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Don't have your deal broken by a business broker
Inc. Magazine in a recent article contented that most business brokers are generalists and insinuates that the profession is quite shady. The latest episode of Don't Get Stuck in Your Business addresses the topic of business brokers.
In Brodsky’s words “Most brokers can be counted on to represent themselves. A broker's livelihood depends, after all, on 1. Making sure the deal gets done and 2. Doing it for as much money as possible.”
Now call me naïve and perhaps a bit stuck in my ways, but doesn’t that description fit almost any business sales transaction?
"Exiting a business is a complex transaction that requires a skill set not shared by most business owners. A professional and competant busines broker, mergers and acquisition advisor or investment banker will provide expertise, guidance and save a business owner thousands tens of thousands of dollars during the course of the exit deal." states Joel Goobich, certified business exit planner and host of the national small business podcast, Don't Get Stuck in Your Business. This topic was recently addressed in a podcast conversation titled “A Brokered Deal - Not a Broken Deal” with Barbara Taylor of Synergy Business Services. Listen to the podcast episode at http://dontgetstuckinyourbusiness.com/
Goobich continues "Business brokers are professionals that are termed ‘transactional’
The real key though to a successful business exit is to come prepared. Don’t expect a business broker to ‘fix’ your business or even help you prepare it for sale. Understand what a business broker is tasked with doing. Know what their motivations are upfront.
Growing and preparing a business for sale is a process that takes time. It is advisable to begin the process at least two or three years in advance. Working with a certified exit planning advisor or someone with the expertise and breadth of knowledge to ‘quarterback’