Have you seen some of the new “business broker” websites popping up? It appears there are a new crop of individuals calling themselves business brokers out there. You can identify them by the lack of listings. Some don’t even have a real contact person’s information displayed on their website.
People come in and out of industries all the time and we all have to start somewhere right? What scares us is the lack of training and experience we’re seeing and individuals claiming they are “experts” in areas that they aren’t and connected and networked in industries that they are not.
Why so many so quickly? We suppose it’s because many people have been professionally displaced and see business brokerage as a quick and easy way to make a buck. (We assure you it isn’t) and that is proven by the generally accepted stat that ~80% new business brokers start with little or no training and ~50% of business brokers leave the profession in the first 12 months while ~80% of new business brokers never make it to year three! (Source: franchised and independent business brokerage / merger and acquisition practices and industry associations.)
You don’t want your business broker to close up before your project is successfully completed!
Hire a firm with tons of experience and references with years in the business. Don’t retain someone who doesn’t have the credentials, support systems and network. The sale of your business is too important for a new broker to use as on the job training.
Your business is one of your most valuable assets. Require that your representative be active in the IBBA and M&A Source. There are many to choose from around the country and ENLIGN is proud to have two of only seventy seven Merger and Acquisition Master Intermediaries in the world.