A business owner who has decided to sell his or her company is always best served by partnering with an experienced business broker. The challenge of hiring a business broker, however, is knowing the best questions to ask. Interviewing a business broker is much like interviewing a prospective employee, which in turn allows the owner to determine the best fit for the business.

To partner with a business broker is a sound choice, indeed, but selecting the right business broker for the sale is a very crucial decision that should not be made hastily. A talented business broker will maximize value and profit in the sale of a business, while an inexperienced broker will cause the business to remain on the market longer than necessary and will cost the business owner more money in the long run.

The LOI allows the buyer to commence the highly confidential due diligence process. The LOI does not need to be as detailed as the formal offer, but it should include enough information so that the basic premises of the deal are outlined. Each LOI is different, so there is no basic template available for writing a Letter of Intent. However, there are certain clauses that should always be included.