Business Brokers – How to Choose the Right One

The vast majority of small businesses are sold without the assistance of business brokers.

But if you do decide the hire a broker, here are some suggestions on how to pick the right one and how to structure the agreement in your favor.

What Business Is The Broker Actually In?

In many states there is no training or certification needed to become a business broker. In other states, brokers are required to hold a real estate license.

In these states it’s common to find real estate agents that do business brokering as a side business. If you deal with a broker who is also a real estate agent, make sure that being a business broker is more than just his hobby.

You will pay a pretty penny for the broker’s expertise and experience – you should make sure they have that experience when it comes to selling businesses and not just experience selling houses.

Questions To Ask

If you hire a broker you will be working with them closely for months to come; they will have access to your most confidential business records; the amount of money you put in your pocket at closing will be influenced heavily by the quality of work they do.

Therefore, you absolutely must check them out.

Here are some questions you should ask any prospective broker before hiring him:

1. How long have you been a broker?
2. Have you ever owned a business?
3. How many businesses similar to mine have you helped sell?
4. Can I see a blank version of your Listing Agreement?
5. What percentage of you income comes from brokering and how much from real estate (If applicable)

Ask them to provide you with references from previous clients. Then, I suggest you do something very unusual: Actually call the broker’s references!
I know a lot of people ask for references just to see how the person will react when asked (and to see if they actuality have any). But you can learn a lot about the broker’s reliability and professionalism by talking to people who dealt with that broker when they were in the exact same spot you are in.

Business Broker Fees

There are two benefits a broker can provide the business seller. First, he can locate potential buyers while maintaining the seller’s confidentiality. And second, a broker will qualify these potential business buyers so the seller saves time by not having to deal with weak prospects.

The big negative of dealing with a business broker is his fee, which averages 10-12% of the sale price. This fee is charged to the seller.

There is also a minimum fee. A very small business will pay a flat amount, typically $8-$10,000, instead of the commission. For a business worth $50,000 this minimum fee actually works out to be a higher percentage than the 10-12% industry average. But as a matter of practice, brokers usually won’t be interested in your business unless the asking price is above $100,000.

These fees are the reason most business owners choose to sell their business themselves and rely on their lawyers and accountants for the professional assistance they need.

The Broker Agreement

If you decide to use a broker you’ll be asked to sign a broker agreement which will detail the his fees. If possible, have your agreement include the following clauses:

Timing of Payments – Have it written into the agreement that the broker’s fee will be paid at the time you receive the purchase price – not at the time the sale is closed. This way, if you finance part of the sale price over a number of years, you pay the business broker as you get the money, not all up front.

Length Of Agreement – Your listing agreement should be for a limited time. If the broker locates the buyer within that time he gets paid. Be careful of lengthy agreements that lock you in with one business broker for more than 6 months. If he doesn’t produce, you want to be able to try other options. A 6 month business broker agreement is the longest you should allow. However, because selling a business can be a lengthy process, 3 months is usually too little time for the broker to find the right buyer. Try to settle on something between 3 and 6 months. If after six months, you haven’t closed the deal but you think the broker has done a good job, you’re always free to extend the agreement. But you want to be free to decide on an extension 6 months from now, not today.

Broker’s Guarantee – Include a paragraph stating that if you find the buyer, you don’t have to pay the commission. Without this clause, the broker is usually paid no matter who locates the buyer. Before signing any listing agreement, it is best to have your attorney review it to make sure your interests are protected.

Top 6 Tips for Small Business Looking To Embrace Social Media Marketing

For small businesses, social media marketing is essential. It can be the difference between having a successful enterprise or a struggling trade. This is due to the large potential that social media marketing presents.

Unlike multinational organisations, small sized businesses do not have huge marketing budgets to conduct sufficient market research. As a result, social media offers the opportunity for small businesses to directly communicate with customers and discuss all aspects of the business. Businesses can gain vital information relating to their services, and in return, market products and see where improvements can be made.

