For newcomers in the business world, the prospect of looking for trustworthy Long Island business brokers may seem a bit arduous and even frightful, particularly since they’ve never needed a business specialist before. It’s normal in these instances to go for the business firms or brokers that offer the best returns in the shortest time frames possible.
If you’re looking for reliable business brokers Long Island or elsewhere, it’s not sufficient to solely look at their track record and the number of clients they have had in the past to boast about.
Things To Consider When Looking For Business Brokers Long Island
There are basically three aspects that you ought to consider when looking for the right broker:
* How well he/she is able to communicate with you.
* Whether he/she is at arm’s reach and able to respond in time.
* How much experience he/she has in business brokerage.
Let’s unpack these for a bit:
1. HOW WELL THE BROKER IS ABLE TO COMMUNICATE WITH YOU
Big business firms are good at showing their client portfolio and all the great results they have had in past transactions. There is only one issue plaguing many of them, and it has to do with how “personal” they are with their customers, particularly with those who are not “playing in the big leagues” so to speak.
By personal, we don’t mean in the sense of meddling in personal affairs, but, rather, in the ability to treat customers as sentient human beings, as well as to empathize with them and deliver customer-centric services adequately.
Building a good relationship or bond is key to landing successful deals, both on the part of the broker and of the customer.
2. WHETHER THE BROKER IS ABLE TO RESPOND IN TIME
If you’re in Long Island, you should find Long Island business brokers who are near your location of interest and that are capable of reaching buyers and sellers in a quick fashion.
Nevertheless, just being near won’t be enough. They should be likewise able to respond in time to queries made by their customers. It’s very easy to lose good buying/selling opportunities because the broker abides by a 9-to-5 mindset.
3. HOW MUCH EXPERIENCE HE/SHE HAS IN BUSINESS BROKERAGE
Earlier we stated how _some _big firms usually handle customers. Still, make no mistake about it. Getting the help of a big broker agency is DEFINITELY A PLUS.
Long Island business brokers with certified experience will undoubtedly boost your chances of getting a deal through. A newbie business broker will be handicapped at the moment he/she needs to generate confidence or to go through all the technical variables related to buying/selling a business.
Moreover, it’s crucial that you verify how well the broker is connected to other brokers in the area as well as to other frequent buyers and sellers. Look up testimonials and other related material that can convince you of their prowess.
Get Professional Help From The Best Business Brokers Long Island Can Offer
If you want to sell your business, our professional Long Island business brokers are more than trained to deliver dependable data concerning the fair cost of your business to potential investors and to accompany you through all the phases of selling it.
If you’re looking to buy a business, our representatives will utilize the most reliable techniques for filtering the best buying opportunities and will walk you through the process according to the nature and requirements of your potential business venture.Read More
Throughout history, we’ve been taught that the best way to succeed in life is by starting our own business. All things considered, it was the way in which many of the biggest emporiums existing nowadays began, sometimes with just a passing idea and not much else. These days, however, to fast-track your career as an entrepreneur, it’s a far better option to buy a business in NYC rather than going through the hassle of beginning from scratch.
Unquestionably, the chances of appearing in the biggest business publications and being featured as a role model in motivational books and speeches diminish considerably, but you will definitely profit from having some foundations already placed for your business adventure, bypassing all the boundaries set by the current marketplace and just focusing on productivity and revenue.
BUY A BUSINESS IN NYC
As expressed before, you get a bunch of benefits when choosing to buy a business in NYC. New York City is considered by many to be the “financial capital of the world” and the largest center for trading in the US and beyond. As you can imagine, you will get overwhelming competition that, in all respects, can obliterate your chances to be situated under the spotlight of your target audience. Notwithstanding, business selling is an extremely normal practice in huge urban areas like New York, and it’s a very profitable trade for all parties involved.
Some of the benefits include:
HIGHER CHANCES OF GETTING A LOAN TO BUY BUSINESS IN NYC
Revenues are hardly ever obtained without sacrificing some capital first. This is one of the primary reasons why people have borrowed money historically, especially through financial institutions, at times in exchange for interest rates which can reach very onerous amounts.
Banks don’t just give out money to anyone and their mother. For a loan application to be approved by your bank, you must present a very credible project with clear and tangible expectations. Luckily, the odds of getting approved for a loan to purchase an already established business – especially one with a solid footing – are much higher.
A WORKING BUSINESS
Assuming you decide to buy a business in NYC that is currently operational, you can rest assured that you’ll save copious amounts of money and stress in the meantime, for you won’t have to struggle with the ordeal of enlisting staff, opening bank accounts, setting up departments, filing gigantic loads of paperwork, and dealing with the uncertainties of treading unexplored territories. Others already did that for you!
AN ESTABLISHED BRAND
NYC is not a friendly place for advertising. This may sound ironic considering the gross amount of marketing material popping up in every corner of “The Big Apple”, but that’s precisely the problem! When you’re not the only business in town that can provide a given value proposal, you get dimmer chances to shine in the eyes of potential customers.
