|
|
Like this article? PLEASE +1 it! |  |
|
Ethical Expectation You Should Expect From Your Business Broker
| Guest post by: Andrew Rogerson |
Article Overview: Some business brokers belong to certain associations that have a code of ethics for brokers to follow. These, along with their own code of ethics, help ensure business brokers are of value to a business seller and buyer. A code of ethics ensures that a business broker puts the needs of the client before their own when making a business transaction.
 |
Free Download - How to sell a business By Andrew Rogerson |
Ethical Expectation You Should Expect From Your Business Broker
If you own a house and decide it’s time to
sell, you have a choice. You can choose
to handle the process on your own in which case you would be a For Sale By
Owner (or FSBO) or you can choose to have a real estate agent represent
you. If you own a business or are a
potential buyer of a business you can choose to handle the transaction on your
own or you can choose to have an agent or Business Broker represent you.
If you choose to have a Business Broker
represent you, it’s worthwhile understanding that some Business Brokers belong
to associations and these associations have a code of ethics. The International Business Brokers
Association (IBBA) is an international association that brings together
business brokers from many countries. At
last count, there were approximately 28 countries in the IBBA.
The IBBA has a code of ethics and this
includes the following articles.
Article 1 – Broker is charged with being
knowledgeable with trends affecting business opportunities.
Article 2 – Broker must protect public
against fraud, misrepresentation or unethical behavior.
Article 6 – Broker represents interest of
their client but it is incumbent upon the broker to deal fairly to other party
or parties involved.
In addition to the IBBA, there is the
American Association of Business Brokers (or ABBA) plus there are many state or
regional business broker associations. A
few examples include the California Association of Business Brokers (CABB),
Texas Association of Business Brokers, New England Business Brokers Association
and many others.
The bottom line is that you should have
expectations from a business broker or intermediary you using to represent you
and your interests. Being a business
broker is not normally restricted to just one skill of closing a
transaction. Business brokers assist
with business valuations, machinery and equipment appraisals, introductions to
third party lenders at banks, credit unions or specialized businesses that
handle SBA loans, introductions to legal experts or tax and accounting experts
and many other professionals.
At the end of the day, a qualified,
educated and motivated business broker should add value to the process of
buying or selling a business. There are
many associations which they can choose to belong and each has their own code
of ethics. This should provide great
reassurance that your interests come before those of the business broker and it
should be your expectation that this is the case.
Selling or buying a business is a complex
and involved transaction. The chances of
the transaction closing are greatly enhanced when a business broker or an
intermediary is involved as the seller and buyer have a lot of professional,
personal, financial and emotional items at stake. Make sure the business broker or intermediary
reflects your values and adheres to the code of ethics that are part of any
association that they belong. In some states,
the business broker or intermediary is required to have a license. Make sure that if this is the case, they meet
that requirement.
Difference Between Success And Failure In Starting a Internet Home Based Business
FRANCHISE BROKERS vs FRANCHISING CONSULTANTS
Expect the Best
Choosing a Broker
Equipment Suppliers - Can You Offer Finance Options To Your Customers?
Ethical Transformation of a Leader
Questions for Selecting a Business Broker or Intermediary
What is a Business Broker?
Business Finance & Networking in the UK
Nine Commitments That Will Emphasize Business Ethics and Company Core Values Are Extremely Crucial To Your Business
Take a look at your Forex Broker
Typical Flowchart Explaining How a Vendor Finance Deal Works for a UK Supplier - From Start To Finish
What are Training Brokers
Brokers, why use them?
Why Should I Use a Business Broker to Buy a Business?
The Various Roles, Banker, Broker and BDO
Be A Proud Sales Professional
“Building An Environment of Ethical Behavior. Ten Tips From Your Strategic Thinking Business Coach ”
Hiring A Mortgage Broker
10 things to expect from your business intermediary
|
About the Author: Andrew Rogerson RSS for Andrew's articles - Visit Andrew's website Andrew Rogerson is a 5-time business owner that loves helping entrepreneurs sell or buy a business. Andrew currently holds the Certified Business Intermediary (CBI) designation from the International Business Brokers Association (IBBA), the highest designation awarded by the IBBA. Andrew has also earned the Certified Business Broker (CBB) designation from the California Association of Business Brokers (CABB.) He holds a Certified Machinery and Equipment designation (CMEA) from the NEBB Institute and is a Certified Senior Business Analyst (CSBA) with the Society of Business Analysts. Andrew is a member of the Sacramento Metro Chamber of Commerce and past Chair of the Sacramento Chapter of the California Association of Business Brokers. Andrew is also the author on a series of four books: Successfully Sell Your Business, Successfully Buy Your Business, Successfully Buy Your Franchise and Successfully Start Your Business. For more information go to http://www.businesstransactionbooks.com Click here to visit Andrew's website   Successfully buy a business |
Related Forum Posts
Re: New member from the USA
- [quote="Ethical":cf54b60n][quote="Mal Tindle":cf54b60n]Hi Ethical,
Welcome to the forum, it's good to see new people getting involved in any forum and you have picked one of the very best. I haven't been a member too long but am a regular now because of the support and resources available here which are most impressive.
I see you work in the recycling of ink cartridges and I wish you well with that and attracting traffic to your site.
best wishes,
Mal.[/quote:cf54b60n]
Thanks for your welcome,Mr.Mal,are you located in the USA,or the UK o'GB.or some other locale?,and if may I have your permission to ask,What kinda(kind of) entrepreneurship are you involved with?,as anything in life,education,and correct info...is the key to success,and Profesional forum attendance,is enlighting.Thanks again for your welcome.[/quote:cf54b60n]
Hi Again Ethical,
Thank you for your reply, I live in the UK and don’t have a product as such to sell like you but I am an Internet Marketer and owner of the ‘Work From Home Gems’ site below.
I specialise in finding and recommending different ways to make money on the internet as an affiliate. I very much enjoy working in this sector and hope to work full time from home in the future.
Don’t forget to set up your signature as recommended by GT above as this is a simple way to ad the URL of your website and this will show on every post you make,
best wishes,
Mal.
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Quote of the Day - "Expect more than others think possible.
- "Expect more than others think possible. Care more than others think wise." - Howard Schultz, goo.gl/SLcI4
Re: New member from the USA
- Hi Ethical,
Welcome to the forum, it's good to see new people getting involved in any forum and you have picked one of the very best. I haven't been a member too long but am a regular now because of the support and resources available here which are most impressive.
I see you work in the recycling of ink cartridges and I wish you well with that and attracting traffic to your site.
best wishes,
Mal.
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Share this article with your friends. Fund someone's dream.
Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.
by: 
Build Your List with Joint Venture Giveaway Events
May 2012 Top 100 Social Media Experts to Follow on Twitter
What to measure to be phenomenally successful in business
10 mistakes of media relations
Making Money Blogging Can Be Tons Of Fun 
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
What should your free giveaway be?
What is Give Back Marketing?
Work at home Opportunities for the Disabled
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.