A person in Morristown, NJ looking to sell his/her own business must be aware that there are many facets to doing so, facets that most people are not going to be aware of or know how to deal with it. This is why hiring a good financial advisor is usually a sound strategy when looking to sell his/her business. Learn what to look for and how to find a good financial advisor below.
Education and Experience
Every financial advisor varies to a degree because he/she can specialize in various aspects of a business. Some may be more experienced in dealing with business taxes and fees, others may specialize more in financial sheets and filings, while others may specialize more in the marketing of the business. It is important to carefully evaluate every financial advisor under consideration and choose the one that best fits his/her specific needs and addresses the owner’s weaknesses.
Note also what each broker’s experience is when it comes to buying and selling transactions. See if the broker owns the firm he/she works at or is only a member of that firm. Another important factor to consider of each advisor: Has he/she been a business owner before? Being a prior business owner will give the advisor insight into what the Morristown, NJ business owner has to deal with each day in the business and how the current selling experience could complicate those matters.
Fees
Just as with education and experience, the fees of each broker will vary, and not just the cost of those fees, but also how they are applied to the period of work involved. Some advisors will charge an upfront fee, while others will wait until the transaction is completed. For those who charge upfront fees, some will allow the transaction commission to be allotted toward those fees, while others will expect the fees and the commission to be separate payments. It is also important to know whether the broker charges the client for other costs, such as advertising and traveling back and forth between the owner’s business and his/her firm.
