A business broker is a professional who assists in the buying and selling of businesses, helping to connect buyers and sellers while also acting as an intermediary throughout the process.
The assistance provided by a business broker covers a wide variety of tasks including:
- helping buyers determine what type of business they are looking for
- helping sellers prepare their business for sale
- helping buyers find businesses that meet their criteria
- helping sellers arrive at a value for their company
- helping buyers analyze a business for sale
- helping select other members of the sales transaction team
- developing a marketing plan for sellers
- preparing necessary documentation to market the company
- identifying prospective buyers
- interviewing, qualifying and informing prospective buyers
- attending meetings and completing paperwork
- negotiating details
- managing the due diligence process
- coordinating closing activities
- and much more.
Business valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive to perfect a sale of a business. In addition to estimating the selling price of a business, the same valuation tools are often used by business appraisers to resolve disputes related to estate and gift taxation, divorce litigation, allocate business purchase price among business assets, establish a formula for estimating the value of partners’ ownership interest for buy-sell agreements, and many other business and legal purposes.
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