The Power of Employee Engagement: Why It Matters for Your Business

Your employees are more than just part of your team. Employees are the driving force behind your business’s success. If you want your company to thrive, the happiness and satisfaction of your employees should be a top priority. An unhappy workforce can lead to negative energy that makes its way into customer interactions. Ultimately, your bottom line may begin to suffer. Investing time and effort into creating a positive workplace environment will pay off in many ways.

Hiring the Right Fit

The foundation of employee satisfaction starts with your hiring process. When bringing on a new team member, you’re starting a relationship that will impact your company in many ways. 

It’s important to write job descriptions that accurately reflect the role and make the position attractive to the right candidates. It’s also crucial that anyone involved in hiring is trained to follow best practices. This will ensure a smooth and professional recruitment process. They will be the first person your new employees will encounter, and that means that they set the tone from day one.

How to Keep Employees Engaged and Happy

Once you’ve built your team, it’s essential to actively think about their satisfaction. Never just assume that employees will naturally stay motivated or invested in their work. It’s your responsibility to ensure they feel valued, appreciated, and driven to contribute.

Here are some actionable steps you can take:

  • Provide competitive salaries and benefits
  • Recognize their achievements
  • Offer rewards like bonuses or public recognition
  • Give employees time off for birthdays and vacations
  • Seek employee feedback
  • Offer opportunities for career growth 
  • Encourage relationships among your staff members

 

When employees are happy and engaged, their positivity will positively impact customers. Satisfied employees not only tend to stay with the company longer, but they also become more motivated. This will lead to increased productivity and a stronger bottom line.

Copyright: Business Brokerage Press, Inc.

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3 Meeting Tips for Buyers and Sellers in Business Transactions

When buying or selling a business, the initial meeting between the buyer and seller can be a critical turning point. This meeting often sets the stage for the future of the deal. After all, the buyer’s first offer typically arrives right after this pivotal discussion. Ensuring that the conversation is positive, professional, and productive is crucial for both parties involved. Business brokers and M&A advisors play an essential role in preparing both buyers and sellers to navigate these discussions successfully.

For buyers, it’s important to have a clear understanding of how the selling process works and what to expect during the meeting. Heeding the advice of their broker is key, as it helps maximize the chances of favorable outcomes. 

On the seller’s side, transparency is vital. Sellers should aim to be open and honest without being too heavy-handed. A balanced approach that fosters trust is far more likely to yield results.

Ask Thoughtful Questions

For buyers preparing to meet with a business owner, it’s important to ask relevant questions. A buyer who asks well-researched and meaningful questions will demonstrate a genuine interest in the business. This not only builds credibility but also helps establish a foundation for mutual respect.

Buyers should come to the meeting prepared. They should be sure to do their homework in advance. This can mean everything from reviewing financials and gaining an understanding of the industry to identifying potential risk. These actions will help create a positive impression and lay the groundwork for a productive conversation.

Build a Rapport

Throughout the meeting, buyers should maintain a polite, respectful demeanor. It’s best to steer clear of controversial topics like politics or religion, as these can easily lead to unnecessary conflict. The goal is to foster a relationship based on trust and professionalism. If a seller doesn’t like or trust a buyer, it could create obstacles that prevent the deal from moving forward.

Sellers often view their business as a personal legacy, a culmination of years or even decades of hard work. This emotional attachment means that buyers should approach the meeting with a degree of sensitivity. They should understand that the business represents more than just a financial transaction. A failure to acknowledge the seller’s emotional investment could harm the relationship and that could lead to jeopardizing the deal.

Embrace Honesty 

While sellers are seeking to sell their business, they should avoid presenting themselves as overly sales-focused. Buyers appreciate authenticity and transparency, so sellers should strive to present their business honestly. That means sharing both its strengths and its challenges.

It’s also essential for sellers to acknowledge the competitive landscape. Every business faces competition, and attempting to downplay or ignore this reality will likely raise red flags. A truthful approach is far more likely to foster trust and lead to a successful transaction.

The Role of Brokers and Advisors

Ultimately, business brokers and M&A advisors are invaluable throughout this process. They guide both buyers and sellers in preparing for the meeting and help set realistic expectations. By working closely with both parties in advance, brokers ensure that the discussion is as constructive as possible, improving the likelihood of a positive outcome. With proper preparation and expert guidance, both sides are more likely to walk away with a successful agreement.