However, using social media marketing is not as simple as logging into Facebook or Twitter and posting comments. Utilising these websites from a business prospective requires a careful balance of time and strategy. Here are six tips for small businesses looking to embrace social media marketing.

Plan an effective strategy– Before you create a website that bundles all social media websites that you’re planning to sign up to, outline key targets and the ways needed to employ them. Decide which social media websites to use, who within the company will carry it out and what method will be used to assess the progress of the campaign.

Locate your customers– Conduct market research to establish which social media websites your customers predominantly use. For potential customers, search keywords and topics relating to your business to find out relevant blogs and forums to join and communicate.

Time management – As social media marketing can be very time consuming, it is important to find enough time during the business day to communicate with customers and build effective relationships. Customers who see regular activity or have their queries and questions answered are more likely to follow the business and recommend their services. Remember though; don’t just market your business, listen to what your customers have to say.

Be the specialist– Pass on useful information and give solutions that will help customers. This will not only show you’re an expert in your industry, but it will also help build a rapport between you and your customers.

Integrate personality – The best way to maintain relationships is to write honestly and openly. Customers are more willing to communicate with people they like as opposed to business representatives. Another way of incorporating personality is to display a ‘human’ picture and not just the business logo. You should use the same personality when you create a website for your business, so people will recognise the brand.

Offer incentives– Make online customers feel as though they are valuable by offering exclusive discounts and promotions. This will help sustain interest and ensure customers feel integrated in the business.

By implementing these tips, small businesses can effectively promote and expand their online brand, and in the long run, gain more customer awareness. Well planned social media marketing will leave customers talking and consequently; they will be more likely to buy into the brand. Ultimately the key to success is hard work. Posting comments now and again, will only lead to customers disregarding the business, whereas, active weekly posts will result in an online presence that customers can trust and depend on.

Four Tips Small Businesses Should Consider Before They Outsource Accounting Services

There are several important guidelines that you should take notice of when you intend to outsource accounting services. It is no waste of time to plan carefully before engaging in anything you need to do. Proper planning in this particular case is very worthwhile since it can reduce errors by a great margin. Small businesses especially should definitely implement the following guidelines since failure to do so may lead your business into financial trouble; something that you do not want to happen to you.

1. Does the company really exist on paper or it is conning you?

First and foremost, when it comes to identifying the best outsourcing services, it is very important for you to find out whether the outsourcing company is legally registered. Now that the world is turning digital a lot of people are taking advantage of the change to dupe others and extract money from them.

It is the role of the authorities to look into this, but, at the same time, as a businessperson, it is wise to ensure that your business is safe. In order to accomplish this you should carry out comprehensive research on the legality of the outsource accounting services provider that you may want to work with. This way you will avoid losing your money to conmen. This is not just talk; these cases are on the rise, believe it or not.

In your efforts to establish the right outsource accounting services always check if there are any laws or rules that have been put in place to guide you. If laws and rules exist,then abide by them in order that you get the best result possible.

2. Will outsourcing your accounting services actually benefit you?

The next thing you need to consider is the value that the outsource accounting services actually brings to your business. Does it benefit your business, and if it does then to what extent? If your business stands to gain at the end of the day then the deal is worthwhile and it is right to go ahead. If what your business stands to gain is fairly minimal then it is just common sense to simply walk away.

3. Are they trustworthy?

You business should target building long term partnerships with those providers who administer your business with outsource accounting services. This is because long-term partnerships lead to the development of greater trust and confidence between you and the outsourcing services provider.

4. How easy is it to outsource? Is it productive or not?

The moment you realize that the outsource accounting services are productive then you are safe. At the same time,if you perceive that the service is not flexible enough and is less productive for you then you need to abandon any idea of using it.

In conclusion, if you want your business to be successful outsource accounting services can be of great use to you. However, to find the best one for you, always research prospective services thoroughly to ensure success.

MarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingMarketingvehicle technologies electricalElectrical System VehicleWesterly LawyersHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and Garden Home and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome and GardenHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessHome Based BusinessProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProduct ProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductProductBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessBusinessstrok.us outrok.us mtotrok.us oiitrok.us peitrok.us aelytrok.us filmfoodtrok.us brathtrok.us ooaakestrok.us oystowtrok.us ursandpinstrok.us devadtrok.us viofreklestrok.us bakiipitytrok.us thelsewifetrok.us unpspoontrok.us siblymoretrok.us vegetrok.us motoytrok.us nowningtrok.us smaloguetrok.us mouteruptrok.us haitehippytrok.us stoodqtrok.us ofeaesundaytrok.us karunuitrok.us myluvistrok.us myonmotrok.us vintseholdtastrok.us quiandytrok.us statetalestrok.us britdesigntrok.us riellakirstintrok.us jergurtistrok.us jordemilytrok.us joyknudsentrok.us luenhalltrok.us simrenetrok.us realroberttrok.us storiestrok.us thendahlstrok.us vestlifetrok.us whideountstrok.us txstephenstrok.us ashandtaytrok.us lromneytrok.us tuerperewtrok.us bangbagstrok.us odydaytrok.us akstakisstrok.us bluesindigotrok.us dabaloghtrok.us jaranottagetrok.us jaypatotetrok.us medladytrok.us prettylady21trok.us shellooktrok.us thegildedmoosetrok.us twohomestrok.us kristineampbelltrok.us gatohytrok.us pixfeedtrok.us subjetifytrok.us liZaeshoetrok.us alihtsupakestrok.us sumleedingtrok.us elinaminntrok.us kurashiarekoretrok.us tellyoutodaytrok.us uyutrok.us hineriorstrok.us aysmingtrok.us sarahshifttrok.us sorrisitrok.us thetvelblogtrok.us raflbournetrok.us theshopbugtrok.us iaoesignstrok.us deoratedlifetrok.us fromalofttrok.us labohemmetrok.us ofestherleetrok.us desderovertrok.us reatyhanneltrok.us mihearhtrok.us missiesuetrok.us notodaynottodaytrok.us paperokettrok.us purplejantrok.us sophiehensontrok.us sppikletrok.us theindsessionstrok.us swtpnaitrok.us adanetrok.us aploriggstrok.us bywathemoontrok.us folkitytrok.us taylaesigntrok.us betodreamstrok.us eots.us eoou.us eomto.us eooii.us eopei.us eoaely.us eofilmfood.us eobrath.us eoooaakes.us eooystow.us eoursandpins.us eodevad.us eoviofrekles.us eobakiipity.us eothelsewife.us eounpspoon.us eosiblymore.us eovege.us eomotoy.us eonowning.us eosmalogue.us eomouterup.us eohaitehippy.us eostoodq.us eoofeaesunday.us eokarunui.us eomyluvis.us eomyonmo.us eovintseholdtas.us eoquiandy.us eostatetales.us eobritdesign.us eoriellakirstin.us eola.euter.us eojergurtis.us eojordemily.us eojoyknudsen.us eoluenhall.us eosimrene.us eorealrobert.us eoseotories.us eothendahls.us eovestlife.us eowhideounts.us eotxstephens.us eoashandtay.us eolromney.us eotuerperew.us eobangbags.us eoodyday.us eoakstakiss.us eobluesindigo.us eodabalogh.us eojaranottage.us eojaypatote.us eomedlady.us eoprettylady21.us eoshellook.us eothegildedmoose.us eotwohomes.us eokristineampbell.us eogatohy.us eopixfeed.us