Duties Performed by Business Brokers for Sellers
What Business Brokers Do for Sellers
Some of the duties that professional business brokers perform to facilitate a business transition transaction include:
- Price the business with a professional valuation.
- Draft an offering summary, sometimes called a Confidential Business Review. This piece becomes one of the most important marketing tools for the offering, and is provided to prospects only after they have signed a confidentiality agreement and been qualified by the broker.
- Market the business to the widest possible audience – while maintaining strict confidentiality! This is one of the important distinguishing differences between business brokers and real estate agents. Real estate agents put a sign in front of their properties, and heavily advertise the specific location. Business brokers are trained to maintain strict confidentiality.
- Introduce prospective buyers to the business after insuring confidentiality agreements have been executed.
- Facilitate meetings between the seller and potential buyers.
- Write offers to purchase the business.
- Handle negotiations between the parties after an offer has been made.
- Facilitate the due diligence investigation. Offers to purchase are almost always made contingent upon a further due diligence investigation.
- Assist the buyer in obtaining business acquisition financing.
- Schedule and facilitating the closing of the transaction.
The Summit Acquisitions Group — Business Brokers and M&A Advisors — specializes in the sale, appraisal, and financing of privately owned companies ranging in valuation from $750,000 to $25,000,000. Contact their offices in Atlanta, GA or Charlotte, NC for a free consultation.