Updated: May 27, 2020
People often ask me why business owners would need to hire a business broker. Generally speaking, your business will sell faster. I asked Tom Gesimondo, the head of Transworld’s Brooklyn West offices, for details. He said, if you hire a business broker, “Statistics will show you that your business will go for more money. The success ratio is just greater by hiring a broker.”
He went on to say that confidentiality erodes when business owners try to sell on their own, “There may be a circle of people that are in your network. If you reach out to them, it's no longer confidential. But even if you were to successfully do that, how are you breaking beyond that circle?”
Business brokers understand the emotions that go along with wanting the right people to find out about a great deal. ”It’s a lonely feeling for the owner going it alone,” said Tom.
The difference? On Tom’s side, he has a team of 30 people in the Tri-State area alone, not to mention Transworld’s nationwide network of brokers. “Other brokers are helping get the word out. They’re actively looking for buyers.”
Tom also noted that “80% of buyers don't even purchase the business they first called about, so when you go it alone you’re leaving many of the best buyers off the table.”
Don’t let the sale of your business risk losing its confidentiality. Get a business broker to target the buyers who are already seeking a business, perhaps just like yours. You’ll capture a wider net and succeed in selling quicker than if you went it alone.