Professional business brokers are the people you call when you're trying to buy or sell a small business. According to IBISWorld, today the business broker industry in the U.S. is worth around $1 billion, with nearly 4,000 companies working in this field. They'll work with you to ensure the acquisition goes smoothly and fulfill any licensing or permit requirements. To make sure you get the right person on your side, here are some qualities to look for in a reputable business broker.

1. Communication

A broker should stay in regular communication with you throughout the process. After all, buying or selling a business is a major responsibility, and you need to be in the know throughout the entire process. There's a lot of documentation and information to gather and review on both ends. This person should be readily available to answer any questions you have and return your correspondence promptly. After all, when it comes to buying a company, you may not be the only one interested in a purchase and have to act quickly against the competition.

2. Availability

Business brokers may be working with several clients at the same time. However, there's no excuse for them to not communicate with you properly. Make sure you get a broker who’s available and has enough time to handle all your needs in a timely fashion. You should ask your broker how many cases they handle at the same time and get an idea of how they juggle different clients.

3. Expertise

As mentioned, the professional responsibilities of a broker have many layers. They need to understand all the legal requirements that come with selling or buying a business. They should understand the type of permits that are needed and how long it’ll take to acquire them. Businesses also need regular inspections so that the person who's buying it knows what they're inheriting. All of these things should be second nature to a professional broker. You can test their expertise by asking them questions as well as asking for referrals. Hearing what other clients say about their broker expertise can give you peace of mind that you're picking the right person for you.

4. Transparency

You want trustworthy and transparent business brokers. With so much paperwork, legality, and fees going on with this type of process, you don't want somebody dishonest. When it comes to the financials, they should break everything down to you in layman’s terms so you’re never confused. You should understand everything that they're charging you for with their services as well as what you have to pay for when it comes to the building acquisition.

5. Resourcefulness

There's a lot of work that goes into business brokerage. Some business acquisitions will be harder than others. When it comes to researching permits or anything else that goes into making sure the deal is as legal as possible, the professional should use all of their resources to get the job done. After all, some information may not always be readily available, so they should be able to know what networks to tap into.

6. Experience

Ideally, you should find a brokerage team that has an extensive amount of experience handling this type of work. Whether you're trying to unload your small business or acquire a new one, you don't want there to be any mishaps or delays caused by working with an inexperienced professional. Ask them how long they've been doing this type of work. You can also check their experience level with reviews as well as check the Better Business Bureau website. The more experience they have, the faster they can handle issues that may arise or prevent them from occurring.

Buying or selling a business can be a lot of work and a lot of stress. That's why you must have the right professionals on your side. Experienced business brokers know the ins and outs of what goes into buying or selling a business. As long as you have the right broker team, the process should go as smoothly and efficiently as possible, so you can either unload your business or have a new one in your portfolio as soon as possible. Take the first step in getting an experienced, transparent professional on your side by giving Merger & Acquisition Specialists a call today.