What Is Your Background And Experience?
Are You A Member Of A Trade Association?
Do You Hold Any Accreditations?
What services do you provide?
Who Do You Represent?
WHAT TO EXPECT FROM A BROKER
Screening businesses for you. Good brokers turn down many of the businesses they are asked to sell, whether because the seller won't provide full financial disclosures or because the business is overpriced. Going through a broker helps you avoid these bad risks.
A Professional Business Broker begins by finding out about your skills, interests and financial situation The Broker then helps you select the right business for you. With the help of a Professional Business Broker, you may discover that a small business you had never considered is the ideal one for you.
A Professional Business Broker help both buyer and seller to stay focused on the transaction and helps smooth over any problems that may arise. Buying and selling a small business is an emotional experience for both the buyer and seller.
The Professional Business Broker know the latest laws and regulations affecting everything from licenses and permits to financing and escrow. They also know the most efficient ways to cut through red tape, which can slash months off the buying process. Working with a broker reduces the possibility that you might forget some crucial form, fee or step in the process.
SOME SERVICES OFFERED!
Collect And Analyze Financial And Other Data.
Prepare Answers To Buyers’ Questions.
Write Letter Of Intent For Buyer Based On Buyer's Terms.
Mediate The Negotiation.
Assist Buyer In Applications For Permits.
Assist Buyer In Applications For Insurance.
Mediate Conflicts, If Any, Between Buyer And Seller.
Provide And Receive Guidance To And From Attorneys And Accountants.
Hold Deposits In A Trust Account.
Prepare A Closing Statement.
Help Setup Escrow.
Arrange And Attend The Closing.
Perform Various Post-Closing Services.
Coordinate All Of The Above Including The Whole Transaction.
Maintain Files For Future Reference.
SOME FINAL TIPS
Timing is everything, and that is no more true than when applied to the decision to buy/sell a business.
Set a top price in your mind, that you can afford.
The key to your successful search for the right business is to first determine what type of business, is right for you.
In most instances the broker works for the seller’s best interest.
Brokers practices full disclosure to the seller.
Confidentiality should be maintained throughout the buying process.
Buying and selling a business is different than buying and selling any other major asset. This is because a business is more than an income earning asset. It is a lifestyle as well, and therefore, the decision to buy or sell it can be highly emotional.
WHY IS THE SELLER SELLING?
Retirement
Partnership Dispute
Diminished Interest In The Business Due To Boredom Or Frustration
Illness Or Death Of One Of The Principals
Sales & Earnings Have Plateaued Because The Company Lacks Working Capital
Business is Losing Money
About the Author:
Bob Macek is a business consultant specializing in small mid-size businesses. He has been a Professional Business Broker since 1982.
If you have questions regarding the purchase or sale of small, mid-size companies. Contact Bob at: mailto:bob@probizusa.com
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