So you want to sell or buy a business? You've come to the right place. Buying or selling your business can be an emotional roller coaster, fraught with challenges and uncertainties. But if it's something you need to do, there are certain steps you should take to make sure that the process goes smoothly. The first thing is finding a reputable broker who will represent your interests in what can be a very complicated transaction.

What is a business broker?

A business broker's job is to help make the sale of a business more convenient for both parties. A broker could also be called in when there are disputes between the buyer and seller, or if one side needs assistance with negotiating certain terms.

Do I really need a broker?

You don't have to have a broker, but they are often worth the expense. Typically it's best to use an expert in the field who knows how to identify motivated sellers or buyers, can help you find different financing options and has experience with similar deals. Either way though, it's important to consider that there are certain laws governing the way brokers do business.

How to find a broker

When looking for a broker, it's important to get references from people you trust who have dealt with them in the past. Other factors might be how long they've been in business, or what kind of education they have.

A few points about how to work with a broker are below.

• Be prepared for costs
• Discuss your expectations
• Get everything in writing

How to handle potential scams

Because there is money involved, business brokers can attract some unsavoury characters. Some things you should watch out for include:

• Misrepresentations of the business
• Fees that aren't justified, or fees that are hidden
• Unsatisfactory services and performance

 If you suspect that a broker is not acting honestly or even trying to scam you into an unfair deal, you can report them to the Department of Fair Trading.

Read the AIBB (Australian Institute of Business Brokers) Brokers Code of Conducts

You should also report any irregularities about a deal before it's complete - for example, if you ask that your broker "not disclose contact information" or ask for additional money. These are warning signs that don't bode well for future business dealings.

Conclusion

 Selling a business can be a complicated process. Use the advice from this article to help you get the most out of your transaction and find a reputable broker who will represent you to the best of their ability. Network Infinity is one of the most trusted and reputable business brokerage firms in Australia. If you're in the market to sell your business, speak to one of our agents by giving us a call today!