When you are done running your business and you are ready to move on to different opportunities, you are going to need to hire a business broker to help you sell your business. A business broker is basically a real estate agent who specializes in selling businesses instead of homes. When you look for a business broker, there are specific traits you need to look for.

Guideline #1: Check Certification

First, you need to check and make sure that the broker you are interested in working with is certified. Although brokers do not have to be certified, it is best to work with a broker who has taken the time to earn their certification through the International Business Broker Association.

This training means that they have taken the time to learn the skills necessary to be a professional broker.

Guideline #2: Always Ask for References

When it comes to working with a broker, you need to ask for references. Find out what types of businesses the broker has helped sell in the past.

See if you can talk to those business owners and find out what type of experience they had with the broker. There is nothing like talking to someone who has worked with the broker before to find out what it is really like to work with a particular broker.

Guideline #3: Find Someone Who Is a Specialist

Third, you need to find a broker who is a specialist in regards to selling the particular type of business you are trying to sell. Selling a restaurant is entirely different than selling a hardware store. You are going to need to use different marketing to find a buyer, and the type of buyer who is interested in a restaurant is bound to be different than a buyer interested in a hardware store.

That is why you want someone who is a specialist in selling the type of business that you own. A specialist may already have contacts in place that may be interested in your type of business. You can increase the chance of your business selling in a quick manner by working with an expert.

Guideline #4: Find Out How They Get Paid

When you hire a business broker, you should not be expected to pay a lot of upfront costs. You may have to pay to advertise the selling of your business or to fix up your business, but you shouldn't be expected to pay your broker upfront.

Just like with a real estate agent, most business brokers get their payment via a commission when they sell your business. You should formally agree on the commission and sign an agreement.

When it comes to selling your business, you need to find a business broker who can help you with the sale. Work with a certified agent who has experience with your type of business and who expects to be paid via a commission rather than with upfront fees.

To learn more, contact business brokers near you.