Selling or buying a small to mid-sized business is serious business so BizBen - California Businesses For Sale took a recent survey about three groups important to the process of buying/selling a businesss: small busines owners/sellers, business buyers, and business brokers & agents. Several common factors seem to come into play with many of these complaints: lack of communication, not knowing the "protocol" of the deal process, and a general lack of serious commitment and in some instances professionalism.
BizBen.com surveyed these groups and found the following to be the biggest complaints regarding these groups:
Top Complaints Regarding Small Business Owners Selling A Business:
1. They have not compiled/organized & have ready financials, tax returns, important documents.
2. They are so worried about confidentiality they don't release any relevent data.
3. They haven't informed the landlord of the sale and wait until the last minute to do so.
4. They get "cold feet" when the business is in contract and back out of the deal.
5. They expect too high of price and unrealistic terms (usually want all cash) when selling.
6. They hide key facts or misrepresent information about the business being sold.
Top Complaints Regarding Business Buyers:
1. They don't understand and repect the "confidentiality factor" of the business being sold.
2. Not knowing what types/locations of businesses they want to buy and how much they can afford.
3. Have not been pre-qualified for financing, yet want to leverage their down payment.
4. They feel they can buy a business with no money down or utilize unrealistic terms in the deal.
5. They don't provide/have a completed Buyer Profile, Personal Financial Statement, or Resume
6. They don't phone, provide adequate feedback after the visit/interview with the seller.
Top Complaints Regarding Business Brokers & Agents:
1. They really don't have all the information/financials about the business they are selling.
2. They don't really have a listing agreement, the owner is not really serious about selling.
3. They don't cooperate with other brokers and agents when selling.
4. They don't do a great job writing a complete business profile or memorandum for buyers
5. Hard to reach or don't return phone calls or emails about listings very quickly (if at all).
6. They demand too much info from buyers before releasing info, and expect an office meeting.
About The Author - Peter Siegel 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. 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 925-785-3118.
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Janet Carrera: Escrow & Bulk Sale Service - 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.
|William F. Ziprick, Attorney: Legal Services For Buyers And Sellers
Through creative problem solving, attention to detail, accessibility, & understanding that unnecessary delay is often a deal killer, I work closely with my clients and other professionals to consistently achieve a high rate of closings. Office: 909-255-8353, Cell: 509-951-7230.
|Diane Boudreau-Tschetter: Escrow & Bulk Sale Services - CA
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Brad Steinberg, Business Broker: Laundromat Specialist
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.
|Shalonda Chappel: Escrow & Bulk Sale Services - Southern California
Escrow services to brokers/agents, sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services. 951-808-3972.
|Helen Yoo, New Century Escrow - Escrow Services In 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.
|Elizabeth McGovern: Escrow Services - San Francisco 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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