Copyright: Business Brokerage Press, Inc.

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5 Questions to Ask Before Purchasing a Global Business

Purchasing a business abroad involves unique challenges and factors. There are considerations to keep in mind that you typically won’t face when buying a local business. The decision to invest internationally is complex and influenced by various elements. Let’s take a look at some of the best practices for anyone looking to buy a business in another country.

What Can You Learn Through Research? 

The first thing to do before making a decision is to thoroughly research similar businesses in the country you’re considering. While you may be well-versed in a specific industry or business model in your own country, the landscape may be entirely different elsewhere. Operating the same type of business in another nation could come with unexpected hurdles, so it’s best to get a lay of the land as soon as possible.  

It’s essential to understand the local market and business environment to ensure your success. The approach that works in your home country might not apply in the same way abroad, so it’s critical to learn from other businesses operating in that region. This research could be the determining factor between thriving and struggling in your new venture.

Will You Relocate? 

Another important choice is whether to move to the country and run the business yourself or hire a local manager to take the reins. Each option has its advantages and drawbacks. Relocating to oversee the business firsthand is a significant personal commitment and may change your lifestyle in a way that you’re not prepared for. However, this shift could either help or work against your business depending on your own circumstances.

Will You Hire Someone on the Ground? 

If relocating doesn’t seem like the right move for you, hiring an experienced and trustworthy local manager might be a good alternative. Of course, entrusting the business to someone else comes with risks, so finding a reliable manager who understands the local market and has a proven track record is a good idea. 

What are the Cultural Differences? 

Cultural differences are another critical consideration when buying a business abroad. Ignoring or underestimating these differences can lead to costly mistakes and even jeopardize the success of the business. Cultural nuances will impact everything from customer relations to staff management, so it’s essential to gain a deep understanding of how these differences will affect your operations. 

Additionally, language barriers can pose a significant challenge, so it’s important to be mindful of how not speaking the local language could affect your business. 

Who Can Assist You? 

Equally important is understanding the local regulatory environment. Legal and tax requirements can vary significantly between countries and regions. Not being well-versed in these regulations could result in serious consequences. It’s wise to partner with local experts who can help you avoid potential pitfalls related to taxes, and other legal issues that may arise.

Lastly, working with an experienced business broker or M&A advisor is one of the best ways to safeguard yourself when buying an international business. These professionals bring invaluable expertise to the table and can connect you with a network of global resources and specialists. Their knowledge and connections can be essential in helping you navigate the complexities of international business transactions.

Copyright: Business Brokerage Press, Inc.

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Top Four Reasons Why Buying an Existing Business May Be Smarter Than Starting One from Scratch

When people dream of becoming business owners, they often picture launching their own venture. They may picture building something from nothing, and the fulfillment of turning a concept into a company. While exciting, this path comes with plenty of hurdles, which include creating brand awareness, finding customers, hiring a team, and generating consistent income. Keep in mind, launching your own business means you must achieve these goals with no foundation. 

For those looking to skip the steepest parts of that learning curve, acquiring an existing business can be a more strategic move. Let’s take a look at why purchasing a company that’s already up and running can offer advantages:

You’re Buying a Running Operation

An established business already has momentum. There’s a proven product or service and a loyal customer base. In other words, operations that are already in motion. The office or storefront is likely equipped and staffed, and the brand has some level of local or industry recognition. The operating history that comes with an independent existing business should not be underappreciated. 

Existing Relationships Mean Built-in Value

Relationships are a form of currency in the business world. When you buy an existing operation, you’re also gaining access to its network of customers, suppliers, service providers, and possibly even long-term employees. These relationships take years to build. This means that otherwise they would be tough to replicate from scratch.

Even if you don’t already have connections in banking, legal services, marketing, or other essentials, chances are the previous owner does—and many of these beneficial relationships can be simply passed along as part of the sale.

Proven Financial Track Record

Launching a new business is always a gamble. This is true no matter how detailed your business plan may be. But with an existing company, you’re buying into something that already has a performance history. You can analyze real numbers: revenue trends, operating costs, profit margins, and more. This level of transparency reduces guesswork and helps you make a more informed investment.