The moment you buy a business in NYC, you will be reaping the fruits of possibly years-long efforts of promotional work that have solidified the brand, particularly in such a crowded city.
This business should be expected to have an existing client base, its own social media accounts, and a working flourishing website or online shop. All you would need to do is to keep the momentum, which is not easy, but certainly more attainable than building a follower or client base from nothing.
Get Professional Help
If you are planning to buy a business in NYC, selecting a competent business broker to help you out is a must. With the aid of a legitimate business firm, you’ll be properly equipped for choosing the best deals, as they assist you with filtering through all the potential businesses that match your criteria.
Additionally, NYC business brokers are thoroughly trained to cope with all the technicalities involved in the process of buying a business, including (but not reduced to) compliance measures, the drafting (and filing) of highly technical documentation, all the legal and financing procedures involved, and all the aspects of any bargaining process.Read More
Owning a business, especially in a place as busy as New York City, can take a toll on your mental health. Sometimes, even successful entrepreneurs need to take a long break, touch grass, or ultimately retire from the strenuous routine of managing and overlooking an entire operation from Monday to Monday.
Whenever you feel you’re spending too much on your medical bill due to stress, perhaps it’s time to call it quits and find someone else to take the burden. Many newcomers in the business field are opting for buying a business in New York City rather than doing their own startups.
These are the tried-and-true methods for finding a suitable buyer.
1. HIRE A BROKER
Believe it or not, selling a business is not as easy as placing a price tag on a wall. Someone looking to buy a business (New York City-based especially) is going to make sure that the company you’re selling is legit and that the pricing is accurate.
Another thing to be mindful of is the increasing amount of regulation that exists on the matter and the enormous task of trying to make sense of it all, both for selling as well as for buying a business (in New York City and virtually every other major city in the US).
Business firms are theoretically staffed with the right personnel to deal with these hot topics. Also, they have the tools to find buyers with the correct criteria that would be highly interested in your trade. They’re also well-versed in how to handle proper business valuation, a task that involves much more than just looking around the premises and going by gut feeling.
2. WORK WITH A PRIVATE EQUITY FIRM
While it might be more profitable to find people who are looking to buy a business New York City private equity firms might just be an option when no other buyer is on sight.
But, there are some things you won’t be able to sidestep, such as the demand on the part of some PE firms to keep the previous owner around to run operations in exchange for some earn-outs as compensation. PE firms may also “fire you” if you don’t deliver satisfactory results that can be reflected on paper, which can be a bit frustrating.
In short, if you opt for a PE firm thinking that it’s the quicker route, tread carefully!
3. LIST YOUR BUSINESS
Do you want to do it on your own? Consider websites such as BizBuySell.com for listing your business.
People interested in buying a business in New York City should be able to find you easily, but you’ll probably need to pay a fee in order to appear among the first results of a search, to be featured on the first page of the portal or to simply have your company listed. Yet, it’s very probable that you will spend less on these fees than on hiring a broker, though, which is a plus.
Keep in mind that you’ll be in charge of filtering potential buyers and setting up meetings with inquirers and potential buyers, among many other responsibilities.
4. FIND A RELATIVE, PARTNER, OR ACQUAINTANCE.
Instead of trying to find anonymous people looking to buy a business (New York City can be a tricky place to secure safe deals with strangers), you could instead spread the word around your family circles in search of potential buyers that are trustworthy and probably won’t be as picky.
Nevertheless, while the idea of keeping your business in the family could sound enticing, be prepared for a discounted sale. Consider it as part of the fee you’ll have to pay to speed the process up.
Another option is to sell your portion of the company to your partners, provided that they’re interested.
Finally, one of your employees may be experiencing a lucky streak and potentially would be interested in buying a business in New York City. Perhaps he/she could buy yours!Read More
Once you get to the stage of your deal where you have a signed letter of intent, you may already be feeling a sense of relief that your deal is near finalization. But remember that the due diligence stage is typically yet to come. This stage includes everything from financial and legal investigations to a review of specific information regarding how a business is run.
The due diligence process can be quite comprehensive and it often reveals some surprises. Because it is important for sellers to know what to prepare and for buyers to know what to look for, let’s examine some of the categories that are reviewed during this process.
Trademarks and Copyrights
Will assets like trademarks, patents and copyrights be transferred? This is a point that has certainly interfered with some deals being successful. Due to the fact that trademarks, patents, and copyrights are often essential parts of a business, they cannot be overlooked.
Products and Industry
Due diligence will likely include analysis of product lines and the respective percentage of sales that they make up. If the business in question is a manufacturing business, then all aspects of the process will be examined. For example, buyers will be looking for age and value of the equipment, information about suppliers, etc.
It goes without saying that financial statements should be poured over during due diligence. Current statements and incoming sales should be carefully reviewed. Review of financial information will also include balance sheets. Is there bad debt? Is there work in progress? These kinds of issues will be evaluated.
