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Should You Hire A Consultant or A Business Broker to Sell Your Business?

by Tyler Tysdal
January 18th 2021

Tyler Tysdal's podcast has been named in the <... More

mm Hi robert here again and I want to talk to you about something which is a question that we get a lot, which is small business consultants, should I hire them do I hire them before selling And I must admit I've got a bit of a conflict on this. I was a consultant for a long time, both a management consultant as well as the liquidity consultant. So you know, just understand my bias before we get too far into it. So a lot of consultants have relevant experience, but what very few consultants have relevant experience in is selling their business. So what hasn't worked well that I've seen in the past is when someone has a general advisor and they're giving them general information which may or may not help the valuation and usually in that handoff is where we lose a lot of value, meaning the advisor, the well meaning advisor gives the advice, the company implements it, but it doesn't make any difference in valuation. So if I was to hire a liquidity consultant, I would make sure that they do, they sell businesses full time and don't do anything else.

I would make sure that they are licensed broker and it make sure that they can take you from, from consulting before you take it on the market all the way through a successful sale. And so I would find a licensed broker and be able to do that. The other thing that I think is pretty critical is I would make sure that someone speaks your language for example, I've seen a lot of miscommunication when an entrepreneur tries to work with a banker and they find out that entrepreneurs don't speak banker and bankers sure don't speak entrepreneur. So find a broker that it's an experienced entrepreneur that's been doing it for a long time, that speaks your language and that's going to give you the best results, which is going to maximize your sales price. If you have questions on this or anything like it, feel free to reach out to us that freedom factory and we'll see you soon.

Should You Hire A Consultant or A Business Broker to Sell Your Business?
Should You Hire A Consultant or A Business Broker to Sell Your Business?
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