Business broker response times are an often overlooked element of the sales process. A broker who is on top of things and responds quickly and with professionalism is more likely to secure a deal for fair market value. In this review, we highlight the importance (and benefits) of response times for business brokers.
The Importance of Fast Response Times for Business Brokers
Fast response times from your business broker help you establish trust with potential buyers, reach the negotiations and due diligence stages faster, and reduce the risk of deals falling through or being delayed.
Establish Trust With Potential Buyers
You can establish trust with potential buyers who are interested in learning more about your company by responding to them promptly via your business broker. On the other hand, a broker who takes days to weeks to respond may turn buyers away as they feel they cannot trust your broker (and team) to provide an organized and reliable purchase journey. This allows for you to keep more potential buyers in the offer and negotiation stage. In return, this can create competition and consequently raise the offer prices.
Get to The Offers and Negotiation Stages Faster
The marketing stages progress much quicker when you have a business broker with fast response times with potential buyers. Your broker should quickly screen offers as they arrive to ensure potential buyers are qualified. They should then respond promptly to qualified offers and begin the negotiation process. A fast response throughout these stages helps you secure a deal quickly without potential buyers second-guessing their decision, changing offers, or backing out of purchase discussions altogether.
Ensure a Smooth and Successful Due Diligence Process
After your business broker locks in a purchase deal with a signed letter of intent (LOI), they can transition to the due diligence process. Fast response times help ensure all stages of your due diligence map are conducted in an efficient manner, while still ensuring the buyer has a chance to properly review your company’s details. Ultimately, this leads to closing the sale faster and consequently reduces the likelihood of the deal falling through or experiencing major setbacks.
Reduce The Risk of Deals Being Delayed or Falling Through Entirely
Setbacks and prolonged time to closing are major fears and concerns for most business owners who are selling. The fact is you want to sell fast and delays or falling through deals only add stress to the process. A business broker who responds promptly and communicates well greatly reduces the risk of setbacks or deals that never come to fruition.
Sigma Mergers and Acquisitions Prides Itself on Fast Response Times
You need a business broker that stays organized and responds promptly to all inquiries about your company. You get exactly that when you choose Sigma Mergers and Acquisitions. We have high success rates and have helped 600+ business owners sell over the past two decades. Contact us today to learn more and to receive a free, no-obligation business valuation.
