Andy and Jessica are bringing to you the 10 questions you want to ask your business broker. Listen to today's episode to find the reasons why you should work with a business broker and how you can benefit from this decision. Selling a business is a complicated task and the experience of a business broker can make a substantial difference in a deal. Selling your business might be the biggest transaction of your life, you need expert advice and guidance to assure a successful deal.
Listings of the week: Justin Lefebure (Central Florida). Transmission/Mechanic shop for sale. Seller is retiring and is ready to finance. The owner is asking for a $100,000 down payment, he delivers a $750,000 building, $100,000 worth of assets, and a $500,000 worth of business. Financed for 15 to 20 years. Call Justin at (772) 925-2675 or email jlefebure@tworld.com.
Key takeaways:
[1:10] What is business brokerage?
[3:46] Business brokers are really for middle to small size businesses.
[4:50] Selling a business is a complicated process.
[7:46] You hire a business broker for his or her experience.
[10:15] Some valuations require specific methodologies.
[11:48] How do you hire a business broker?
[13:05] Ten questions that you have to ask your business broker before you list them with Micheal Shea.
[13:32] Question #1: How many deals have you done in your career?
[14:24] Question #2: How often do you co-broker?
[16:10] Question #3: How much money are you spending on marketing?
[16:52] Question #4: Do you have a specialty?
[18:12] Question #5: How big is your firm?
[19:26] Question #6: Can you show me the competition for my business?
[20:32] Question #7: Will I have to hold paper or seller financing?
[21:28] Question #8: How long on average does it take to sell?
[22:39] Question #9: Which websites are you on and how do you market my business?
[24:07] Question #10: What is your commission?
[26:59] Deal of the week: Raymond Copell sold an insurance business. A deal that began years ago, and sold for three times the book value.
[30:48] Listing of the week: Justin Lefebure (Central Florida). Transmission/Mechanic shop for sale. Seller is retiring and is ready to finance. The owner is asking for a $100,000 down payment, he delivers a $750,000 building, $100,000 worth of assets, and a $500,000 worth of business. Financed for 15 to 20 years.
[33:56] Deal of the week: Peter Berg. A logistics company that was sold in the middle of the pandemic. Price: $600,000. Sold: $580,000. Seller note: $100,000 for one year. Paid the entire sum in one year. Online closing.
Mentioned in this Episode:
The Deal Board Podcast
United Franchise Group
Transworld Business Advisors
Transworld on Linkedin
Transworld on Facebook
Call us — (888) 711-9018
Email us thedealboard@tworld.com
Call Michael Shea (321) 287-0349
Michael Shea YouTube Channel
Email Ray Copell at ray@tworld.com or call (954) 464- 6290
Call Justin Lefebure at (772) 925-2675 or email jlefebure@tworld.com.
Call Peter Berg (954) 907-3007 or email pberg@transworldma.com
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