Interviewing a Business Broker
Interviewing a Business Broker
You are most likely looking for a professional to represent your business for sale. This is probably a large value transaction, possibly the largest so far in your career and time is certainly money in this instance. The fees for representation can appear enormous and the entire profession is new to most business sellers. North Carolina has no licensing requirements for Business Brokers and they range from the best business consultants you could possibly meet to some that have no training and are frankly out to try to turn a fast buck. It is important that the Business Broker you select be experienced, ethical, and efficient. We hope these questions will assist you in identifying the right firm and the right broker to represent you in your transaction.
1. How long have you been a business broker?
2. What qualifies you to be a business broker? (IBBA membership and CBI designation is a must)
3. What did you do before becoming a business broker?
4. Have you ever purchased a business?
5. Have you ever sold a business of your own?
6. Have you ever bought or sold a business with the assistance of a Business Broker?
7. How many clients do you currently have?
8. How many clients will you accept at any given time?
9. Are you a member of the International Business Brokers Association [IBBA]?
10. Are you a Certified Business Intermediary [CBI]?
11. Are you a member of the American Business Brokers Association [ABBA]?
12. Are you an Accredited Business Intermediary [ABI]?
13. Are you a sole practitioner or associated with a firm?
14. Is your business listed with the Better Business Bureau?
15. Do you co-broker? If not, why??
16. What was the last business you sold where you split commission?
17. Who can I speak with that has sold their business with you?
18. Who can I speak with that bought a business from one of your clients?
19. What are the highest and lowest valued businesses you have represented? Did they sell? How long did it take?
20. What are your fees? Is there a retainer? How much? Why?
21. What is the fee charged at closing?
22. Why should I hire a Business Broker?
23. How many clients have not renewed their representation agreement with you at the end of the term? Why?
24. How will you market my business?
25. How long will it take to find a buyer for my business?
26. How will you handle confidentiality with potential buyers?
27. What documents will you need from me?
28. How often will I hear from you?
29. What buyer prequalification will you perform?
30. Who will determine the asking price for my business?
31. What experience do you have with performing business valuations?
32. What methods do you use in valuations, when and why?
33. Who will have final authority on accepting or rejecting an offer?
34. What clients have you worked with in my industry or similar to my business in sales or type?
35. What is your definition of an ideal seller client?
36. What is your definition of an ideal buyer?
37. What other Business Brokers do you recommend?
ENLIGN Business Broker's answers to these questions are available free on the companies website www.enlign.com article "Answers from a Business Broker"
Interviewing a Business Broker - To learn more about this author, visit Jeff Snell's Website.
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Questions to ask a Business Broker BEFORE you retain their services
You are most likely looking for a professional to represent your business for sale. This is probably a large value transaction, possibly the largest so far in your career and time is certainly money in this instance. The fees for representation can appear enormous and the entire profession is new to most business sellers. North Carolina has no licensing requirements for Business Brokers and they range from the best business consultants you could possibly meet to some that have no training and are frankly out to try to turn a fast buck. It is important that the Business Broker you select be experienced, ethical, and efficient. We hope these questions will assist you in identifying the right firm and the right broker to represent you in your transaction.
1. How long have you been a business broker?
2. What qualifies you to be a business broker? (IBBA membership and CBI designation is a must)
3. What did you do before becoming a business broker?
4. Have you ever purchased a business?
5. Have you ever sold a business of your own?
6. Have you ever bought or sold a business with the assistance of a Business Broker?
7. How many clients do you currently have?
8. How many clients will you accept at any given time?
9. Are you a member of the International Business Brokers Association [IBBA]?
10. Are you a Certified Business Intermediary [CBI]?
11. Are you a member of the American Business Brokers Association [ABBA]?
12. Are you an Accredited Business Intermediary [ABI]?
13. Are you a sole practitioner or associated with a firm?
14. Is your business listed with the Better Business Bureau?
15. Do you co-broker? If not, why??
16. What was the last business you sold where you split commission?
17. Who can I speak with that has sold their business with you?
18. Who can I speak with that bought a business from one of your clients?
19. What are the highest and lowest valued businesses you have represented? Did they sell? How long did it take?
20. What are your fees? Is there a retainer? How much? Why?
21. What is the fee charged at closing?
22. Why should I hire a Business Broker?
23. How many clients have not renewed their representation agreement with you at the end of the term? Why?
24. How will you market my business?
25. How long will it take to find a buyer for my business?
26. How will you handle confidentiality with potential buyers?
27. What documents will you need from me?
28. How often will I hear from you?
29. What buyer prequalification will you perform?
30. Who will determine the asking price for my business?
31. What experience do you have with performing business valuations?
32. What methods do you use in valuations, when and why?
33. Who will have final authority on accepting or rejecting an offer?
34. What clients have you worked with in my industry or similar to my business in sales or type?
35. What is your definition of an ideal seller client?
36. What is your definition of an ideal buyer?
37. What other Business Brokers do you recommend?
ENLIGN Business Broker's answers to these questions are available free on the companies website www.enlign.com article "Answers from a Business Broker"
Interviewing a Business Broker - To learn more about this author, visit Jeff Snell's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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