Customized Business Brokerage: A Guideline for Business Sellers and Buyers
If you are looking to sell or buy a business one of the smartest moves you can make is to make sure that you have a competent business broker working out the details of the sale. Usually they represent the person selling the business; however those buying will also reap several benefits from rubbing shoulders with an expert. The services that a broker provides are quite essential to the process of the sale and in many ways he/she is the glue holding all the pieces together. Once you call up a broker and let him know that you have a business to sell, he will likely schedule a meeting to meet and talk about it. The meeting should include both the buyer and the seller. Some of the questions that the broker will field to the buyer include: Do you have the amount of money needed to purchase the business and is it readily available? How soon do you want to own the business? What expectations do you have about buying the business? This meeting is basically a fact-finding mission for the broker to gauge the feasibility of the sale. Part of the process of customized business brokerage is the signing of an NDA (Non-disclosure agreement). Usually the seller will be concerned with confidentiality so signing this agreement puts him at ease. The buyer will be given all the preliminary information needed regarding the business and the relevant financial data as well. The broker will also arrange for the buyer to visit the business for a look around. It is important to note that these processes are the same if the broker is offering merger and acquisition services. If after seeing the business and reviewing the pertinent information the buyer’s interest is peaked further, then additional information will be supplied and more meetings will be held. Part of the broker’s role is to field questions from both parties while addressing whatever concerns they may have. The business acquisition services rendered will include giving expert advice on the transaction process and tying up any loose ends. It is recommended that as the transaction process is ongoing, the seller continues managing the business profitably and efficiently. In the meantime, the broker will be sifting through interested buyers in order to qualify one who can purchase the business at the best price possible. CBS-Global. Provides Business Acquisition Services to middle market companies across a wide range of industries. Visit here CBS-Global Business Services to know more.