Welcome to the Small Business Ideas Forum! We are a community of over 100,000 small business folks with over 163,000 posts for you to browse. We pride ourselves on being the friendliest forum you will find and we'd love to have you as a member of our community. Please take a moment and register for a free account. If you need any help, please contact Chris Logan.

Small Business Ideas Forum

Small Business Ideas Forum

A friendly place to share small business ideas and knowledge, ask questions, find help and encourage others that are involved in the small business industry. Topics include small business marketing, generating revenue and small business computing.

Go Back   Small Business Ideas Forum > General Issues > General Small Business Issues
Register Search Today's Posts Mark Forums Read

Reply
 
Thread Tools
Old 8th September 2010, 07:03 PM   #1
AngelBiz
VIP Contributor
 

Join Date: May 2010
Location: Detroit, MI
Posts: 1,309
Default 5 Qualities Of A Good Business Broker

Majority of small business owners use a business broker when buying or selling their business. A business broker takes the headache out of buying or selling process and lets you focus on your primary tasks. A broker also presents you with more and targeted opportunities that you cannot otherwise find yourself. One of the most important considerations when choosing a broker is whether he/she can help you sell your business at the highest possible price in the shortest time or buy a business at the lowest possible price quickly.

However, not all business brokers are created equal. There are good business brokers and there are mediocre ones. A good business broker has the ability to understand your needs and criteria and quickly find opportunities that fit them. He can also describe the pros and cons of those opportunities and help you make the right decision.

A mediocre business broker, on the other hand, can harm you by dragging the process forever and also preventing you from going to another broker because of mutual exclusive contract. Since buying and selling a business is a time consuming experience this can harm you in more than one way.

So what are the qualities of a good business broker that will help you choose the right one.

Read more - http://www.angelbusinessadvisors.com...siness-broker/

AngelBiz is offline   Reply With Quote
Register or log in to remove this ad.
Old 25th September 2010, 05:01 PM   #2
Biz Optimizer
Member
 
Biz Optimizer's Avatar
 

Join Date: Mar 2009
Posts: 76
Default Business Broker

Having worked with many brokers some who knew what they were doing - to those that knew virtually nothing -
Having a financial background and seeing the pitfals that a broker without sound financial knowledge can unknowingly leave on buyers and sellers:

You are buying/selling CASH FLOWS! It is VERY important that you or your broker understand finance!!

I would suggest a STRONG financial background

The broker world is full of people who lost their own business, but can tell you how to do yours. It is full of realtors who think it is as easy a piece of real estate - showing the pretty buildings. Do your first piece of due dilligence on the broker - get them to give you a perspectus on the business you seek to buy or sell - or at least one of their listings.

Certifications by 100 different certification companies don't mean much - look for what they are telling you from the numbers. Pay attention to the details - not the frilly words that are probably just boilerplate in ALL of their perspectuses.

Good choices here can mean the difference between business success or failure - or of never seeing the money out of your sale - BE CAREFUL!!!

Biz Optimizer is offline   Reply With Quote
Old 26th September 2010, 09:11 PM   #3
AngelBiz
VIP Contributor
 

Join Date: May 2010
Location: Detroit, MI
Posts: 1,309
Default

Quote:
Originally Posted by Biz Optimizer View Post
Having worked with many brokers some who knew what they were doing - to those that knew virtually nothing -
Having a financial background and seeing the pitfals that a broker without sound financial knowledge can unknowingly leave on buyers and sellers:

You are buying/selling CASH FLOWS! It is VERY important that you or your broker understand finance!!

I would suggest a STRONG financial background

The broker world is full of people who lost their own business, but can tell you how to do yours. It is full of realtors who think it is as easy a piece of real estate - showing the pretty buildings. Do your first piece of due dilligence on the broker - get them to give you a perspectus on the business you seek to buy or sell - or at least one of their listings.

Certifications by 100 different certification companies don't mean much - look for what they are telling you from the numbers. Pay attention to the details - not the frilly words that are probably just boilerplate in ALL of their perspectuses.

Good choices here can mean the difference between business success or failure - or of never seeing the money out of your sale - BE CAREFUL!!!
Ed

Very well put. You have to make sure the broker you are dealing with is capable' otherwise you will be wasting your valuable time.

AngelBiz is offline   Reply With Quote
Old 27th September 2010, 09:25 AM   #4
Biz Optimizer
Member
 
Biz Optimizer's Avatar
 

Join Date: Mar 2009
Posts: 76
Default Failure is more than waste of time

Failure in these cases is far more than waste of time. Buyer's losing it all because they paid too much - or sellers never getting their money because they sold it for more than it could produce by any reasonable person.

You are talking about loss of personal fortune - loss of expected retirement income - loss of jobs for people. It is far too easy for it to be a total loss for buyer, seller, and employees.

Biz Optimizer is offline   Reply With Quote
Old 5th October 2010, 02:41 AM   #5
Cathy Duncan
Member
 
Cathy Duncan's Avatar
 

Join Date: Sep 2010
Posts: 36
Default

Yeah, you’re right AngelBiz, because most of the times, we keep on dealing with incapable guys that really wastes or time and provide us with nothing. We should avoid such elements.

Cathy Duncan is offline   Reply With Quote
Old 5th October 2010, 08:39 PM   #6
AngelBiz
VIP Contributor
 

Join Date: May 2010
Location: Detroit, MI
Posts: 1,309
Default

Quote:
Originally Posted by Cathy Duncan View Post
Yeah, you’re right AngelBiz, because most of the times, we keep on dealing with incapable guys that really wastes or time and provide us with nothing. We should avoid such elements.
The problem becomes worse when you have to sign exclusive agreement for 6 months to a year. After that you cannot get out of the contract and end up wasting precious time. That's why it is important to do homework before selecting a broker. We have worked with several of these types in the past.

Now, there are some excellent brokers put there and they do their best to move things faster; but as in any business you are bound to find bad apples.

AngelBiz is offline   Reply With Quote
Reply   

Bookmarks


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can Anybody Suggest Me A Good And Profitable Business To Run In A Small Town? brightbill What Type of Business Should I Start? 12 7th October 2010 05:36 PM
Effective Techniques For Working With Buyer Business Broker AngelBiz General Small Business Issues 0 17th August 2010 09:11 PM
Good day and good business spiatek New Member Introductions 6 9th June 2006 09:03 AM



Thread Tools

Get Updates
RSS Feeds:
RSS Feed for General Small Business Issues RSS for this Category Only: General Small Business Issues

RSS Feed for Small Business Ideas Forum RSS for Entire Forum
Forum Rules


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


Small Business Ideas Forum


 
At Your Business - Small Business Directory
Free Business Forms - Prewritten Documents
 
Search Engine Guide
Small business guide to search marketing

 
Small Business Brief
Fetching the Best Small Business Info


Free Links - Free Advertising
Free Guide - Online Directory



Advertise your business here
Contact us for more details!


Semantic Juice
Register now to access free Quick SEO service!


Rocket Lawyer
Sign up for free 7 day trial. Boost your biz!


Buy UPC Codes
Get your products listed online!




All times are GMT -5. The time now is 09:38 PM.


Powered by vBulletin® Version 3.7.3
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Copyright 2004 - 2018 - Privacy