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Questions for Selecting a Business Broker or Intermediary
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| Guest post by: Greg Caruso |
Article Overview: When looking to buy or sell a business in Maryland or elsewhere it is very important to select the right professionals. A key professional for a market business purchase or sale is the business broker or intermediary. They will help you find the right business, prepare a valuation for the business sale or purchase, and negotiate your business purchase.
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Free Download - Construction & the M&A Market (under $25 million revenues) By Greg Caruso |
Questions for Selecting a Business Broker or Intermediary
When looking to buy or sell a business in Maryland or elsewhere it is very important to select the right professionals. A key professional for a market business purchase or sale is the business broker or intermediary. They will help you find the right business, prepare a valuation for the business sale or purchase, and negotiate your business purchase.
References and Community Involvement:
• Does the intermediary have written references? Can you call the references? (Don’t ever let an intermediary or broker tell you that you can’t talk to references because of confidentiality. Think about it, they must have some satisfied closed customers)
• Does the intermediary belong to local business, charitable groups, churches that indicate a place in the community?
• Does the Intermediary Belong to Industry Associations that have ethical codes?
Questions to help you determine if the intermediary is knowledgeable:
• What is the intermediary's formal education?
• Has the intermediary obtained continuing education in his field of practice?
• Does the intermediary belong to associations that relate to his field of practice?
• Has the intermediary authored or spoken professionally on his areas of expertise
Questions to help you determine if the intermediary has experience:
• Has the intermediary ever owned a business? Was it sold?
• How long has the intermediary been brokering?
• Has the intermediary sold a business like yours?
• Does the intermediary have any related experiences from selling other businesses?
• Ask them to explain a typical transaction? Does that sound reasonable?
• Did the intermediaries past experiences relate to his role here?
410-451-8622
gcaruso@successfulexits.com
Questions that can help you determine if the intermediary is organized and has a system:
• Ask about how they would find a buyer?
• How they screen prospects?
• Does the intermediary work for a firm? If so what does that add to the process?
Compatibility:
Through all of the above questions you should be thinking about experience, integrity, and ability to get the job done.
The Crux of the Matter:
If you are not 100% comfortable with your intermediary, interview another one. Keep looking. Sooner or later the broker or intermediary is going to have to tell you bad news and how to overcome it. If you don’t trust the intermediary, this is even more difficult.
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About the Author: Greg Caruso RSS for Greg's articles - Visit Greg's website About the Author: Gregory Caruso, CPA, Attorney, Certified Valuation Analyst, and author, is a Principal at Harvest Associates in Baltimore and Bethesda, Maryland. Greg is an expert in privately held business mergers and acquisitions. Greg specializes in working with owners who are determined to realize the highest business value from their business exit. Greg has over 20 years of experience. www.ciharvest.com, gcaruso@harvestbusiness.com 877-838-4966 Blog: http://www.blogger.com/posts.g?blogID=6705394 Click here to visit Greg's website 3 Secrets to Obtaining Loan Approval for the Purchase of Your Business Protect The Merger Or Sale Value Of Your Business What You Can Learn From The DaimlerChrysler Debacle Who Has Your Intellectual Capital Questions for Selecting a Business Broker or Intermediary Construction the MA Market under $25 million revenues |
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