08 Feb Benefits of Meeting with a Business Broker in Person
COMMENT FROM TOM WEST:
This Sunbelt office publishes an e-mail newsletter on a regular basis. The following is from their most recent issue. An excellent article on why buyers should be using the services of a business broker. If you email your potential buyers on a regular basis (and you should be), why not tell them what you do – and why they should use your services.
The testimonial letter included at the end shows the patience it takes to put some deals together. Gary Stehle, you provide a good reason why it does pay to “hang-in” – a deal was made.
Benefits of Meeting with a Business Broker in Person
By: Sunbelt Indiana Business Resource
Whether you are ready to purchase a business now or are considering it in the next few years, speaking to a qualified business broker is one of the first steps you are going to want to take. You will be better prepared to move forward whether you use a broker or not. Do not think a quick conversation over the phone is giving you a full picture of the advantages that a business broker can offer the situation.
A qualified business broker is going to have access to businesses that you may not find on your own. Most business owners recognize the value that a broker can bring to the table, and will not want to be exposed to as many buyers as possible. For this reason, the more desirable businesses will seek out professional assistance in marketing the business for sale. As part of the broker’s responsibility to the seller, most brokers will require that you meet with them in person. Not meeting with a broker may eliminate those businesses that you may find more desirable and be more interested in pursuing.
You as a buyer have a particular type of business in mind. You have a flavor and a qualified business broker can help you zero in on the right business that fits your search criteria and qualifications. Most will have a mechanism in place to keep you apprised of new opportunities in the market. Make sure that after you meet with them you are put on their mail/e-mail lists to receive these updates. At Sunbelt Indiana we have several ways for buyers to keep abreast of our listings.
In addition, a one on one meeting is an opportunity to really get to know the personality of your potential broker and to look for red flags in their personality or behavior. You should work with someone you are comfortable with. A good broker will make you feel at ease and be knowledgeable about the industry and businesses you are seeking. Remember, this is the person who will hopefully be selling your offer to prospective businesses, so their personality should reflect that confidence and knowledge level.
In addition to helping you find a business, a business broker can recommend options and referral sources on a range of related issues such as financing, legal and accounting services, etc. At Sunbelt Indiana we have a vast database of referral sources in the central Indiana area to share with our buyers.
The final reason that meeting with your potential business broker in person is a good idea…the consultation is free with no obligation. So, whatever you decided to do, good luck and feel free to contact a broker for that free consultation.
“I had the pleasure of working with Gary Stehle (Business Broker at Sunbelt Indiana) on my recent purchase of Baskin Robbins. To say it was a long process is an understatement. Gary and I had looked for a business that would work for me for at least 2 years and although I did make a couple offers along the way, they didn’t work out. I’m sure if it had not been for Gary, I would have given up, but he always stayed in touch and when the Baskin Robbins was listed he called. From the time I first looked at the Franchise till the closing was about 9 months with a lot of bumps along the way. Gary was always there with support and help to lead me through the process. I’m sure without his help I would never have been able to complete the process. I know when I am ready to sell the Franchise I will call Gary as I know he will work hard to find the right buyer and make the transfer an enjoyable experience.”
– Bob Holocher, Purchased Baskin Robbins (2011)