If you are selling a business, you should be prepared to share lists of major customers. Buyers may also want to compare your market share to that of your competitors.
Buyers should be looking for information on key personnel, as well as data on any potential employee turnover. If you are selling a business, it’s important to try to fix any staffing problems that might interfere with a buyer’s ability to properly run the business.
A key goal of the due diligence process is to find potential problems, such as liabilities and contractual issues. But on the upside, due diligence also includes investigation into assets and benefits. The end result should be that the selling price of the business is justified and both parties walk away satisfied. As stated above, it is very common for problems and issues to pop up during due diligence, so it’s important to stay proactive and be open to negotiation until the deal is finalized.
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Starting a business may seem like the obvious choice for many aspiring entrepreneurs. After all, many businesses started from scratch and were able to succeed. Nevertheless, nowadays, it’s much easier to buy a business in NYC than to set up a new one.
Surely, this could mean that you won’t get the moral recognition of having been able to erect an emporium with your bare hands, but you’ll get added benefits that will definitely help you overcome the typical entry barriers, meanwhile increasing your profitability in the short term.
As stated earlier, you get a myriad of advantages when deciding to buy a business. NYC is a difficult place to do startups owing to the overwhelming amount of competition in virtually all areas. However, business selling is a very common practice in big cities such as these.
Among other advantages of purchasing a business, you’ll get:
BETTER ACCESS TO LOANS TO BUY BUSINESS (NYC-BASED) OVER STARTUPS
To earn money, you must lose some. At times, even more than what you may have available. This means that you will require a loan to get you started.
Businesses that already have an existing structure can show a more tangible potential for return of investment, which means you’ll get green lighted more easily by banks than by simply showing some abstract projections that they may deem too risky or adventurous.
AN ALREADY ESTABLISHED BRAND
Within the purview of marketing, there is an excessive amount of advertising. Even in this day and age of free social platforms, you will struggle to make a name for yourself or to get spotlighted.
When you buy a business in NYC, you can reap the rewards of months or probably years of advertising work that have cemented the brand in the minds of a large portion of the target audience, especially in such a populous city.
This business most likely has an existing user or customer base, its own social media accounts with large followings, and a functioning thriving website that copes with heavy traffic.
AN OPERATIONAL BUSINESS
If you resolve to buy a business in NYC that has an existing operational structure not only will you be able to save a lot of money, but also time and frustration.
All the time it takes to devise working strategies (and going through failed ones), hire personnel, set up bank accounts, arrange departments, and file paperwork (especially in New York), apart from laying out publicity and advertisement strategies (as explained above) was, for the most part, spent in advance, so you will only have to worry about what’s ahead and how to improve your business model.
Get Professional Help
Are you in NYC and wish to buy a business? New York City business brokers are your best choice. With the assistance of a reputable brokerage firm, you’ll be capable of landing the best deals, as they help you sift through all the possible matches to find those that fit your exact search criteria.
Also, brokers accompany their customers every step of the way and have sufficient technical knowledge to get them through the most complex phases in the whole process, including bargaining, financing, and dealing with all the administrative paperwork.Read More
Almost every sale of a business involves a high degree of negotiation between buyers and sellers. In this article, we share some of the questions you can ask yourself to prepare for this part of the process. After all, optimal outcomes are typically only achieved through proper negotiation strategies. Keep in mind that one of the key strengths possessed by Business Brokers and M&A Advisors is expertise and skills in negotiating deals.
Can Both Parties Split the Difference?
If the buyer and seller can’t agree on a number, one negotiating tactic is to have them split the difference. This is a tactic that is simple to understand, and it shows both parties that the other is willing to be flexible. This reveals a good degree of goodwill and can serve to not only keep both parties talking, but also lower any pre-existing tensions. When both parties are still at the table, there is still hope that a deal can be reached. This tactic serves to continue the discussions and can often be highly beneficial.
Can the Buyer and Seller Better Understand One Another?
When it comes to good negotiations, one of the goals is for both parties to seek to understand one another. Sometimes a buyer or seller’s needs don’t even involve the numbers on paper. Instead, they may be seeking to adjust terms to make them more conducive to their overall goals. If you can keep an open mind and seek to better understand what the other party is ultimately looking for, it can go a long way in making the deal happen.
Can You Bring in a Professional?
There is an old saying that says “Never negotiate your own deal.” One of the benefits of bringing in a brokerage professional is that this third party won’t have the same level of emotional investment. This means that he or she can keep a neutral perspective and be more apt to see things from both sides. Sometimes a new perspective can work wonders. Further, a brokerage professional will understand the myriad of complex factors that must be successfully resolved before the deal is finalized. A Business Broker or M&A Advisor will have tips and techniques that can only be gained from years of first hand exposure to making deals happen.
The post Questions to Ask When Negotiating a Deal appeared first on Deal Studio – Automate, accelerate and elevate your deal making.