- March 23, 2015
- Posted by: Business Brokers & Consultants
- Categories: Buyer Articles, Seller Articles
If you have done any research on buying or selling or a business, you already know that it’s
not quite like buying or selling a house. The process is far more confidential and complex, and it requires the expertise of someone who specializes in this field.
While there are many who claim to be “experts,” the truth is, very few individuals have actually made it their life’s work. They may have dabbled in business sales as part of a commercial investment or general real estate career. …. May have even handled a business sale on occasion here and there. But it’s not what they do, everyday, year in and year out. It’s not how they put food on their table, or what they count on for repeat business. In short, it’s a sideline.
Trust me, you do not want to be someone’s sideline! Their lack of experience can cost you time, money, and often kill negotiations that otherwise would have succeeded with an experienced Broker. That’s bad news whether you’re a buyer or a seller!
Your business is almost certainly the largest investment in your portfolio. If you’re a buyer, it soon will be. You need the very best professionals to represent it.
To find that professional, begin with these basic questions.
How Long have you been in business? The longer your candidate has been in business and personally practicing the better. Ask them to clarify whether they are full or part time in the business, and how many businesses they have actually sold. Most Intermediaries work on commission, so only the best can afford to make it their primary source of income. I’ve personally been brokering businesses full-time since 1997. BB&C is highly specialized and it is all we do.
Are you a licensed Real Estate Broker?
Many Business Intermediaries are not. And only a licenses Real Estate Brokerage firm can legal negotiate the sale or lease of the real estate associated with your business. Since continuity and time are of the essence in acquisition, it’s best to choose an Intermediary who is a licensed broker and can handle all aspects of the job. BB&C is licensed with the Kentucky Real Estate Commission and answers to its high legal and ethical standards.
Have you sold a business like mine before? There are aspects to almost every business that make its transition unique. Enlisting the help of a Broker with specific experience in your vertical is critical. Over the past decade plus, BB&C has worked with countless businesses in dozens of different verticals. Chances are we have already sold a business like yours. Visit our Testimonials & Success Page to see the types of businesses we have sold in the past. Learn More>>
Do you charge any up-front fees? BB&C does not get paid for its brokerage services unless your business sells. In other words, we don’t get paid unless you get paid.
Can you provide me with references?
Any Intermediary worth their salt should be anxious to furnish you with references. After all, the best way to learn about them is from the business owners they have already helped. To receive a complete list of references from BB&C, please contact us, or Visit our Testimonials & Success Page. Learn More>>