What Is A Business Broker

[ You may have heard the term "business broker" or "business agents" when it comes to buying or selling a business. But what is a business broker? ]
by Matt Noller Published

If you’re in the market to buy an existing business, a business broker can help you find one that best suits your specifications. On the flip side if you’re looking to sell a business, a broker will take on the task of finding the right buyer for your business and deliver the best possible outcome for you.

In a nutshell, a business broker assists the buyer AND seller in the business buying or selling process.

What are some of the tasks that a proficient business broker will carry out? 

This will depend on the size and nature of the business being sold – but may include a business appraisal, preparation of the business for sale, marketing the business, managing enquiries and qualifying buyers, negotiation between parties, offer and acceptance, management of the sale process, and settlement and handover.

Business Brokers are often mistaken as real estate agents – while both professions are similar as they aim to match buyers with a seller, what they actually do and the skills they need couldn’t be more different.

Choosing the right business broker for you and your business is very important and critical to selling for the best possible price in the shortest possible time.

A competent business broker should be involved in the whole business sale process – essentially, they will be the project manager, ensuring the process is running smoothly and to allow the owners to concentrate on operating the business.

Now you have a general idea of what a business broker is, and how one can help you buy and/or sell a business.

If you would like to know more about things like how a business broker operates and the process in buying or selling a business, get in touch with me via matt@businessdepot.com.au.

Matt Noller
read more by Matt Noller

Matt is the Director of businessDEPOT Broking and Head of Accounting in our Toowoomba office. He is a qualified accountant and CPA member with extensive skills in evolving and expanding regional small businesses based on his experiences as a former manager and partner in a multi-site accounting firm.

Matt’s experience in purchasing an existing accounting firm sparked his interest in business re-sales. Since then, he has been working with people wishing to start a business, helping owners sell their business or those wanting to invest in business through acquisition. His services extend to small and medium businesses who want to improve their business value or develop a sales process as part of a structured succession plan.

Matt believes that risk management is key to success in any business. Not only has he experienced developing and implementing risk management strategies within his own business, he has also been heavily involved in creating the same strategies for clients across a diverse range of industries.

Apart from all that, Matt has a broad understanding of agri-business and the structure of regional economies and industry which brought him to travel to different countries and further explore production systems, end product quality, supply chain processes and efficiencies.

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