It was a special moment when you signed the papers and your business was officially For Sale. You can remember seeing the ad on your broker’s website for the first time and the hopes you had for it. But the months begin to pass and you still haven’t had any decent offers. In fact, you begin to wonder why you haven’t heard from your broker in over a month. Are they still trying to sell it? Your business ad has been pushed to the bottom of the list on the website and looks old and dusty on the shelf. Should you call the broker? Will they even call back?
Once you choose a broker to sell your business, they should be maintaining regular contact throughout the process of selling. Here are two tips from our Senior Business Broker, Brendon, to help avoid the dreaded ‘disappearing broker’ situation – after all, selling your business can be an emotional roller coaster without the added dramas of a dodgy broker.
- Have a clear understanding and commitment from them on how often they will call or email you an update. Have the conversation – don’t assume you are both on the same page and don’t let your broker get away with ‘regularly’ or ‘when we have news’. At Redmako Business Sales, we commit to talking to our business owners every two weeks.
- Test your broker by calling them and see how long it takes for them to get back to you. If it takes longer than 72 hours, you might be in trouble (and so should they be!!).
More Information about Disappearing Broker Syndrome
Unfortunately this is a common condition amongst real estate agents, especially for brokers who sell businesses in any (and every) industry. There are a number of reasons why you might not be hearing from your broker:
- They have no news. They haven’t been able to market your business properly and don’t want to admit it to you. Some brokers are more innocent – they don’t know they are marketing your business poorly, they just think it’s ‘a slow market’.
- The commission they’ll get is bigger for another business they’ve got for sale. In other words, they’re more motivated to sell other businesses than yours. They are generalist salespeople – any sale is a good sale, whether it’s your business or not.
- They’ve forgotten about you.
- They are afraid you will take your business to another broker.
At Redmako Business Sales, our promise to you is that we’ll communicate regularly with you until your hospitality business is SOLD.