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? (Dont ever let an intermediary or broker tell you that you cant 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 dont trust the intermediary, this is even more difficult.
Questions for Selecting a Business Broker or Intermediary - To learn more about this author, visit Greg Caruso's Website.
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Greg Caruso
(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.Harve
stBusiness.com,
gcaruso@harvestbusiness.com
877-838-4966
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