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Before You Select A Business Broker - Do They Co-Broker?
I recently went out on a listing call and during the course of a presentation I mentioned to the seller that I co-broker with other business brokers. She told me that she had the business listed with another broker some months prior, and he also said that he co-brokered with other business brokers. However, when she went to look at her ad online on BizBen.com it said, "No" under co-brokering. I was shocked that a person in a trusted position, such as my own, would do that. Obviously, her business didn't sell or she wouldn't have been talking to me. I told her that I am very professional in the way that I handle all my listings and I suggested that she take a look at all my other listing to see how they were handled and advertised online.
I share her frustration. As a member of several professional Business Broker Associations, part of our pledge is to foster a spirit of co-operation in working with each other. Also by eliminating co-brokering, non cooperating brokers are eliminating 70% of the opportunity to find a viable buyer for that business being sold. We, as business brokers are doing a disservice to our sellers and to ourselves buy not co-brokering with other business brokers. What's worse, many sellers are unaware that's even an option. They often just assume that a broker will co-broker but all too often I see business brokers that feel that they have good shot of getting the commission on both sides so they close that door. Don't get me wrong, I also love to get the commission on both sides, and I do a fine job of being a dual agent, but I won't hinder my clients chance to sell just to line my pocket.
In regards to residential real estate agents, I personally don't co-broker with people who primarily sell houses for a living. I believe that selling businesses is much more litigious and complicated than selling houses and unless the other agent knows how to handle the sale of businesses, I don't want to put myself or my client in jeopardy. On the other hand there are many fine business brokers that are working out of real estate offices and they are more than capable of holding up their end of the deal.
If you are selling your business and you're in the process of choosing a broker or agent, take the time to really look at other listings this person has. Does it say, "yes" to co-brokering? Are the ads well written? I've seen some business for sale listing ads that are poorly written and sparse. They give the impression that not much attention or effort was put into the listing.
Like every industry, we have excellent professionals who take what they do very seriously and then we have people who are not working with their heart in what they do. It's your responsibility to try and find a business broker that you can connect with, that shares your work ethic and standards. We are out there you just have to look.
Contributor:
| Helpful Resources To Assist In Selling And Buying California Businesses |
| Shalonda Chappel: Escrow & Bulk Sale Services - Southern California
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| Diane Boudreau-Tschetter: Escrow & Bulk Sale Services In California
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| Helen Yoo, New Century Escrow - Escrow Services In Southern California
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| William F. Ziprick, Attorney: Legal Services For Buyers And Sellers
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| Peter Siegel MBA, BizBen Founder, ProBuy, ProSell, ProIntermediary Programs
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| Carolina Shreve, Business Broker: San Diego Area
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| David Whitehead, Business Broker, at Apex Commercial Real Estate Inc.
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| Steve Yoon, Business Broker: LA, Orange County Areas
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| Related Articles, Events, Blog Posts, Discussions, Videos, Interviews |
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| Purchase A Small Business With Limited Or No Cash: Financing Tips For Buyers
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| Deposits With Business Purchase Agreements: How Much? Structure? Refundable?
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| Millennial Buyers: What Are They Seeking When Buying A Small Business?
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| Attorney Specialist Shares Escrow Instruction Tips When Buying A Business
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| Broker Explains Allocation Of The Purchase Price When Selling A Business
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| Thinking About Selling A Small Business? Know These 8 Factors That Matter
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| BizBen Podcast & Webinar: Business Purchase Financing And SBA Loan Options
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Escrow services to brokers/agents, sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services. 
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 
Helen Yoo at New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 
Through creative problem solving, attention to detail, accessibility, & understanding that unnecessary delay is often a deal killer, I work closely with my clients and other professionals to consistently achieve a high rate of closings. Office: 
Peter Siegel, MBA - Founder Of BizBen.com (since 1994), I am the Lead Advisor for the ProSell, ProBuy, & ProIntermediary Programs. I advise/coach buyers, sellers, and brokers daily about buying & selling small to mid-sized businesses throughout the Nation. I can be reached direct at 
At The RIBOC Group we will tell you the honest truth of the value of your business and property. We do a thorough market analysis to determine the time it will take to sell. Others can promise you the moon, but it does come down to honesty.
I have been in the contracting and engineering field for over thirty years. I bought and sold my firm and have worked in senior management for a national HVAC company. After selling my firm in 1999, I have been helping owners with consulting and actively representing buyers and sellers.
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