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Why Should I Use a Business Broker to Buy a Business?

Written by: Tom Parsley

Article Overview: If you are looking to buy a business, but don’t know where to start, consider hiring a business broker. A business broker is a professional who assists in the business buying process. A business broker can help make that transaction one of the best moments of your life, and the best part is their fee is paid by the seller.

Why Should I Use a Business Broker to Buy a Business?

If you are looking to buy a business, but don’t know where to start, consider hiring a business broker. Buying a business is a very personal experience and one which can change your life. It is also typically a very expensive proposition and one that shouldn't be taken lightly. A business broker is a professional who assists in the business buying process. A business broker can help make that transaction one of the best moments of your life. They can assist in many ways that make it worth their commission fee. A broker will:

1. Show you opportunities that you would never be able to find on your own, and help you pinpoint your interests.

2. Help you weed through businesses and help you find the one that fits your specific needs and parameters, including location, industry and size.

3. Save you time by prescreening businesses for you, and making sure you avoid risky, overpriced or unsuccessful businesses.

4. Take care of all the negotiating for you and help make sure both the seller and the buyer stay focused and help smooth out problems if they arise.

5. Help make sure all your conditions are met and be your ally in the process.

6. Take care of all time consuming and legal paperwork and reduce the risk of missing a crucial step in the process.

7. Will coordinate efforts between lawyers, CPAs, bankers, insurance agents, etc.

8. Be a wealth of information when it comes to current market conditions, issues related to pricing and financing and many other facets of the business buying process.

To find a qualified business broker, take these steps:

1. Visit online business-for-sale marketplaces to search for a qualified Business Broker to help you successfully buy a business!

2. Get referrals from a trusted source. Ask your accountant, lawyer, peers, and industry association for names of good business brokers.

3. Check with The International Business Brokers Association® (IBBA), a non-profit "trade association of business brokers providing education, conferences, professional designations and networking opportunities." IBBA has over 1300 members and provides a professional certification process.

In summary, the main value of a business broker is to act as a buffer between the buyer and the seller. Your broker can help answer any questions or resolve any problems that develop during the course of the sale. Ultimately, a business broker can help a buyer get the most advantageous business for the best price possible, and reduce the time, risk and headache associated with the process!

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