Even better, most sellers are open to training and transitional support, often at no additional cost. They want the business to succeed under new ownership. If they’re financing part of the deal, this is even more true.

A Defined Price Tag and Financing Options

When you buy an ongoing business, you can rest assured that there is an established value. You’re not endlessly sinking money into branding, equipment, or infrastructure. The purchase comes with a set price. 

Further, many sellers are open to structuring a deal that includes a down payment and owner financing, which benefits both parties. You get to spread out payments, and the seller maintains a financial interest in the success of the business. That means that they are essentially putting their confidence in its continued profitability.

If the seller offers to finance part of the purchase, that’s more than just a payment plan—it’s a vote of confidence. They’re signaling that the business is profitable and sustainable enough to cover its own costs and pay them back. 

The bottom line is that if you’re ready to own a business, don’t overlook the advantages of taking over one that’s already thriving. A business broker or M&A advisor can help you properly vet the business in question and get you on the path to successful ownership. 

Copyright: Business Brokerage Press, Inc.

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Key Considerations Before Buying a Business

 

When considering the purchase of a business, asking the right questions is essential. Whether you’re a first-time buyer or a seasoned entrepreneur, you’ll want to avoid unpleasant surprises down the line. One way to do that is to be proactive and diligent when you’re making your evaluations. Below are some critical areas to explore before signing any agreements.

First, it’s important to understand the current challenges that the business you’re interested in may be facing. Every business has its pain points. By asking the seller to share these openly, you can better prepare for potential hurdles. Gaining insight into any prospective difficulties can also shed light on areas where you might be able to improve operations or take advantage of opportunities for growth.

Another important consideration is to ensure financial transparency in the transaction. Sellers should provide comprehensive and accurate financial details, including profit margins, revenue streams, and expenses. Transparent financial information allows buyers to make informed decisions, assess the true value of the business, and identify any potential risks. By demanding financial transparency, you can ensure that the business’s valuation is accurate and justified, which is crucial for establishing trust and confidence in the transaction.

Along with financials, it’s obviously essential to examine the business’s legal standing. You should inquire about any past, current, or potential lawsuits that might be attached to the business. Legal issues can have long-term implications, so it’s essential to know if there’s any risk of future complications. Don’t assume that you’ll find out about these kinds of issues if you don’t do due diligence. 

The business’s operations are also worth scrutinizing. It will help you a great deal to learn how day-to-day operations are documented. This information can help you assess how smoothly you can take over. If the business in question has clear and organized procedures, this will help make the transition easier. Additionally, you’ll want to evaluate how much the business relies on specific vendors or customers. If a significant portion of revenue depends on one source, this could pose a risk if circumstances change.

A business should align with your strengths to ensure long-term success. That’s why you’ll want to have a firm grasp of the skills and experience needed to run the business. This information will help you understand whether you really are the right fit for the business or if there are areas where you might need additional support. 

Finally, it’s important to have a clear picture of the workforce. Will key employees stay with the company? Employee stability is vital for maintaining the ongoing success of the business after you take over.

Asking thorough questions and gaining a deep understanding of the business will empower you to make an informed decision. The more you know about the challenges and opportunities, the better prepared you will be to navigate the acquisition successfully. Every business has some risks, so it’s your job to find out what they are. By being diligent, you reduce the likelihood of headaches down the road. Asking questions proactively will help you reach greater levels of success.

Copyright: Business Brokerage Press, Inc.

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Around the Web: A Month in Summary

A recent article posted on BizJournals.com entitled “Top 5 rules on preparing your company for sale” explains how the best time to begin preparing your business for sale is right now. The article highlights these main rules to follow:

  1. Start auditing your financial statements now as these will be required by the purchaser.
  2. Keep appropriate, complete corporate books and records so everything is ready to be presented to a buyer when the time comes.
  3. Obtain a professional valuation of your company so you can use this as a roadmap for growing your company and ultimately maximizing the exit price.
  4. Use the valuation of your company to determine what assets are superfluous and will not be valued. This can also help you make future decisions with your business strategy.
  5. Start the process now for finding a second in command who could easily replace the founder of the company. This will be very valuable to the future buyer after the sale is made.

