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Wednesday, May 22, 2024

What Sets a Good Business Broker Apart From a Bad One?

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I’ve heard a million horror stories from business owners over the years about their experiences with “fly by night” business broker. It’s the same names every time, and it always makes me question “How did you become acquainted with these individuals? Why did you decide to hire them?” I mean, I’ve seen some of their stuff, and it’s AWFUL!

Naturally, I feel sorry for the business owner and begin to doubt my ability to advertise my business brokerage services. If only I’d arrived earlier. If only these people had known to call me or one of the other decent, reputable brokers instead of the yahoo number they ended up dialing. Yes, you read it correctly; there are many good, trustworthy San Diego business brokers out there. The issue is that there are also a number of bad, unqualified brokers out there. Because I work in the industry, I can tell the difference quickly. But how can you recognize the difference as a business owner?

Well, it’s a difficult question to answer, but after some consideration, I’ve come to the conclusion that the following are the most crucial factors that distinguish good Business broker San Diego from bad:

  1. Broker ethics – the majority of the horrific stories I hear are the consequence of a broker’s lack of ethics. In my perspective, this is regrettable and disrespectful. Unfortunately, there is no simple way to determine a Business broker San Diego integrity. My best advice is to double-check that they have earned the IBBA’s CBI (Certified Business Intermediary) status (International Business Brokers Association). All CBIs undertake to follow the IBBA’s Code of Ethics and Standards of Professional Conduct. Acceptance of a code isn’t a guarantee of success, but it’s a start. The second thing I would suggest is that you double-check your references. This can be difficult. When you ask for references, like any good job application, you will be given the happiest and most satisfied clients whom the broker is convinced will put in a good word. As a result, I believe this is a waste of time. Why not contact the other pros in your area instead? A trade requires more than simply the broker. It also necessitates the services of an accountant and an attorney. Make a phone call to your accountant, and have your pals make a phone call to their accountants, as well as your attorney and their attorneys. Although not all accountants and attorneys will be familiar with the transaction industry (they tend to specialize), they will inquire. They almost certainly know, or went to school with, another accountant or attorney who is involved in deals. If you’re willing to spend some time checking credentials, you’ll discover your answers sooner or later.


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