Don’t Hire The Wrong Business Broker
A business broker is a very useful “asset” for you, regardless of whether you’re interested in buying or selling a business. Hiring the right New York City business brokers is crucial for a successful deal. However, you must choose wisely to save lots of headaches and potential losses down the road.
DON’T HIRE THE WRONG NEW YORK CITY BUSINESS BROKER!
Has it ever happened to you that you paid a so-called “professional” to perform a specific job and he/she actually ended up making matters worse? A sort of “buyer’s remorse” kicks in, in which you end up thinking that you might have done a much better job on your own.
The same risks can arise with business brokers. New York City is packed with a plethora of people who advertise themselves as “business agents”, but not all of them have the required credentials or experience to handle all the chores involved in a business sale. In some cases, they have the pedigree but are simply too negligent or lazy for the job.
Traits of a Bad Business Broker New York City
These are some of the most common signs that you’ve hired the wrong business brokers:
* They will hardly ever respond to your calls or messages, even during office hours (unjustifiably so).
* They don’t really have a good network of connections, bankers, and clients to make the deal go faster (even when they claim they do).
* Bad business brokers would scare good prospective buyers and lenders off, at times due to intransigence and, at others, due to arbitrary changes in the negotiation terms.
* They would most likely leave a business listing to its own luck after publication and hardly ever answer questions from inquirers.
* A lousy business agent will fail to do proper marketing for a prolonged period, killing the momentum and making you lose a lot of good selling opportunities.
TRAITS OF A GOOD BUSINESS BROKER NEW YORK CITY
These are, conversely, the characteristics you’ll find in _GOOD_ business agents:
* They work hard to define the fair value of a business according to the company’s financial status and market conditions. They make sure to let the client know why they came up with a given valuation, even if it does not meet the business owner’s expectations at first.
* They tend to have a background in banking and to know the ins and outs of how financial institutions operate when it comes to loan applications.
* They have good connections with bankers that can fast-track the lending process for buyers.
* They assist both parties instead of just the one that hired them, so as to make the deal close faster and in the best interest of both.
* They’re prone to find a wide array of qualified potential buyers and, consequently, a great variety of offers for the seller to choose from.
* In the same vein, they actively screen businesses on sale to grant an investor with a long list of available options that match their interests.
* They’re capable of deterring the deal from being killed prematurely by the respective legal teams.
* They exercise a very aggressive marketing campaign in which they strive to display the company they’re aiding to sell under the best possible light.