A business broker is an intermediary between a buyer and a seller of a business. In most cases a business broker represents the seller in the sale of a business. It is the business brokers' responsibility to find qualified buyers for their clients.
A business broker is similar to a real estate agent who sells homes and earns a commission. But instead of selling homes, business brokers specialize in selling small and mid size companies -- everything from your local pizza parlor, dry cleaners and convenience store to larger companies, such as manufacturing and wholesale & distribution companies.
A business broker connects people who are looking to sell a business with people who are looking to buy a business, and helps them to complete the transaction. In most cases a business broker is involved from day one until the actual closing of the business. The business brokers' responsibility is to be an intermediary between the buyer, the seller, the landlords and the attorneys and make sure it is a smooth process.
Brokers supply numerous benefits to both buyers and sellers. For example, sellers benefit because they do not have to spend time and money searching for buyers. Qualified business brokers have access to people that are in the market to purchase a business, and they know how to attract and screen potential buyers much more quickly then do typical business owners. If you do not have the time to market selling your own business, it may be a good idea to sit down with a local business broker in your area to discuss representing you in the sale of your business.
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