Starting to prepare your business for sale now will help make the sale process much easier when you decide it’s time to sell.

Click here to read the full article.

A recent article from The Axial Forum entitled “Maximizing Your Business Value Before a Sale” gives insight into how to get the most out of a business sale. According to the article, the key to a successful sale comes in driving business value before selling the business. This can be done in a wide variety of areas of the business, from aiming to increase sales growth to product innovation, improvement of backend systems, and more.

Many of the methods and value-driving factors can take many months, if not several years, to implement and improve, so proper thought and planning is necessary to get the most out of the process. In the ideal situation, maximizing business value ahead of and in preparation for a sale will make a business much more attractive to a potential buyer.

Click here to read the full article.

A recent article from Divestopedia.com entitled “5 Essential Steps to Ensure Due Diligence in Private Company Acquisitions” explains the necessity of due-diligence during the acquisition process. Due diligence cannot be stressed enough and the fact that it is always popping up just shows its importance and relevance to a successful deal process. The following steps outline critical components of completing due diligence for an acquiring company:

  1. Construct an Investment Thesis
  2. Analyze Your Competitive Position
  3. Measure the Strength and Stability of the Acquired Company
  4. Revenue Synergy
  5. Integration

While this is not an exhaustive list, the aforementioned steps outline an important process necessary for any acquirer to ensure they are best prepared for a successful acquisition.

Click here to read the full article.

A recent article posted on The Axial Forum entitled “Capital Superabundance is Transforming Middle-Market M&A” explores the effect that the abundance of cheap capital is having on middle-market transactions. This “capital superabundance” is having effects across the middle-market sector among private equity firms, corporate buyers, investment bankers, and middle market companies alike. Brand value is more important than ever in the eyes of private equity companies and corporate buyers, investment bankers are using data and advanced technological systems to find clients, and for sellers, there has never been a better time to sell a business.

The fact of the matter is the market is hot right now. Though capital superabundance is just one of many varying parts of this market change, it is a driving factor behind much of the success we’re seeing.

Click here to read the full article.

A recent article posted on Divestopedia.com entitled “Know Your Buyer” outlines the importance of knowing and understanding potential buyers in the market when putting a business up for sale. This is important because knowing the different types of potential buyers will give an owner insight into how to approach and appeal to the types of buyers they want to take over their company.

Different types of buyers will likely have different motivations and therefore produce different outcomes for a business transaction, so knowing and understanding them will help to give an owner better control over the future of their company and ideally help make the right decision on who to sell to.

Click here to read the full article.

Copyright: Business Brokerage Press, Inc.

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Around the Web: A Month in Summary

A recent article from Divestopedia entitled “To Sell Your Business, Start with the End in Mind” explains the importance of planning your exit strategy in the early stages of your business. The article points out that emotion plays a big part in humans’ decision making process, and when a potential buyer perceives that the owner has not prepared a company for sale, they associate this with uncertainty, effort and stress that will accompany rebuilding the business.

Focusing on building your company’s culture is also very important for exit planning because a well-established company culture will continue to endure after you’re gone. Creating a self-sustaining culture that involves talented employees, succession plans for key people, talent acquisition and talent retention can help your business be seen as more valuable in the future.

Click here to read the full article.

A recent article posted on BizJournals.com entitled “How to know when the ride is over and it’s time to get off” gives an overview of how to know when to exit your business and how to be prepared when the time is right. Here are 4 signs that it might be time to sell your business:

  1. Your health is declining or your business is negatively affecting your health
  2. You’ve lost your passion for the business
  3. Your priorities have changed and the business is no longer your top priority
  4. You are hesitant or unable to invest money in the growth of your business

Business owners should periodically review these factors and ask themselves if they are still the right person for the job. It’s also good to consult with a trusted advisor to start planning an exit strategy now so you’re prepared when the time comes to sell all or part of your business.

Click here to read the full article.

A recent article posted on Forbes.com entitled “Business Value And Lottery Tickets” explains how you have to be realistic about your goals for your business especially in how they relate to your exit plan in the future. Take a look at how your business is doing and then quantify your goals for your business by asking yourself questions such as “How much money do I need to have when I leave my business?”

