Tips for Choosing a Business Broker

by | Jan 17, 2017 | Insurance

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When you are looking for a business broker in Geelong you want to make sure you are getting your money’s worth. It will not do you any good to save a few bucks on a discount service only to have it take two or three times as long as it would have had you spent a little more. This means you will need to do your due diligence before signing anything. Here are a few tips to help you do just that.

Find the Right Size Broker

You will want to make sure first that the broker you choose to work with usually handles cases the same size as yours. If your deal is $1 million, but the broker usually handles $5+ million deals, then they are more likely to treat your deal with less severity than others they may be working on simultaneously.

Find Out if They Do Their Own Work

Find out ahead of time if your broker does their own work. This will let you make sure you know whom you are going to be working with. Often brokers will get an associate or employee to handle a deal rather than do it themselves. This can lead to issues if the broker’s associate is in a different part of the country and isn’t able to commute to handle your deal. You will also be working with someone you did not personally choose which defeats the purpose of interviewing for the job in the first place.

When choosing a broker, be sure to do plenty of research before you commit to one. You will usually have to sign an exclusivity contract for a given amount of time to secure their services. This is understandable. Your broker does not want to invest time and effort into a deal only to have it reassigned to someone else. This is understandable, but make sure that they are doing what they agreed to during this time. In the end, finding a good broker can be difficult but will pay off when your deal is complete. Contact Archer Insurance today!

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