If you’re looking to sell your small business for the highest price, it may not be the right call to go it alone – business brokers in Alberta specialize in selling businesses, and attracting interested investors and clients who will pay top dollar for your company.
But how can you get started with business brokers in Alberta? What steps do you need to take to find a business broker who can help you get the most for the business that you’ve built over the years?
In this guide, we’ll help you find business brokers in Alberta with few simple, step-by-step tips. Follow our helpful hints, and you’re sure to find a business broker who can help you sell your business!
1. Start With Referrals
One of the best ways to find professional, experienced business brokers in Alberta is by asking for referrals from:
- Thought leaders
- Industry professionals
- Other business owners who have successfully sold their businesses
- Peers and colleagues
If you can start by finding a business broker who has a rock-solid reputation, and comes recommended by an accountant or a lawyer, or another such trustworthy professional, you’re in a good spot – and you’ll be able to vet them, and ensure that they’re the right partner for your business needs.
2. Check With The IBBA
Next, you should check to make sure that your business broker is registered with IBBA – The International Business Brokers Association. This company works with thousands of business intermediaries worldwide – and sets standards for professionalism and excellence.
3. Exercise Due Diligence With Prospective Brokers
You wouldn’t hire an employee without going through interviews and checking their credentials – so why do the same for a business broker? You want a broker who is:
- Experienced – Never partner with a “first time” business broker. Look for companies and individuals who have performed multiple sales.
- Has a good track record – If your prospective business broker in Alberta can point to several high-profile sales that have worked out to the mutual benefit of everyone involved, this is a good sign.
- Works in your industry – Your business broker should have experience selling and marketing a company that’s like yours, to ensure they understand what you do, and how to maximize the appeal of your business.
4. Avoid “Part-Timers”
You don’t want a business broker who only works for you part-time. Look for a company or an individual who will work entirely for you – until the sale has been finalized. Otherwise, you may suffer due to their inability to focus entirely on your business.
5. Keep A Lid On The Sale
Don’t tell employees or anyone else about the potential sale of your business. You want to keep it a secret until it’s finalized, to avoid any potential staffing issues or other complications such as losing suppliers.
6. Avoid Up-Front Fees
You shouldn’t pay high up-front fees to a business broker. A business broker is like a real estate agent – they get a set percentage of the value of your business sale (often 10-15%) so they should be willing to assess your business without high fees.
7. Take Your Time
Selling your company is a big deal – and it should never be done in a rush. Avoid any business broker who is putting pressure on you to sell quickly. The process of selling your business is very complex, both personally and professionally. A good business broker understands that, and will help you walk through the entire process – and let you take as much time as you need.
Get The Help You Need – And Get The Most Out Of Your Business
Whether you are looking to retire, you’re tired of your current industry, or you’re looking for startup capital for a new venture (or two), selling your business with business brokers in Alberta is a great idea.
So check out this guide now, and ensure that you get the help you need.