Next, you need to figure out a plan for your business to grow enough to reach those goals. The article states three common problems that owners have in this situation:

  1. Relying on assumptions instead of consulting with an exit-planning advisor
  2. Trying to do everything instead of delegating
  3. Remaining stagnant instead of taking on new roles to ignite change in the business

It is also important to have a good management team in place to help you achieve your goals. It’s not luck, and you have to look at the numbers and facts to get your business where you need it to be for a successful exit.

Click here to read the full article.

A recent article from the Axial Forum entitled “How to Handle Risky Customer Concentration in an M&A Target” explains the best practices to follow if a potential acquisition has a lot of customer concentration. In many companies, it’s common for 20% of customers to account for 80% of the company’s revenue. In this case, it is vital to talk to multiple people within these important accounts and ask a variety of questions to make sure you find out how their relationship with the company is really structured.

Most importantly, you want to ask the contact how likely they would be to recommend the target company to another colleague, which in turn will help you determine the Net Promoter Score (NPS) rating of the company. The NPS is very useful because it has statistically shown that higher rated companies are more profitable, outpace their competitors, and have stronger cross-selling opportunities.

It’s a good practice to look deeper into a company’s relationships with its customers when acquiring a business that you’ll want to eventually grow.

Click here to read the full article.

A recent article posted on The Standard entitled “Do you have a business you are eyeing? Consider these tips before taking the leap” explores a variety of factors to take into consideration before buying a business. Here are some things to think about when making the decision to buy:

  1. Evaluate yourself and make sure you have the skills to take on the specific type of business
  2. Find out why the business is being sold
  3. Carry out due diligence in screening the business so there’s no surprises along the way
  4. Obtain a professional valuation of the business
  5. Close the deal and consider using a legal officer for the final process

Always be sure to find out the good and the bad before you decide to purchase a business.

Click here to read the full article.

Copyright: Business Brokerage Press, Inc.

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Gaining a Better Understanding of Leases

Leases can, and do, play a significant role in the buying or selling of businesses. It can be easy to overlook the topic of leases when focusing on the higher profile particulars of a business. However, leases are a common feature of many businesses and simply can’t be ignored.

Leases and Working with Your Attorney

Whenever a small business is sold, it is common that leases play a major role. In general, there are three different types of leasing arrangements. (If you have any questions about your lease, then you should consult with your attorney. Please note that the advice contained in this article shouldn’t be used as legal advice.)

Three Different Lease Options

In the next section, we will examine three of the most common types of leases. The sub-lease, new lease and assignment of lease all function in different ways. It is important to note that each of these three classes of leases can have differing complicating factors, which again underscores the value and importance of working with an attorney.

The Sub-Lease

The sub-lease, just as the name indicates, is a lease inside of a lease. Sellers are often permitted to sub-lease a property, which means that the seller serves as the landlord. It is key to note, however, that the initial landlord still has a binding agreement with the seller. Sub-leasing requires the permission of the initial landlord.

New Lease

If the previous lease on a property expires or is in need of significant change, a new lease is created. When creating a new lease, the buyer works directly with the landlord and terms are negotiated. It is customary to have an attorney draft the new lease.

Assignment of Lease

Assigning a lease is the most common type of lease used when selling a business. The assignment of a lease provides the buyer with use of the premises where the business currently exists; this works by having the seller “assign” all rights of the lease to the buyer. Once the assignment takes place, the business’s seller typically has no further rights. Also, it is common that the landlord will have wording in the contract that states the seller is still responsible for any part that the buyer doesn’t perform as expected.

Disclose All Lease Issues at the Beginning of the Sales Process

No one likes surprises. If there is a problem with your lease, then this is something that should be disclosed in the beginning of the sales process. Not having a stable place to locate your business can be a major problem and one that should usually be addressed before a business is placed for sale. Buyers don’t like instability and unknowns. Not having a firm location is definitely an issue that must be resolved.

Buyers want to see that you have made their transition from buyer to owner/operator as easy as possible. Providing clarity of issues, such as leasing, will help you attract a buyer and keep a buyer. Regardless of whether it is dealing with leasing issues or other key issues involved in buying or selling a business, working with a business broker can help you streamline the process and achieve optimal results.

Copyright: Business Brokerage Press, Inc.