eosubjetify.us eoliZaeshoe.us eoalihtsupakes.us eosumleeding.us eoelinaminn.us eokurashiarekore.us eotellyoutoday.us eouyu.us eohineriors.us eoaysming.us eosarahshift.us eosorrisi.us eothetvelblog.us eoraflbourne.us eotheshopbug.us eoiaoesigns.us eodeoratedlife.us eofromaloft.us eolabohemme.us eoofestherlee.us eodesderover.us eoreatyhannel.us eomihearh.us eomissiesue.us eonotodaynottoday.us eopaperoket.us eopurplejan.us eosophiehenson.us eosppikle.us eotheindsessions.us eoswtpnai.us eoadane.us eoaploriggs.us eobywathemoon.us eofolkity.us eotaylaesign.us eobetodreams.us strok.us outrok.us otrok.us oiitrok.us peitrok.us aelytrok.us odtrok.us thtrok.us kestrok.us towtrok.us ndpinstrok.us dtrok.us klestrok.us tytrok.us wifetrok.us ontrok.us moretrok.us etrok.us oytrok.us ningtrok.us guetrok.us teruptrok.us hippytrok.us stoodqtrok.us esundaytrok.us nuitrok.us istrok.us motrok.us dtastrok.us dytrok.us etalestrok.us esigntrok.us tintrok.us latrok.us rtrok.us rtistrok.us nudsentrok.us nhalltrok.us renetrok.us berttrok.us iestrok.us ahlstrok.us lifetrok.us deountstrok.us phenstrok.us dtaytrok.us eytrok.us perewtrok.us bagstrok.us daytrok.us akisstrok.us indigotrok.us loghtrok.us ttagetrok.us patotetrok.us adytrok.us tylady21trok.us ooktrok.us dedmoosetrok.us twohomestrok.us ampbelltrok.us trok.us edtrok.us etifytrok.us hoetrok.us upakestrok.us edingtrok.us aminntrok.us ksakoretrok.us teutodaytrok.us uutrok.us hirstrok.us aysngtrok.us sashittrok.us soritrok.us thlogtrok.us rafurnetrok.us thopbugtrok.us iagnstrok.us deedlifetrok.us frofttrok.us labommetrok.us ofeherleetrok.us desrovertrok.us reaanneltrok.us mihhtrok.us missuetrok.us notodaytrok.us pakettrok.us purantrok.us sopnontrok.us spletrok.us tionstrok.us swtnaitrok.us adatrok.us apriggstrok.us bythemoontrok.us fotytrok.us taylsigntrok.us betodamstrok.us saboe.us ouaboe.us oaboe.us oiiaboe.us peiaboe.us aelyaboe.us odaboe.us thaboe.us kesaboe.us towaboe.us ndpinsaboe.us daboe.us klesaboe.us tyaboe.us wifeaboe.us onaboe.us moreaboe.us eaboe.us oyaboe.us ningaboe.us gueaboe.us terupaboe.us hippyaboe.us stoodqaboe.us esundayaboe.us nuiaboe.us isaboe.us moaboe.us dtasaboe.us dyaboe.us etalesaboe.us esignaboe.us tinaboe.us laaboe.us raboe.us rtisaboe.us nudsenaboe.us nhallaboe.us reneaboe.us bertaboe.us iesaboe.us ahlsaboe.us lifeaboe.us deountsaboe.us phensaboe.us dtayaboe.us eyaboe.us perewaboe.us bagsaboe.us dayaboe.us akissaboe.us indigoaboe.us loghaboe.us ttageaboe.us patoteaboe.us adyaboe.us tylady21aboe.us ookaboe.us dedmooseaboe.us twohomesaboe.us ampbellaboe.us aboe.us edaboe.us etifyaboe.us hoeaboe.us upakesaboe.us edingaboe.us aminnaboe.us ksakoreaboe.us teutodayaboe.us uuaboe.us hirsaboe.us aysngaboe.us sashitaboe.us soriaboe.us thlogaboe.us rafurneaboe.us thopbugaboe.us iagnsaboe.us deedlifeaboe.us froftaboe.us labommeaboe.us ofeherleeaboe.us desroveraboe.us reaannelaboe.us mihhaboe.us missueaboe.us notodayaboe.us paketaboe.us puranaboe.us sopnonaboe.us spleaboe.us tionsaboe.us swtnaiaboe.us adaaboe.us apriggsaboe.us bythemoonaboe.us fotyaboe.us taylsignaboe.us betodamsaboe.us