A business broker is a professional (working alone or as part of a firm) who enables businesses to be sold.
The businesses that business brokers help to see include traditional companies, internet businesses, websites, and more.
Business brokers are also often called business transfer agents.
Their responsibilities include valuing the business, advertising its sale, handling early discussions with potential buyers, managing confidentiality contracts, and otherwise assisting in the sale.
Typical advertising techniques of business brokers include listing businesses for sale on their websites, advertising in newspapers and magazines, and identifying and approaching those who may be interested and then gauging their response.
Payment to business brokers for their services may be a percentage of the sale price or a fixed fee.
In addition to sellers using business brokers to find buyers for their businesses, buyers often retain business brokers who will alert them to the availability of certain types of businesses.
States in the United States have different requirements for brokers; some require licensure, while others do not.
International Business Brokers Association is the top association of business brokers.
Not everyone selling a business chooses to use a business broker, and that’s ok. Checking them out, however, can often be a good idea, just to see if it might be worth your money.
Finding the right broker is an important step. There are many websites available to help with this as well as advertisements for their services in local newspapers and the yellow pages.