“So, do I really need a Business Broker? I can just sell it or buy it on my own! What do they really do anyway?………..”
Business Brokers act as intermediaries between buyers and sellers of a business. They may represent either party in the transaction, and do not take possession of goods or property, or deal on their own account. Brokers fill the important marketing function of bringing buyers and sellers together and helping them negotiate mutually beneficial agreements. In addition, they facilitate transactions by providing expertise and advice.
Indeed, Brokers supply numerous benefits to both buyers and sellers. For example, sellers benefit because they do not have to spend time and money searching for buyers. Qualified Brokers have access to people that are in the market to purchase a company, and they know how to attract and screen potential buyers much more quickly than do typical business owners. The Broker may also be able to help the seller place an accurate value on his business, devise a strategy to transfer ownership over time, address necessary paperwork, and overcome legal hurdles through the escrow process.
The buyer also benefits from the Broker’s access to business buying and selling channels. A buyer that goes to a Broker may be able to find a business that suits his abilities, wants, and financial situation much more quickly than he could working independently. Moreover, good business Brokers will not accept businesses that are overpriced, dependent on illegal activities, or otherwise fatally flawed, thus saving buyers the legwork of finding this out for themselves. (Your Biz Brokers turns down as many as half of the businesses that they are asked to sell for these reasons mentioned above!) In addition to screening, the Broker can help the buyer determine what he or she can afford and may be able to assist in arranging financing to purchase the business, and, as with sellers, business Brokers can provide help with licenses, permits, and other paperwork. In addition, it is the Broker’s duty to ensure that the interests of the buyer (and the seller) are protected by any contracts or agreements relating to the sale.
All of these services can be of great value to business buyers and sellers, but perhaps none is as valuable as the Broker’s position as a buffer between the two sides. The skilled business Broker will diplomatically field and address sensitive questions and issues that, if left directly between the buyer and seller, might damage or ruin the prospects for completing a deal. Brokers that can address the concerns of one side without ruffling the feathers of the other are invaluable to the negotiating process.
Buying or selling a business on your own is not as easy as it sounds. Put the BEST in the industry to work for you. Give Your Biz Brokers a call today!