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HOW TO QUALIFY A BUSINESS
BROKER The following checklist is good start for finding the right broker: Years Experience Brokers in business less than 3 years are considered "beginners" in the industry. Experienced brokers generally have 10 or more years of full-time experience in business sales and consulting.
Education A well rounded broker should have a college degree with a good understanding of finance, marketing, accounting and law.
Resources and Group Dynamics
Does his
firm have a minimum of one or two other brokers plus support staff that will
generate the activity needed to provide good representation.
Networking Does his firm have the buyer contacts and broker networks to provide the maximum effort to locate buyers that might otherwise be missed.
Facilities Does his firm occupy an office that appears professional and organized.
References Is the broker willing to furnish names of his references, including professional contacts, former buyers and sellers.
Attitude
Does the broker show a genuine concern for your interests? Does he really
listen to you or does he just try to "sell you?" A good broker
cares about his clients and works hard to put the best deal together.
Trust
Quite simply, do you TRUST this individual? A genuine rapport and mutual
trust must be established. Selling a business is not like selling a
piece of real estate. It is a complex transaction that if not handled
correctly and honestly in your best interests, can dramatically reduce the
value you receive, disrupt your business, and reduce the likelihood of your business being successfully
operated after the sale.
Results
The
bottom line. Can the broker demonstrate a history of deals successfully
consummated?
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Keate Partners Ltd. 7783 Five Mile Road Suite A Huntington Bank Bldg. Cincinnati, OH 45230 (513) 241-3700 (513) 852-8325 Fax www.keatepartners.com |
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