What You Should Look for in a Business Broker
When you are selling your company, having access to professional assistance can mean the difference between a successful and an unsuccessful sale. The importance of receiving quality assistance can’t be overstated. It’s important that you work with the right people. A quality and seasoned business broker can help you to overcome obstacles, prevent mistakes, and ensure that your company is sold successfully. When you embark on your search for the best business broker you can find, you should ask yourself what to look for.
There are several factors that you should consider, including:
- Experience: A high-quality, experienced business broker has experience in all aspects of the sales process. They’ll also have experience overseeing different types of sales in many industries. At Morgan & Westfield, our brokers have over a century of combined experience managing business sales. Our brokers were once business owners or high-ranking executives before joining Morgan & Westfield. Many of them sold their own businesses. Because they have experience as both a broker and a seller, they have a unique understanding of the sales process. This helps them to better serve you.
- Knowledge: It is vital that your business broker has the knowledge to assist you with every aspect of your sale. It is particularly important that they can help you with the more technical aspects of the sale. At Morgan & Westfield, our brokers provide services that are dedicated to successfully structuring your sale and ensuring that your company is accurately valued.
- Credibility: To sell your business successfully, it is important that you work with a broker who provides you with credible information. Working with a broker that will tell you what you want to hear is a recipe for an unsuccessful sale. You want to work with an ethical brokerage firm. At Morgan & Westfield, we subscribe to a strict code of ethics. We are dedicated to providing quality service that is based on integrity and honesty. Our brokers strive to maintain their credibility and provide you with information that you can rely on and use to make informed decisions.
- Reputation: A business brokerage firm’s reputation can tell you a lot about the way that firm operates. By the same token, the reputation of the firm that you choose to work with can also tell potential buyers a lot about you and your company. If you utilize a firm with a poor reputation, buyers are less likely to seriously consider purchasing your company. At Morgan & Westfield, we are proud of the reputation that we have built. Our firm is one of the largest and most successful business brokerage firms in the country. We have a reputation for providing quality service, selling quality companies, and operating in an ethical manner. When you sell your company through Morgan & Westfield, this reputation will reflect on you and your business, and get the attention of higher-quality buyers.
- Successful System: A quality business brokerage firm has a proven system for facilitating successful business sales. The abilities of their system are evidenced by that firm’s track record of success. At our Worcester office, our brokers use the Morgan & Westfield system to facilitate hundreds of successful sales every year. We have sold companies that ranged in value from $50,000 to more than $85,000,000. Our system has proven itself to be effective in selling businesses in nearly every industry.
- Connections: A quality business broker has connections both locally and nationally to other industry professionals, business owners, and potential buyers. This can help brokers in gathering market knowledge, overcoming obstacles, and advising you throughout the sales process. At the Worcester county branch of Morgan & Westfield, our brokers have connections to these individuals locally throughout the Central Massachusetts area. We can also connect you with these professionals on a national level.
- Access to Buyers: For your business to be sold, you need to form a connection to buyers. A quality broker can connect you to a large audience of potential buyers. At Morgan & Westfield, we confidentially market your business to a national audience of potential buyers. Interested buyers will be prompted to contact our office, then they are screened to ensure that you are only presented with quality buyers. We have access to a proprietary database that our brokers at Morgan & Westfield are privy to. This database connects all of our offices and contains thousands of potential buyers. Our database, as well as the customized marketing campaign we design for you, ensures that you are connected to a large pool of quality buyers.
- Price: Many business brokerage firms charge you a combination of fees and a commission on your business’s sale price. At Morgan & Westfield, we do not charge you a commission. Our brokers only charge you for the specific services that you require. Operating in this way can save you thousands of dollars, making your sale more profitable.
- Contract: Many business brokerage firms require that you sign a long-term contract to sell your business through their firm. At Morgan & Westfield, you’ll never be asked to sign a long-term contract. We believe that these contracts promote complacency and result in poorer service. When working with us, you have the ability to go to another firm if you feel that you are not receiving quality service. This keeps our brokers accountable and eliminates complacency, ensuring a higher quality of service.
Business Brokers of Worcester, Massachusetts
A final consideration that you should have when you are choosing a business broker is their location. It is important that you work with a broker that has an understanding of the dynamics of your local marketplace. This knowledge is an incredible asset and can help your broker to provide you with better advice as you navigate the sales process. At the Worcester, Massachusetts office of Morgan & Westfield, our brokers understand the dynamics that drive the Central Massachusetts marketplace.
We have a particular emphasis on the communities of:
- Worcester, West Boylston, Boylston, Clinton, Lancaster, Princeton, Leominster, Rutland, Paxton, Oakham, New Braintree, North Brookfield, West Brookfield, Warren, Brookfield, East Brookfield, Spencer, Leicester, Auburn, Charlton, Sturbridge, Southbridge, Dudley, Webster, Douglas, Uxbridge, Sutton, Millbury, Mendon, Hopedale, Milford, Upton, Grafton, Hopkinton, Westborough, Northborough, Shrewsbury, Berlin, Hudson, Marlborough, Ashland, Sudbury, Sherborn, Wellesley, Natick, and Framingham.
Our local experience uniquely qualifies our brokers to facilitate the sale of any business in the Central Massachusetts area. If you are a business owner in and around the Worcester area and you are considering selling your company, contact us. Our local Morgan & Westfield office can explain how we can help you to successfully sell your business.
