• Evaluate your business conditions, operations, and financial information.
• Recast your P&L from your tax returns
• Conduct industry valuation research
• Review comparables
• Discuss findings, offer opinion of value, and determine ‘the most probable selling price’
result: Listing agreement with asking price
• Place the listing on our website & online businesses-for-sale media sites
• Create a business profile for presentation to Buyers
result: Buyer inquiries
• Respond to buyer inquiries
• Obtain an NDA and financial statement from the buyers
• Screen and qualify buyers
• Meet with qualified buyers
• Determine buyer-interest
result: Buyer/seller meeting
(to discuss business operations – not price)
• Educate the buyer on how to proceed
• Stimulate the buyer to act expeditiously
• Explain to the buyer how to create an offer to purchase
result: Buyer’s LOI ‘letter of intent to purchase’
• Review the buyer’s offer
result: Counter offer from seller to buyer
• Review the Seller’s and Buyer’s positions
• Explore ways to reach agreement on price and terms
result: Approval of final Letter of Intent
• Coordinate: closing documents; training & transition; and non-compete agreement
• Review and execute our ‘authorization to proceed to close’ document
result: ‘C0-authorization to proceed to close’
• Review closing instructions with closing attorney
• Distribute draft of closing documents to buyer and seller
• Negotiate any final changes in closing documents
result: Successful closing
WHY I WROTE THE BOOK ON BEING A BUSINESS BROKER
I wrote this book to show business brokers how they can help sellers sell their businesses to buyers. So if you are looking to sell your business, this book may give you insight on the art of communicating with the one on the other side of the table.
Since the art of this communication demands the transfer of ownership between two parties who have conflicting goals, you will find no quick and easy solutions. Instead, you will discover how a business broker acts as an intermediary working on your behalf:
- How to appeal to a buyer’s aspirations, values, and purposes
- How to overcome a buyer’s fear, uncertainty, and doubt
- What buyers want and how to help them get it
- How to make the most of the first contact with the seller
- How to prepare for a listing meeting
- How to gain an advantage by clearly defining the process
- How to gather, manage, and use information about buyers and sellers
- How to create compelling business profiles
- How to create hard working media ads
- How to make the most of the first contact with the buyer
- How to set the agenda of buyer/seller meetings
- How to manage communications with buyers
- How to help buyers and sellers reach agreement on pricing and terms
- How to keep buyers and sellers on track to closing
Words of praise for Edmond Legum’s Being a Business Broker
WOW! Edmond Legum has written a very, very valuable book. He has nailed our business brokerage business. I read Being a Business Broker in one sitting. It is a must read for buyers and sellers. Legum has done a terrific job of presenting our business with excellent examples and case studies. This is well done. Well done indeed!
Founder & Chairman Emeritus of Sunbelt Business Brokers
CBI, Fellow of IBBA, International Business Brokers Association
I have read just about every book on business brokerage, and Edmond Legum’s is way up there. In fact, Legum’s is one of the best. He hasn’t missed a thing!
President of Business Brokerage Press
Founder, past President, & former Executive Director of IBBA
Who is Ed Legum?
Ed Legum is a ‘people, process, & profit’ expert.
He’s a published business-broker-industry author, blues harp player, teacher, world traveler, and grandfather.
Ed is like a senior statesman. His kind, calm, and rational approach to selling businesses leaves everyone he touches inspired. Ed has a manner in his speaking, in his writing, and even in his movements, that is just graceful. And he’s ready, willing, able, and eager to teach you his secrets.
His analyses of the many problems and challenges that face a business owner are acute, and informed by keen and well-honed insights gained over his decades of experience as an international sales and management consultant. Ed helps unearth the impediments to selling your business, and then assists you in removing them.
Ed is a nationally recognized author.
Spend a couple hours with his book, Being a Business Broker, and you’ll quickly realize why brokers throughout North America utilize his methods to sell their clients’ businesses. In short, what makes him so valuable is his ability to reduce complex business marketing processes down to bite-size chunks, that anybody can understand. He is truly a master of the art of communicating with buyers and sellers.
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HOW WE CAN WORK TOGETHER
We will perform all services described in the section, What We Do for You – from our first meeting through to closing: Free Initial Consultation · Free Valuation · Listing · Marketing · Buyer Management · Negotiation Offer & Counter Offer · Agreement on Price & Terms · Due Diligence · Closing.
The fees for our services are:
Business Brokerage Fees
up to $499,999
500,000 to 999,999
1M to 3M
3M to 5M
*Although not refundable, your retainer is fully deductible from the commission due at closing.
Real Estate Fees if included: valuation and commissions tbd