One of the questions I am asked most often by other managing business brokers is; what qualities should I look for in the next business broker I hire? The following are just some key qualities to look for: Has a high degree of personal responsibility. A good business broker realizes that his success or failureRead More
Fiduciary – Big Word with Big Responsibility
When a business broker becomes an agent of a seller or buyer, either intentionally by entering into a listing agreement or unintentionally by actions, the relationship is termed fiduciary. Fiduciary duties are the highest duties known to law. A fiduciary is expected to be extremely loyal to the person to whom they owe the duty,Read More
Commit to Communicate
The number one complaint from business sellers is, “I listed my business with a broker and rarely heard from him.” Communication is everything! The more frequent and effective communication you have with your seller the happier he will be with you and your company. Make a commitment to communicate at least once a week withRead More
From “Wall Street to Main Street”
In these challenging economic times, one frequently used phase is “from Wall Street to Main Street”. This phase has many meanings and is used in a multitude of ways to describe how what is happening on Wall Street the “stock market” affects Main Street. Each week, in conversations with Business Brokers across the US andRead More
Get a Retainer
When I entered business brokerage in 1985 I joined a franchised main street business brokerage office. During the almost 10 years I spent with that office I saw 150 agents, and this is a conservative estimate, come and go. I also outlasted two owners. In 1994 I started my own firm to focus solely onRead More
Is Now a Good Time to Sell a Business?
As we begin 2014, everyone – business owners, business buyers and business brokers are asking, “Will 2014 be a good year for selling businesses?” Earlier this week, FOX Small Business Center posted an interview and article that provide some insight into the current market and answers to this question. The video, starting at about theRead More
Ten Quick Negotiating Tips for Business Brokers
1. Win – Win: There are many ways to achieve a win-win transaction. A key ingredient is to ask what is fair for both parties. Remember negotiations which produce one sided victories tend to break down more quickly and usually prior to a successful closing. 2. Communicate Clearly. Make sure everyone involved understands you, andRead More
Business Buyer’s Market
One of the great side benefits of owning the School of Business Brokerage is getting the chance to speak often with other business brokers across the country. In a recent conversation with Jay Inbar, Inbar Group, Inc., New York, NY, Jay talked about all the buyers in their market today due to the layoffs fromRead More