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What Qualities Should I Look For In A Escrow, Bulk Sale Service?

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Comments & Replies: 3     Views: 4055     Posted By: Joe Ranieri  Joe Ranieri, Business Broker: LA, Orange County Areas

What qualities should you look for in a escrow and bulk sale service when buying/selling a business? I often get asked this question by other brokers and business sellers. See what I tell others and what other BizBen Advisors have to say on this topic in this Discussion.

Topics: Business Valuation, Escrow Closing Issues, Selling A Business     Tags: buying a business, escrow bulk sales, for sale by owner, selling a business



As complicated as we in the business broker community make this business to be, it's quite simple. The broker's job is to find a sellable business and find a qualified buyer to buy that business. Once the buyer and seller agree on price and terms and finish their due diligence then it's time to go to escrow. A strong and reassuring escrow officer is invaluable in this business, because at one point the buyer and seller will stop calling the broker and start calling the escrow officer for updates on the transaction. The escrow company, and officers are essentially a part the broker's team, and so it's important that they have certain standards, because their behavior ultimately reflects upon the broker too. Here are are some things I look for in a good escrow company:

Specializes In The Bulk Sale Process

It's important to find an escrow officer who is familiar with the process of transferring ownership of a business. Some escrow officers specialize in different aspects of the real estate business, and so make sure they routinely handle escrows for business opportunities. You want to make sure all the proper steps are handled, such as debt searches (State Board of Equalization, EDD, and other outstanding monies owed), lease properly transferred, etc. If you are doing an ABC transfer, then the officer should have some experience in that as well.

Receives Or Returns Call Promptly

One of the things I look for in a good escrow officer is someone who is easy to get on the phone to update on the status of a transaction. Not having your phone calls returned in a prompt manner can be frustrating, and so itís nice that the officer has a knowledgeable assistant who can answer questions from the buyer, seller, or broker. It's a bonus that the escrow officer or assistant is bilingual because as we all know; many business buyers may find it reassuring to ask detailed questions in their native tongue.

Drives The Transaction Along

The longer a deal is in escrow, the better it has chance of blowing up. A good escrow officer will be in contact with all parties to make sure the transaction is moving along. It's imperative that deal gets closed in a reasonable manner. The escrow officer should be neutral in the transaction, but also be a driving force.

Contributor: Broker/Consultant: Elderly Care Services

Great question Joe. So often we forget how integral our Escrow Officers are in a completing a successful sale. For my Clients and I, an Escrow Officer that regularly picks up the phone, communicates well and offers an unbiased update on a transaction is of utmost importance.


  Helpful Resources To Assist In Selling And Buying California Businesses
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.

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.

Diane Boudreau-Tschetter: Escrow And Bulk Sale Services

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.

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.

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.

Larry Larsen, Broker, Laundry Specialist - Orange, LA Counties

I have over forty years of experience in the sales, ownership, management, and construction of coin laundries. He is a licensed broker active in the sale of coin laundries, a licensed insurance agent specializing in coin laundry insurance.

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.

Chuck Post: Laundry Buyer Representation, Consulting, Due Diligence

Chuck Post has 32 years experience in the laundry industry, specializing in assisting laundry buyers (and entrepreneurs) with buying or starting up, building, re-tooling, laundries throughout California. Laundry buyer representation, consulting, due-diligence, lease negotiations, laundry valuations.


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See All News, Tips And Events

Joe Ranieri Orange County Business Broker
Southern California Legal Services For Buyers And Sellers
Escrow Services From Helen Yoo New Century Escrow
Willard Michlin Due Diligence Services
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