When looking for a business broker to help sell your company in Orlando, you want to look for a broker that can identify with your needs. Whether you are looking to buy a business or sell a business, it helps to have a business broker that knows what your goals are and the best way to go about achieving those goals. At Crowne Atlantic Business Brokers we have different agents that have different talents, different likes, and multiple skill-sets, but there are some common traits that Sellers should look for when searching for a business broker in the Orlando and Central Florida area.
1) Broker Experience
Sellers first need to search for a business brokerage agent that has sold businesses before. This is a critical background question that most business sellers forget to ask for when they meet a business broker. This is important because a well-seasoned business broker that sells businesses on a regular basis not only is sure to have a past book of previous business buyers to advertise to, but they can also advise potential business sellers on the current business selling climate and what expectations current business buyers are searching for. The average business seller would be amazed at how many Business Brokers look right, smell right, and have plenty of work and business ownership experience and yet they have never sold a business to another person before. At Crowne Atlantic Business Brokers our agents have sold hundreds of businesses of every make, model, and size. While it is impossible for any one business broker to have experience in selling every type of business, it is possible to have experience with selling businesses in all the major categories of industries. This is how the business brokers at Crowne Atlantic can achieve great results with any type of business for sale.
2) Broker Locality
The other thing that business sellers need to consider when deciding on a business broker is what services they will require in order to show, advertise, and ultimately sell the business. Does locality matter? There are some great business brokers in the state of Florida, but due to location constraints they simply cannot service anyone in the state. So if you have a restaurant or a factory that can only be shown in the evening or on weekends and the broker must be present, you should try and look for someone locally to represent you that can comply with those demands. However, some Sellers prefer specialist brokers that specialize in specific types of industries and most of the business broker services can be handled from any location in Florida. At Crowne Atlantic Business Brokers we act responsively and if a business seller is located in another part of the state and one of our associates is better equipped to service them we do refer potential sellers to our associates. For increased confidentiality, sometimes sellers want to have a broker outside of their normal area because when the business is advertised, the broker’s phone number will be out of the area and then the buyers might not assume the business is located in a certain area. Confidentiality is always on the mind of our Sellers.
3) Broker Tactics
It is always a great idea to ask where business brokers advertise and how they get their buyer leads. At Crowne Atlantic Business Brokers we have buyers come to us all the time seeking out business opportunities. Some are referrals from friends, attorneys and accountants, and others have contacted us on businesses before. We do a lot of advertising online, advertising to previous business buyers and inquirers, and we advertise and do a lot of deals with experienced cooperating business brokers. Above all, it is most important to match the right buyer with the right business. This is good business for both parties and our local economy. The seller always wants to leave a good legacy.
4) Broker Valuations
Business Brokers have a challenging task when balancing the needs of the Seller and matching those with the conditions in the business market. Some business sellers need a certain price or need a buyer to fulfill certain requirements before putting together a deal. At Crowne Atlantic we can show what past deals in similar business categories have sold for in the past and we can also provide information on similar businesses currently advertised for sale on the market. As a Seller, what you do not want is a business broker that takes a listing simply to get another listing. Anyone can take a business and post it on the internet for sale. However, as most seasoned sellers know, it takes a lot more than an internet posting to sell a business. At Crowne Atlantic we work diligently with Sellers to understand the business they are in and we work hard to calculate what that type of business would sell for in the current market. Because businesses come in all shapes and sizes, the business brokers at Crowne Atlantic combine several factors when determining the value of a business:
we take into consideration the income, the type of business, what similar businesses have previously sold for, current market conditions, current buyer demands, buyer experience required, and geographical area of the business. This presents business sellers with the most accurate outlook of what they can expect when selling their business. This is why our Sellers know what to expect when they put their business on the market. Many buyers hear the word “multiple of earnings” thrown around and really don’t understand what that means. It is a bit of an art to be honest.
5) Broker Compatibility
While this is not the most critical factor in a broker/seller relationship, it can be a huge plus when working with a business broker to market a business for sale. Some Sellers want someone who thinks and acts like them and other Sellers want business brokers that have a completely different personality. Sometimes it is a matter of finding a Business Broker that can deal with Buyers effectively and communicate the best attributes of the Seller’s business in some cases better than the seller can.
Confidentiality is one of the biggest responsibilities of a Business Broker. Often times it is what makes business brokerage a specialty. Because the main legal requirement to work as a business broker in the state of Florida is a real estate license, many realtors and those with active real estate licenses attempt their hand at business brokerage. One of the main reasons many of them cannot succeed is that business brokers specialize in the art of marketing a business for sale without disclosing what it is and who it is. This is the complete reverse of what realtors and real estate agents do as their task is to be public about all the details of what they are selling. To protect business sellers, business brokers do not have that luxury. At Crowne Atlantic Business Brokers, we sell very well-known businesses without disclosing publicly that they are for sale, these include restaurants, bars, services, and many others. Confidentiality is our number one concern. We have the talent to make deals without disclosing details to the world. It allows us to sell high end restaurants and businesses without our Sellers worried about their customers, employees, and competitors knowing.
If you have any questions or would like to speak to one of our agents about selling a business in Orlando or the state Florida, please call us at 407-478-4101.
You can find out more about Crowne Atlantic Business Brokers at www.crowneatlantic.com