Getting in touch with a business broker is often a good way to find businesses for sale, but because most business brokers work on commission, some prospective buyers shy away from hiring a broker.  They decide to go it alone, but for a first time buyer, this can be a big mistake.  The assistance you get from a business broker can be invaluable, especially if you have never been through the process before. Here are a few ways that a business broker can help you when buying your first business:

Your broker can help you find the right business for YOU.

Your broker should start by finding out what experience you have, what your goals are, and then use that information to help you decide on not only the right industry but the right business for you.  By going through this part of the process with a broker, you may discover that a business you never would have considered is actually perfect for achieving your goals.

A business broker does the negotiating for you.

Negotiations are a key part of the business buying process, and you will need and want the experience of your broker in this stage to ensure that you are getting what you need out of the deal. Brokers are also important during negotiations because they can act as a buffer between the buyer and seller, ensuring that the deal does not fall apart over minor disagreements.

Brokers know all about the paperwork.

As a first time buyer, it is unlikely that you know all of the current laws and regulations regarding the business you are about to buy.  It is also unlikely that you know how and where to get all of the necessary permits, licenses, forms, and financing you’ll need to take over the business after closing.  Your business broker is there to help you streamline your way through the red tape and ensure that you don’t miss a crucial step along the way.

For these reasons and more, as a first time business buyer it is critical that you use the services of a business broker.  It will save you time, energy, and money in the long run to have an expert with you every step of the way to business ownership.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com