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Are You Sure Your Deal is Completed?

When it comes to your deal being completed, having a signed Letter of Intent is great. While everything may seem as though it is moving along just fine, it is vital to remember that the deal isn’t done until many boxes have been checked.

The due diligence process should never be overlooked. It is during due diligence that a buyer truly decides whether or not to move forward with a given deal. Depending on what is discovered, a buyer may want to renegotiate the price or even withdraw from the deal altogether.

In short, it is key that both sides in the transaction understand the importance of the due diligence process. Stanley Foster Reed in his book, The Art of M&A, wrote, “The basic function of due diligence is to assess the benefits and liabilities of a proposed acquisition by inquiring into all relevant aspects of the past, present, and predictable future of the business to be purchased.”

Before the due diligence process begins, there are several steps buyers must take. First of all, buyers need to assemble experts to help them. These experts include everyone from the more obvious experts such as appraisers, accountants and lawyers to often less obvious picks including environmental experts, marketing personnel and more. All too often, buyers fail to add an operational person, one familiar with the type of business they are considering buying.

Due diligence involves both the buyer and the seller. Listed below is an easy to use checklist of some of the main items that both buyers and sellers should consider during the due diligence process.

Industry Structure

Understanding industry structure is vital to the success of a deal. Take the time to determine the percentage of sales by product lines. Review pricing policies and consider discount structure and product warranties. Additionally, when possible, it is prudent to check against industry guidelines.

Balance Sheet

Accountants’ receivables should be checked closely. In particular, you’ll want to look for issues such as bad debt. Discover who’s paying and who isn’t. Also be sure to analyze inventory.

Marketing

There is no replacement for knowing your key customers, so you’ll want to get a list as soon as possible.

Operations

Just as there is no replacement for knowing who a business’s key customers are, the same can be stated for understanding the current financial situation of a business. You’ll want to review the current financial statements and compare it to the budget. Checking incoming sales and evaluating the prospects for future sales is a must.

Human Resources

The human resources aspect of due diligence should never be overlooked. You’ll want to review key management staff and their responsibilities.

Other Considerations

Other issues that should be taken into consideration range from environmental and manufacturing issues (such as determining how old machinery and equipment are) to issues relating to trademarks, patents and copyrights. For example, are these tangible assets transferable?

Ultimately, buying a business involves a range of key considerations including the following:

  • What is for sale
  • Barriers to entry
  • Your company’s competitive advantage
  • Assets that can be sold
  • Potential growth for the business
  • Whether or not a business is owner dependent

Proper due diligence takes effort and time, but in the end it is time and effort well-spent.

Copyright: Business Brokerage Press, Inc.

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The Deeper Significance of a Listing Agreement

Listing agreements are very common when it comes to selling a business. In order to sell a business using a business broker, a listing agreement is usually required. In this article, we will explore this essential agreement and why it is so critical.

Signing a listing agreement legally authorizes the sale of a business. The fact is that signing a listing agreement serves to represent the end of ownership, which for many business owners, means heading into new territory. Quite often owning a business is more than “owning a business,” as the business represented a dream and/or a way of life.

Walking away from the dream or lifestyle represents a significant change. For many owners this is the end of a dream. It is not uncommon for many business owners to have started a business from “scratch,” and it is also only human to feel at least somewhat attached to the creation. Phrased another way, walking away from a business that one has worked on and cared for is often easier said than done. Businesses become integrated into the lives of their owners in a myriad of ways. Walking away is usually easier in theory than in practice.

Now, on the flipside of the coin, a signed listing agreement is a totally different animal for buyers. It represents the beginning of a dream. The lure of owning a business may come from a desire to achieve greater personal and financial independence, a sense of pride in owning and building something, a desire to always be an owner or a combination of all three. Buyers see the business as the next phase of their lives whereas sellers see the business as the past.

The listing agreement may seem simple enough, but what it represents is an important bridge between the seller and buyer. It is the job of the business broker to understand and consider the situation of both the seller and the buyer respectively and, in the process, work closely with both parties.

The lives of both the buyer and the seller will change greatly once the sale is completed, but in radically different ways. No one understands this simple, but very important fact, better and with more clarity than a business broker.

Copyright: Business Brokerage Press, Inc.

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