Q&a: Why Should I Use A Business Broker?

Q: I am thinking of buying a business

Q: I am thinking of buying a business. Why should I work with a Business Broker instead of facilitating the search and purchase process on my own?

A: Buying a business is an important decision, one that will impact many areas of your life and finances. To handle this important event properly, you need someone who is expertly trained and experienced in the complexities of buying a business so that you get through the process comfortably and efficiently. Business Brokers facilitate the buying and selling of businesses every day. A quality Business Broker will educate you, negotiate terms on your behalf, and act as a safeguard against all the emotions that come along with these types of transactions.

Think of a Business Broker as your coach. While he represents you and your business, he is also advising you on the best way to proceed. At the same time, he is working with the opposing team to ensure that the sale is fair and equitable to both parties. The Business Broker will manage each step of the process (finding a business, pricing the business, negotiations, documentation, due diligence, securing financing, etc.) by coordinating the players including your attorney, your CPA and, most importantly, the Seller. This is all done with complete confidentiality

After meeting with you and learning your goals for the sale of the business, the Business Broker will qualify the business for sale based on your criterion, which will save you time and money. The Broker will have already worked with the Seller in gathering the necessary financial and company information and then do his best to prepare the Seller psychologically and logistically. The Seller pays for the Business Broker's services, so a Business Broker can structure a transaction that it is in the best interests of all parties.

Q. Should I use a Business Broker if I don't know what type of business I want to buy?

Yes. Your Business Broker has the ability to match your criterion with available businesses for sale, whether they are located near you geographically, across the country or the globe. You will want to purchase a business that interests you, arguably the most important step. Your Business Broker will assess your interests, past experiences, background, etc. and then present a variety of businesses to you. You should also consider location, the amount of cash you are willing to commit upfront, and the cash required once you own the business.

Copyright (c) 2011 Joe Maas

by: Joe Maas

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