The sale of a business is a complicated process. Business brokers help protect the seller's confidentiality, advertise the opportunity to a wide network of potential buyers, and work with the owner to ensure their business and finances are in shape to sell at the highest possible price.

Steps to Prepare Businesses for Sale

Throughout the preparation and sales process, the business should continue to operate as usual. A business broker assists the business owner in gathering and organizing the paperwork necessary to market and sell the business, including:

• Contact information of business advisers such as lawyers and accountants
• Copies of leases, franchise agreements, loan balances and payment schedules
• Itemized inventory and value
• Lists of employees and customers
• List of fixtures, equipment, and other company property
• Tax returns and financial statements for previous three years
• Other financial and property information specific to the business.

How a Business Broker Assists in Selling a Business

A business broker works with the business owner to ensure all systems, property, and even the business's reputation are optimal for sale. Business brokers have access to a network of other brokers and potential buyers, giving the business more exposure to qualified buyers with the financing to close the deal. The business owner's confidentiality is protected throughout the process, if requested.

The business broker handles inquiries from potential buyers, meetings and showings, negotiating price and inclusions/exclusions and more. The Canada-Ontario Business Service Center's informational article Selling a Business advocates the use of business brokers and advises that business owners "engage professionals who understand the sales process."

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