If you plan to sell your Singapore business because you have other plans or migrating to another country, getting a reputable business broker should be an option. If you’re in Asia, a Singapore business broker can help speed up the selling of your business to qualified buyers.

But before you can work with a broker, you must know your business is in good hands. You don’t have to choose a popular broker. It would be best to look at specific criteria before collaborating with them.

Reputable Singapore Business Broker

Check out these tips to find a reputable broker for your business:

Tip #1: Select a Broker with a Specialization in Your Singapore Industry

Not all brokers specialize in all types of businesses. You must choose a broker with experience and expertise in selling a business like yours. They should be able to sell the same company in the past years.

Ideally, choose a broker that has specialization in the same industry. For instance, if your business is retail, don’t choose a broker with manufacturing or farming sale specialization.

It’s a no-brainer. They could sell manufacturing or farming businesses because their contacts and prospects mostly belonged to the industry. If you are going to work with them, there is a big chance that it will take time for you to sell your business or maybe not.

When inquiring, ask if they have experience selling the same type of business in the past two or three years. Ask them for proof of sale.

You also need to consider if they have experience selling businesses of your size. If yours is a corporation, and they only have experience selling small businesses, there’s no guarantee that it will succeed.

Tip #2: Check Their Accreditation

Check if a broker is accredited under professional communities. Reputable brokers in Singapore should be members of specific organizations in the Business Brokerage Industry. They must be members of the International Business Broker Association (IBBA) and Mergers and Acquisitions Source (M&A Source).

Being a member of specific organizations ensures that you are working with reliable brokers since it holds a high standard in the industry. You’ll have peace of mind that you’re working with trustworthy partners in the business.

IBBA

A broker in Singapore should be accredited as a Certified Business Intermediary (CBI) under IBBA. To qualify, a broker must complete 52 hours of the required course and 16 hours of electives, pass the examination, and prove they have vital sales records (3 or more than three business sales).

M&A Source

To become a qualified member of M&A Source, a broker must be accredited as Mergers and Acquisitions Master Intermediary (M&AMI). To become an accredited member, brokers should be lead seller brokers on three transactions amounting to more than $1 million in sale price.

Tip #3: Know About Its Marketing Program

You need to know how brokers are going to sell your business. A good broker can show you a good marketing program that suits your business.

How are they going to promote the selling of your business? Are they using social media platforms, business sites, fliers, and other marketing ads?

Ask for their marketing strategy. A good broker knows what marketing technique to use to attract qualified buyers. They should be able to create good competition to get a better deal for your business.

Tip #4: Know Their Reputation

These days, it’s easier than ever to know a business’ reputation. You can check their reputation online by visiting review sites or simply “googling” the broker’s name.

Aside from that, you can ask them for a list of their past clients. They indeed have a copy of successful sale transactions. It should have names and contact numbers so you can verify it.

It should serve as your reference before doing any specific action. You must know a broker’s reputation. You don’t want to become a victim of scrupulous brokers, so you must be careful.

Choosing a reputable broker should take time. Don’t rush because you want to sell your business at once. It would be best if you considered these tips before selecting a broker.