When selling your business, working with a competent and reliable business broker can significantly ease the process and increase the likelihood of a successful sale at the best possible price and terms. According to Eric Gall, founder and licensed broker of Edison Business Advisors, here are eleven competencies you should expect from your business broker:  

1. Valuation Expertise: Expect your broker to have the ability to accurately estimate the value of your business based on various factors, such as financial performance, quality of assets, market conditions, industry trends, and diversity of customers, products, and services.
2. Market Knowledge: Expect your broker to have a basic understanding of the market in which your business operates, including current trends, buyer activity, and competitive landscape.
3. Marketing Strategy: Expect your broker to develop a comprehensive marketing strategy to attract buyers. This may include contacting individual buyers and private equity groups, networking with other brokers, and advertising through listing websites, social media, and direct mail.
4. Buyer Screening: Expect your broker to require every buyer to sign a non-disclosure agreement (NDA), show proof of funds, and share their experience to make sure they have the funds and skills necessary to purchase and operate your business.  This helps to weed out unqualified buyers, saving you time and effort.
5. Confidentiality: Expect your broker to prioritize confidentiality throughout the sales process to protect sensitive information about your business. They should have procedures in place to ensure only qualified buyers with signed NDAs gain access to detailed business information. They should also obtain your input on how to vet local inquirers to ensure employees, customers, competitors, and suppliers do not become aware of the sale.
6. Negotiation Skills: Expect your broker to help you negotiate the best possible deal terms, including price, payment structure, and other key aspects of the transaction. Your broker should involve your CPA for tax advice and attorney for legal advice when necessary. 
7. Transaction Management: Expect your broker to manage the entire sales process from handling buyer inquiries, coordinating and facilitating meetings, structuring deals, preparing offers, intermediating negotiations, managing due diligence, providing document management, and liaising with attorneys, accountants, and other professionals involved in the transaction to managing the closing process.  
8. Problem Solving: Expect your broker to be proactive in identifying and addressing obstacles that may arise during the sales process. They should also have creative skills to keep a deal together when obstacles do arise.
9. Communication: Expect your broker to have regular and transparent communications keeping you informed about the progress of the sale, feedback from potential buyers, and any developments that may impact the transaction.
10. Post-Sale Support: Expect your broker to provide guidance during the transition period. This may include providing advice on employee, customer, and vendor introductions, sharing knowledge regarding account transfers, and assisting with other items.
11. Professionalism and Ethics: Above all, expect your broker to conduct themselves with professionalism, integrity, and ethical behavior, and prioritize your best interests throughout the sales process.

In conclusion, Eric Gall explained eleven competencies of a competent and reliable business broker. By selecting a business broker who demonstrates these competencies, you can streamline the sales process and increase the likelihood of a successful sale at the best possible price and terms.

To learn more about Eric Gall, founder and licensed broker of Edison Business Advisors, click here.