Top Duties Of Franklin’s Best Business Broker
In essence, business brokers are essentially like real estate property agents. The only difference is that, instead of dealing with real estate properties, Franklin’s best business broker deals with businesses and helps facilitate the selling or buying process. Business brokers act as middlemen or intermediaries for the sale of small to medium businesses. They work with both sellers and buyers. Generally, they are paid on a commission basis of 8% to 12% with 10% as its average commission. The commission will be collected at the end or upon completion of the business transaction. Some of the main duties and functions of a business brokers include the following:
- Proper valuation of the business. An expert business broker is trained and equipped with methods to determine the fair and realistic value of a business. This will help the you decide how much you are going to sell the business for or the fair amount of the business being offered to you.
- A business broker also helps in drafting an offer to prospective buyers. This document is sometimes called a confidential business review. This is one of the most important documents to be prepared and a business broker should be equipped with the right knowledge and marketing tools to be able to prepare and deliver this document. The document is only given to prospective buyers after they have signed a confidentiality agreement and the document was reviewed by Franklin’s best business broker.
- Another function of a business broker is market the business to as many potential buyers as possible. He should be able to distinguish a serious potential buyer from those who are just testing the waters or kicking the tires. While trying to look for potential buyers, business brokers make it a point to keep everything in strict secrecy so as not to alarm employees, partners, competitors, vendors and other entities involve with the business.
- Franklin’s best business broker also facilitates meetings and other business transactions between and among prospective buyers, serious buyers and sellers alike. They should also write offers to those in their database that they have a new listing.
