As a buyer or a seller with a business in Rochester, MN, finding the right professional to assist in the sale or purchase is an important consideration. Unfortunately, many buyers and sellers make the wrong choice, which can lead to costly mistakes, oversights or missed opportunities.
The other option is to take your time and find the right business brokers and business brokerage company. Since you should start preparing for a sale or a purchase months in advance, you will have the time necessary to create a shortlist and then narrow down to your final choice.
Brokers – Not Real Estate Agents
There is a very big difference between business brokers and commercial real estate agents. The broker is specialized in all aspects of pricing a business, while a real estate agent is trained in commercial property sales and purchases.
If you are talking to a broker that is also marketing his or her services as a commercial real estate agent, ask about specific training, past business sales or negotiations on behalf of a buyer. It is also wise to request a list of references.
The top brokers in Rochester, MN will usually list specific companies and businesses they have worked for in the past. This, combined with information on testimonials, will give you background information.
Education and Information
Top business brokerage firms in Rochester, MN are focused on education and information for their clients, either the buyers or the sellers. They spend time talking to you and determining your goals for the transaction, regardless of which side of the table you may be on.
They also don’t rely on high-pressure tactics. They are willing to provide a business valuation as part of their service and to use the information to help sellers determine if selling is the right choice. They will also work with buyers to determine the best type of business or if another option, such as franchising, many be a better match.
The best business brokers will be very professional, ensuring confidentiality for the seller and fully vetting all prospective buyers. The broker will also communicate with you about marketing strategies as the seller or opportunities for a purchase as the buyer. Questions will be answered promptly and you will be kept informed of any interest in the business by a potential buyer.
In many cases, the business brokers can work directly with the buyer to assist in securing business financing. This is a very important consideration, particularly for those buyers who will be financing the majority of the business purchase price.