Business Brokerage,sell a business,buy a business,sell business in Florida,sell business in Tampa,Florida
Ivan Lilov / Transworld Business Advisors Direct: 813-215-6801 / Fax: 866-206-2625 / Email: IvanBusinessBroker@Gmail.com

Why use a Business Broker when Buying a Business?


If you are considering a business broker to help you purchase a business, it is important that you understand exactly what business brokers do, what help they offer, and what you should look for in a business brokerage firm.

A business broker works with you to access your needs and help you through the buying process. In most cases, the business broker's fee is a percentage of the selling price, and is paid once the sale is complete, either by the buyer or the seller. Often, the fee is paid upfront by the seller. In instances where the business is being owner financed, the fee is often part of the loan payment. Business brokers work somewhat like realtors.

Before choosing a business broker, check the broker out with the Better Business Bureau. It is also a good idea to ask the broker for the contact information of people who have used their services to purchase businesses in the past. Follow up and talk with those business owners. If the business broker will not provide you with references, walk away. You should also check to see if the business broker is a licensed real estate broker, or if they are a member of the Association of Business Brokers in their state. Check with the licensing agencies and the associations to see if there have been complaints.

A good business broker will evaluate the businesses, and provide you with financial statements and cash flow statements for the businesses you are considering. While they do not provide financing, they will usually work with you to find financing, or help the seller to owner finance the business in a way that protects both parties. A broker that is working for you will ask you several questions, including why you want to start a business, what your educational background is, what special skills and interests you have, the maximum down payment that you are able to put down, if there is a specific type of business that you are interested in buying, where you would like to be located, and what the minimum income required to meet your living expenses is. Licensed business brokers are committed to providing the potential buyer with full disclosure about the business. If you have a question, ask the broker. Your first question should be, “Why is this business for sale?”

It is important to note that most sellers will not allow the broker to give you detailed financial information about a business until you make an offer. Therefore, it is important to make an offer that is reasonable as soon as you know that you wish to learn more about the business. You can always withdraw your offer if you find that you are no longer interested. The broker should provide you with enough information to make your initial offer.

If you are interested in using a broker to help you locate and purchase a business, it is best to work with a network that includes a large number of brokers. You will be assigned to one broker, but when a business owner contacts the network to sell a business, that offer is available throughout the network, which gives you exposure to more opportunities. When you use a private broker who is not part of a network, you may be limited to the businesses that use that particular broker.

Good business brokers usually prove to be an asset to both the buyer and the seller, saving both parties time and money, by offering advice and consultation, handling negotiations for the sale, answering all questions that either party may have, and walking both parties through the process of buying or selling a business.

 

Congratulations!  You have decided to acquire a business.  Enterprise Brokers can streamline your search and assist in your aquisition of your new business.  Though no two business transactions are alike, listed below is "10 Steps" for a guideline to be customized for your unique purchase.  Thank you.

Step 1

Take a sincere look at your strenghs and weaknesses to decide if business ownership is right for you.  Value the risk versus rewards of any particular venture you may seek before entering into any purchase.  Discuss the life changes with your inner circle.

Step 2

Find the best TEAM that you can.  This includes but is not limited to your accoutnant, attorney, business broker, banker, etc.

Step 3

Gather a complete financial overview with documentation of where you are at now along with a resume' of your past experiences/duties/positions held.  All bankers and/or lenders will ask for this so you might as well have it ready beforehand.

Step 4

Get pre-qualified with your lender.  A brief inquiry with your financail sources will give you a guide of what ranges are available to you if outside funding is needed.   If looking to self finance, take an overview of your personal living expenses for a period of 12 months minimum in addition to your purchase price.

Step 5

Fax your buyer form package (non disclosure, buyer worksheet, financial worksheet, buyer broker agreement) to your business broker.  This will streamline the results to those most suited for your particular qualifications and requests and enable realistic and quality showing appointments which will assist in reaching your business acquiring goals. All forms can be requested at the bottom of this page.

Step 6

Review findings from your broker and analyze for your particular objectives.  After review and initial screening of presented business considerations, schedule showings of those of most interest and complete initial due dilligence.

Step 7

After your in person viewings, narrow your selections and speak with your team about the merrits and risks of each after due diligence.  Complete any follow up showings and meetings with seller/owner(s) to answer any questions.  

Step 8

Make your offer with a good faith deposit and supporting documents pending any contingencies advised by your team.

Step 9

Complete any contingencies and notify your team that you are ready to close on the business.

Step 10

Close on the purchase of your new business & complete any requested follow up items after the closing.

Let's get started on your journey to business ownership.  Please request the desired buyer forms highlighted on this page. Your requested forms will be delivered to your email for completion & acceptance. 

 

 


Buying a Business Form Request

Buyer Non Disclosure Form

Buyer Financial Statement

Buyer Brokerage Agreement

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