Additional information on each question from 50 Questions to Ask a Business Broker When Selling a Business
Q5. How many businesses have you sold in my industry?
Why should you ask this?
Industry-specific experience is important. Each industry has its own unique characteristics that can affect and impact the sale process, have different buyer profiles, valuation methods, and relevant regulations. A broker with experience selling businesses in your industry will be well-versed in these details.
A broker with experience in your industry is likely to have connections with both strategic and financial buyers, know the best marketing channels to use and what has worked well prior, and understand the trends and drivers specific to your industry.
For example, selling a restaurant differs significantly from selling a retail business because of differences in lease agreements, employee structures, and customer loyalty, as well as customer bases, economic fluctuations affecting a restaurant more than retail and the additional ongoing challenge of finding employees for a restaurant.
