Finding a certified business broker who can serve your specific needs isn't always a walk in the park. Fortunately, however, there are many valuable resources at your disposal. Starting with personal references from friends and business associates, you may be able to get some quality leads to the right firms or individuals. (You'll also be warned away from the bad ones).
But while word of mouth references are often a good indicator of what you can expect from an experience working with a particular vested business broker, this is only one piece of the puzzle.
Within the profession of business brokering, there are a variety of standards for becoming certified. Certification is not very uniform, and the meaning of certain standards may not be immediately apparent to the newcomer. Depending on what kind of transactions your certified business broker conducts, his or her area of expertise could differ greatly from the next broker.
That's because different certifications are, for example, required for different types of business for sale transactions. It is therefore possible that your broker is certified""but possibly not for transactions in certain states, or those involving certain sums of money.
Find out which type of certification your business broker has earned and contact the issuing agency to determine exactly what the certification means. Certification is to different degrees and is often issued from different levels of government. Additionally, some certifications carry requirements relating to professional conduct that are similar to those found within the medical and legal communities.
These certifications carry responsibilities that significantly reduce the likelihood of dirty dealing""as peer and government regulation can be powerful motivators for good business. Other certifications are merely related to competency""meaning that your broker has passed certain exams. Further confusing the issue is the fact that many brokerages will as a whole be certified, while their employees are given representative status""a type of certification that speaks very little to the individual.
Certification is no guarantee of a clean, profitable deal, but it does give you some added security. So take the time to find out what, if any kind of certification your individual broker has, and don't forget to be vigilant. Ask questions, and if you smell a rat, ask more questions. A certified business broker can be a highly valuable asset. Make sure the professional is up to par with your business needs.
Peter Siegel, MBA is the founder and President of BizBen.com - Businesses For Sale In California. A nationally recognized author (3 books and a syndicated small business blog) and expert consultant (national SBA small business specialist) on selling and buying businesses, he provides professional assistance to business brokers, agents, and business owners in getting maximum response in their advertising & marketing efforts in regards to selling small to mid-sized businesses. If you are selling a business and need professional assistance utilizing high performance advertising, marketing, and highly effective strategies, or individual customization with your BizBen Power Search options in buying a California business, you can reach him at 866-270-6278.
Categories: Selling A Business
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Joe Sandbank, Esq. - Legal Services
I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process.
|Brad Steinberg, Broker - Laundromat Specialists
PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department.
|Helen Yoo: Escrow & Bulk Sale Services - Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
|Mark Chatow, Esq.: Legal Services For Buying, Selling Businesses
Mark has a broad range of small business purchase & sale experience from analyzing potential acquisition targets to successfully guiding buyers and sellers through the purchase & sale of small businesses. Mark can assist with contracts, negotiations, legal matters, etc. Reach Mark at 949-478-8393.
|Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area
Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
|Ranvir S. Sandhu, Esq. - Legal Services For Buyers And Sellers
I've worked at top Bay Area law firms and have extensive experience with business entity formation, mergers, dissolutions, conversions, employment matters, including experience in reviewing and negotiating transactional documents such as leases and purchase agreements.
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
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