Certified Business Brokers - Five Rules for Excellent Customer Service


Most certified business brokers are well versed in the principles of good customer service, and notice whether or not their clients manage this responsibility effectively. But the intermediaries don't always adhere to those ideas in their own practices.

For those who are so busy that they’ve cut corners when it comes to dealing with clients, here is a reminder about five important rules for providing excellent customer service.

1. Tell it like it is. There's often a temptation to take a listing even though the company is not really ready for sale. The alternative, of course, is to tell the seller it’s best not to go to market until the cost savings have been instituted to improve profits. But what if another broker is willing to take that business as a client right now?

In the long run the best strategy is to stick to your principals. It’s often the case that after wasting 90 or 180 days with another broker unable to bring a good buyer, that seller may be ready to listen to reason.

2. Cooperate with other brokers. There is good reason, other than just greed, to decline working with brokers who have someone interested in your listing, but are inexperienced in business sales. Another broker’s errors could cause problems for your listing client. But in order to properly serve the seller, how about working out a deal to provide a finder’s fee to the other licensee, then manage negotiations and any transaction details going forward?

3. Properly equipped with technology to communicate. Not only is it important, in the 21st Century, for certified business brokers to have the tools needed to stay in touch with clients, 24/7, it’s also critical to know how to use them. Time is of the essence when a buyer is ready to make an offer, or a seller has an update on negotiations with the landlord. Whether the client wants to tweet, text message or use voice communication, the sales professional needs to be equipped so he or she can be instantly contacted and can respond in kind.

4. Patience is a virtue. For seasoned business intermediaries, it often is difficult to “shift into lower gear” to explain the fundamentals of buying and selling to an inexperienced buyer or seller. A “need to buy” client just learning what’s available might require more attention at the beginning. But it might be time better spent for the broker than working with a “want to buy” customer who’s fully informed but unmotivated to act.

5. Committed to continuing education. Buyers and sellers expect certified business brokers to be well informed about the mechanics of the profession. And that’s a requirement to obtain and retain the certified status. But it’s not sufficient to do the minimum needed for the certification.

A broker who provides excellent customer service is also knowledgeable about the law --although never giving legal advice, is up to date regarding how and where to get financing, is familiar with various earn out strategies, and is informed about other kinds of information that will help clients complete their deals.

Because certified business brokers are exposed to severe time and competitive pressures, it might be tempting to get out of good habits, and neglect to properly take care of clients. But any short-term gains that result for those who fail to follow good practices, such as the five mentioned here don’t equal the long-term benefit of practicing excellent customer service.

About The Author: Peter Siegel, MBA, (a former business broker), has provided consulting services for buyers, sellers and other certified business brokers for more than 25 years. He is an SBA counselor, nationally known author and blogger, and founder and CEO of BizBen.com. You can reach him at 925-785-3118

Categories: BizBen Blog Contributor, Business Broker Information







  Helpful Resources To Assist In Selling And Buying California Businesses
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.

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.

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.

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.

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.


  Related Articles, Events, Blog Posts, Discussions, Videos, Interviews
Tips When Using Escrow Bulk Sale Services When Buying Or Selling A Business

The final part of the business for sale transaction is the escrow and bulk sale process by Peter Siegel, MBA (Business Purchase Financing Expert, ProBuy & ProSell Program Advisor) answers questions and describes the escrow and bulk sale process. Peter can be reached direct at 925-785-3118.

Is There Such A Thing As Paying Too Little When Buying A Small Business?

We all understand the idea of paying too much for a small business. But is there such a thing as not paying enough? That seems like an odd notion, but I'm familiar with situations in which a buyer acquired a small business for a figure substantially under what probably was market value.

How to Sell Your Small Business: Tips For Selling Your California Business

Peter Siegel, MBA - Lead Advisor with the BizBen.com ProSell Program discusses critical steps to prepare a California small business for sale including: which documents will be needed, key advisors to have involved, pricing the business, and how to attract the right business buyers to your listing.

5 Myths About Selling A California Business: Best Tips For Sellers & Brokers

Peter Siegel, MBA (at 925-785-3118) - BizBen Director discusses myths associated with the process of selling a business and some of them can actually cause deals to fall through. Don't let your sale be comprised, be aware of these common misconceptions related to the process of selling a business.

Valuing A Business - Do You Add The Inventory Amount To The Price Or Not?

A business buyer asks how to handle the inventory amount in the purchase price of a business. Do you add the inventory value to the business value? Peter Siegel, MBA (ProBuy & ProSell Program Advisor - Lead Facilitator ) answers this question with the BizBen Network of advisors and resources.

Absentee Run Businesses - A Myth Or Reality When Buying A Small CA Business?

Buyers search for an absentee business, wanting to collect profits generated by a successful enterprise without having to stand at the sales counter or cash register, without having to cook, operate equipment or talk to customers. Peter Siegel, MBA offers his intake on absentee run businesses.

Business Purchase Financing - 3 Things You Need To Know Now For Success

Looking to buy a small business? There is good news regarding business purchase financing. More financial institutions are coming back into the market with business purchase financing. After years of being selective many lenders are more open to financing deals. Peter Siegel, MBA covers this topic.

Tips For Faster SBA Loan Approvals For California Small Business Purchases

In this article on BizBen, business purchase financing advisor and SBA loan broker, consultant Peter Siegel (Business Purchase Financing Expert/Advisor & the ProBuy Program Director at BizBen) at 925-785-3118 shares his views of getting SBA loan financing faster for business purchase financing.


Escrow Services Diane Boudreau-Tschetter
Escrow Services From Helen Yoo New Century Escrow
Redwood Escrow Bulk Sale Services
Veld Group Business Brokerage Los Angeles County
Facebook
Twitter
Linkedin
Vlogs and Podcasts
BizBen Blogs And Articles
BizBen ProSell Program
Advertise On BizBen
Business For Sale California Stats
California Educational Events Buying And Selling Businesses
Instant Email Alerts On BizBen

BizBen - Where California Deals Get Done! 888-212-4747
7172 Regional Street #364 · Dublin, CA. 94568
BizBen · Copyright © 1994 - 2020, All Rights Reserved



Clost Login


Please confirm your registration by clicking the link we've sent to .

If you can't see it, please check your junk mail folder.

If you have any problems registering, or need assistance with your new BizBen User Account please phone BizBen Customer Support at 888-212-4747.



First Name:*
Last Name:*
Email Address:*
Confirm Email:*
Create Password:*
Confirm Password:*
Phone:
(   
 


You Are A:
Individual
 
Intermediary
 

Email Address:
Password:
 

500 New & Refreshed Detailed Postings Daily
Over 2500 Resources Available On BizBen
Since 1994. Where California Deals Get Done!
Coronavirus: Advisors Discuss The Topic - Buying & Selling Small Busines...
Read More News
Back-Up Offers: Crucial When Buying Or Selling A California Small Busine...
Read More News