When it’s time to call a broker, the best way to approach one is to find a broker in your area with experience in your specific industry. The reason why this is so important is twofold. One, the industry specialist will know which questions to ask when approaching a seller, and which challenges they might be facing in the current economy. Two, the business broker will know more about business valuation and how much you should expect to pay for a business. When you find companies for sale in an online directory, it might be a good idea to look for a qualified business broker at the same time.
What questions should you ask in an inquiry? If you choose to go without a broker initially, it makes sense to compile a list of questions to ask during your first conversation. One of the top questions on your list should be “Why are you selling your business?” Even if you don’t get an honest answer, it will give you some direction for future questions, such a “What are your biggest challenges with this location/business/industry?” or “What would you expect the challenges to be over the next 1-3 years?”
If you are serious about inquiring about companies for sale, start by searching the online directory at BizSale.com. Then, prepare a list of questions for your initial conversation and ask a business broker to help when necessary.