The Importance of a Business Broker

Hiring a professional business broker is probably the best thing you could do when trying to find a business to purchase. Business brokers deal exclusively in locating enterprises for interested buyers. They are qualified in distinguishing between the money makers and those who are less fortunate.

According to Wikipedia.org, business brokers, also called business transfer agents or intermediaries, assist buyers and sellers of privately held small business in the buying and selling process. They typically estimate the value of the business and then advertise it for sale with or without disclosing its identity.

Below, Black Enterprise: Guide to Starting Your Own Business by Wendy Beech has provided some services that a broker performs to help make your business shopping a success:

Selects potential candidates – This process helps to eliminate any business that may not be a good choice. Your broker will evaluate businesses for sale to determine whether they have any major problems.

Defines your needs and wants – A good broker is able to help you identify your strengths and weaknesses, and then matches them against the businesses that are for sale.

Prepares any necessary paperwork – Business brokers are aware of all of the procedures required to secure permits, licenses, financial records, tax returns and other documents needed during the negotiation and closing process.

Negotiates the sale – A business broker is there to tell the seller if the price is too high, and are even there to suggest what would have to be done to complete the deal.

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