"What is a Business Broker?" by Steve Harvey (Video)
If you're unfamiliar with the term "business broker" and looking for some more information on the topic, we've sourced a video here for you to check out.
For more information about a business broker in Franklin, TN you can find more information here at HPX Advisors. We service Franklin, Murfreesboro and Brentwood Tennessee!
Don't have sound available? Here's the full transcript from this video!
Hello and welcome. My name is Steve Harvey of Business Finders and businessfinderscanada.com and today I'd like to talk about what is a business broker? Many of you out there have never heard the term business broker. A business broker is closely associated with a real estate agent but unlike your real estate who sells homes, who sells property, who sells commercial space, industrial land and provides leases, a business broker is an expert in selling existing businesses and franchises. Simply put, a business broker sells businesses.
Good business brokers are trained intermediaries experienced in the confidential sale of business for sale to qualified buyers. A good business broker will provide and protect confidentiality at all times. A key component with selling your business. They'll provide qualified buyers, they'll help eliminate tire kickers and the Canadian dream seeker, this can really take up a lot of time of the business owner. A business broker will also provide the full approach or full disclosure system and what that means is they'll provide all the information up front both to the seller and to the buyer. They will place a top market value on a business. They will continuously target and find new qualified buyers. They will provide a strategic process in getting your business to get offers. They will also provide a strategic process to getting your business to close. They dedicate all their time selling businesses full time and they will not charge heavy up front fees.
A business broker can be used as the bad guy. In a negotiation with the seller you should let the business broker deliver any bad news or commentary that you may have. And the reason for this is because you're going to need the sellers help when completing the deal and afterwards you're getting the sellers help for train and assistance.
Confidentiality is a key component. Another key component is qualified buyers. A good business broker not only finds and brings in qualified buyers, but he or she is an expert at taking the process from offer to closing. Don't trust all business brokers. There are three types. The greedy, the clearing house and the one who watches your best interest.
Well I hope that explains to you what a business broker is. Thank you for watching. I'm Steve Harvey of Business Finders and businessfinderscanada.com. Please check us out at the web at www.businessfinderscanada.com.