them. At Morgan & Westfield, our brokers only facilitate business sales. They don’t have other jobs or responsibilities that prevent them from focusing on your sale. Because their only focus is selling your business, our brokers are able to better serve you.
Selling your Business through Morgan & Westfield, Tacoma, Washington
Our team of professional business brokers at our Tacoma office are capable of facilitating the successful sale of any business. This is particularly true in and around the Pierce and King County region of Washington.
Our brokers have over a hundred years of combined experience in the communities that make up this region. We understand what it takes to sell a business here.
We are dedicated to helping the business owners of our local communities as they go through the process of selling their companies.
If you’re a business owner in this region and you are contemplating selling your business, contact us. Our brokers at the Tacoma, Washington office of Morgan & Westfield are here to help you.