Buying and selling a business has become quite a challenge in this economy, which has caused even the diehard “do-it-yourself” entrepreneurs to seek professional advice.   A professional business broker can make the process of finding a buyer or finding a business much faster.  But how do you go about finding the best business broker?  It’s not as if they place ads in newspapers or send out email blasts to promote themselves. 

Here are some simple steps to help you with finding the best business broker

1. Ask your professional network:  If you’re a member of LinkedIn or an industry trade association, then chances are that at least one of your contacts knows a successful business broker.  If for some reason they don’t, then join a LinkedIn Group for entrepreneurs and ask around.  Sometimes the best professional contacts are made by asking a question on LinkedIn.
2. Interview several different brokers over the phone:  Once you’ve identified a handful of potential brokers; make sure that each has enough time to help you buy or sell a business.  It will also help if you can find a broker that knows your industry well.  For example, if you are selling a medical practice, then finding the best business broker in the medical profession will be important.
3. Ask your favorite couple of candidates to come in for an interview.  If you are selling a business, the interview is extremely important.  Give each candidate the basic selling points of your business and some common objections you expect to hear from buyers.  Then ask them to do a little role playing and “sell you” on your business. 
4. A good broker will have some testimonials or success stories to share with you, and should have at least two or three references that will vouch for their skills. Don’t hire a broker until you check out their references.
5. Finally, ask the broker how they expect to get paid, and compare their desired commission rate with other business brokers in your industry. Before either of you signs a contract, ask your top broker to write an executive summary about your business, preferably while they are in your office. If  their summary passes the test, then ask for a short-term contract at an agreed-upon rate.

Know how much you may prefer doing things yourself, think about how hard it will be to negotiate with potential buyers when you are trying to run the day-to-day operations of your company.  Finding the best business broker is a great way to save yourself some time and get started on the road to your next venture.