Additional information on each question from 50 Questions to Ask a Business Broker When Selling a Business
Q10. Can you provide references from past clients, especially in my industry?
Why should you ask this?
Hearing directly from past clients can offer valuable insights into a broker’s communication style, integrity, and effectiveness in closing deals.
Speaking with previous clients, especially those in your industry, will give you firsthand knowledge of the broker’s approach, their ability to handle challenges, and their track record of closing deals successfully. Don’t just go by the references they give, call some businesses that they have listed as “sold” on their website.
When you reach out to people, ask about their overall satisfaction with the broker, how the broker managed any problems that came up, how they ensured confidentiality, and whether the broker met their expectations regarding pricing and other timelines.
Warning Signs to Look Out For:
- Hesitation to provide references
- Unrealistic pricing or timelines
- Limited experience in your industry
- Use of high-pressure tactics to get you to sign an agreement
- Ambiguous responses regarding marketing strategy
