The way a seller operates and works with a small business broker is different than the way a buyer interacts with one. Atlantic Business Brokerage, Inc. has the expertise to work with both sides of the business sale process. With this being said, we think potential business buyers can benefit significantly by taking a look at some of our small business broker’s advice. Understanding these insights and tips will help you manage your expectations as you look to buy a business, but it should also help you tackle the process with success in mind.
Often a Long Process
There are a lot of pieces at play when it comes to the sale of a business. In a basic scenario, say the main three actors are the seller, the buyer, and the small business broker. Even if everyone behaves like the model, trustworthy individual, and plays their role perfectly, the business buying process can be a long one. In reality, while managing the financial information and legal paperwork takes plenty of time, so does prospecting for serious buyers and waiting for the right business opportunity to present itself.
Transparency & Confidentiality
The buyer should consider their relationship with their small business broker like an equal partnership. That means both the buyer and broker need to treat each other with the same regards for divulging information and protecting the sensitive information discussed. Confidentiality agreements lay out what should remain private throughout the buying process. When it comes to the information shared, the buyer must be as willing to be transparent and honest about their business and financial situation. A broker can only help appraise your situation and find the right business opportunity for you when all cards are on the table.
Show You’re a Serious Buyer
A business broker does not want to waste their time or the seller’s time by introducing a difficult or uncommitted buyer to the deal. You will improve your chances of making a successful business purchase if you can prove to the broker and seller that you are a serious buyer. Take the initiative and conduct your own research of the market or industry you’re interested in entering. Be courteous and communicative throughout the business relationship. There’s a difference in negotiating the deal and demanding unfair terms.
Buy With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.