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FAQs for Sellers : « Search Again
Why should I use a business broker? How are business brokers paid? How long does it take to sell a business? What happens if it doesn’t sell? How do you charge for consulting services?
Why should I use a business broker?
Answer:
A business broker can sell a business for a higher price than the owner can for two reasons: One, a broker is a professional who will identify more buyers and bridge the emotional issues that frequently kill deals. Second, owners, as the sales process becomes more consuming, are forced to stop paying attention to business operations --the very reason a buyer is interested--and can cause the business to lose value by the time of closing.
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How are business brokers paid?
Business brokers usually work on a contingency fee basis. Some brokers, like accountants and attorneys, may charge an initial retainer fee.
How long does it take to sell a business?
The average selling time for privately held business is approximately 8 months, according to statistics compiled by the International Business Brokers Association.
What happens if it doesn’t sell?
The owner typically pays no contingency fee to the broker unless the business sells. You can continue to operate the business as always.
How do you charge for consulting services?
Consulting fees are on an hourly basis. We estimate the number of hours an assignment will require and are sensitive to staying within budget.
