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Business Brokering
Newsletters Courtesy
of
Broker Service
Network Inc. II
Index
Motivated - qualified
before talking to business
brokers about businesses for
sale
Ask yourself the question "If
I find what I want, am I
prepared to place an offer?".
You are doing a disservice to
yourself, the business brokers
and seller if you are not
prepared to follow through.
All business brokers and
sellers assume that interested
buyers are prepared to make an
offer should the business for
sale fit the buyer's needs or
wants. All business brokers
and sellers put a ton of time
and effort into preparing for
and marketing the businesses
for sale. A "tire kicker" (not
motivated) buyer only wastes
valuable time better spent
elsewhere.
If you were in
a service business - would you
want a potential client
misleading you? Truthfully,
this is how business brokers
feel if an unmotivated buyer
goes through the process.
NOW, if you are
a motivated and serious buyer,
are you properly qualified -
business brokers can help here
- to make an offer then
follow up on it? Anyone -
including business brokers
telling you that 100%
financing is possible is LYING
TO YOU! As a general rule, you
will at least 15-20% of the
selling price on businesses
for sale - liquid cash - to
place as a down payment. Next
you will need relevant
experience in either the
industry in question or in
past ownership and/or high
level sales & marketing. Last,
you will need good to great
credit - generally a credit
score of 680 or higher. If you
are unsure about the
qualification - contact
business brokers for said
qualification. All good
business brokers qualify
business buyers before
disclosing businesses for
sale.
QUALIFY
yourself - do you meet the 3
criteria last above - get a
credit report on yourself that
you can show a broker/seller.
Most business brokers will not
require credit reports and/or
financial statements but they
are good to have in place when
looking at businesses for
sale.
General
Qualification Rules Of
Thumb...
-
Some sellers
will hold up to 80% on a
note AND some will not hold
a note at all.
-
Each seller
is different - it's their
decision to hold a note -
not yours
-
Sellers will
want you to have relevant
experience and great credit
if holding the note
-
Some sellers
or brokers will want a
deposit before disclosing
financials - DON'T DO IT!
It's an old unethical trick
by business brokers
-
"Liquid Cash"
is cash that you can get
within 7-10 days.
-
Take your
liquid cash figure and
multiply it by 5 - this is
the high end of what you can
afford
BSN has certified all business
brokers in our network
Talk to your broker about
this newsletter
ALL BSN business brokers
have completed our
comprehensive 3-day training
seminar and are active
members in our ongoing
training and vast support
network.
We train and support
business brokers throughout
North America with the most
comprehensive network in any
industry. BSN Brokers
complete a 3 day
comprehensive training
certification program then
find his or herself
supported and backed by toll
free support, the world's
largest interactive broker
network and/or any other
help they need to succeed.
Brought to you by certified
brokers of
Broker
Service Network Inc.
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Businesses For Sale Newsletters by Broker Service Network Inc.
Ethical brokering practices