For both buyers and sellers of small to medium sized businesses, a business broker adds an additional level of professional support, advice and expertise. A broker in Minneapolis can represent either the buyer or the seller and will be instrumental in matching qualified buyers and sellers in both purchases as well as merger options.
Typically, with smaller businesses, those making less than $5 million in revenue per year, mergers are less common. However, that doesn’t mean that specific deals cannot be negotiated to allow both the buyer and the seller to customize the deal. This could include having the current owner stay on and manage the business or having a training period where existing employees and management agree to stay on and train the new team as part of the sales agreement.
This is all possible through the representation of business brokers. These professionals will also complete business valuation, pre-screen buyers and provide support for their client throughout negotiations as well as closing. With the important role these professionals play it is critical to find a top business broker as either a seller or a business buyer.
Brokerage Reputation
Business brokerages with a top reputation will only hire and work with professional, knowledgeable and ethical brokers. By choosing a top brokerage firm that specializes in the sale or the purchase of businesses similar in size and market to yours, you will be able to take advantage of this experience and expertise.
Look at online reviews, ask for references and take the time to interview a brokerage before making a final decision. Ideally, ask to talk to the broker that will handle your account to get the best for how you will be able to work with the professional.
Experience in the Minneapolis Area
If you are selling a business in the city or you want to buy a business in this area, looking for business brokers with experience in the local neighborhoods will be critical. This will help you in many different ways, including being able to find out details about the business and the community that simply wouldn’t be available if the broker was from out of the area.
Services Offered
The top business brokers and business brokerages offer a range of different services for their clients. This can include everything from complimentary business valuation for sellers to assist with finding financing for buyers.
It is well worth the time to review the website of the different business brokerages and compare the value-added services they provide. This is very helpful for first-time business purchase, but it is also a great help for someone that is familiar with the buying and selling process as well.
