Always Buy a Business through a Broker
There are several reasons why buying directly from a vendor isn’t a great idea, and why buying through a broker will save you time, money and stress.
A good business broker has helped people buy and sell businesses time and again, and will have seen all the patterns, trends and tricks.
They are in a really good position to guide you as to clauses for your Offer that will help protect your interests (or what to ask your solicitor, if you have one); what price range might apply to the business; common features of a business transition (such as a trial period, assistance period, banking finance, lease transfer, franchise agreements etc) and how to negotiate with interested parties.
Using a broker will open your mind. If you are thinking about buying a business direct from an owner, you will become fixated on that one opportunity, to the exclusion of all others. A broker has many businesses for sale. This will allow you to compare various aspects of businesses that are for sale (location, price, length of lease etc).
Remember, there’s a lot to learn when you buy a business, and a business broker will not only guide you, a good one will help educate you along the way! Protect your interests: buy through a broker, every time.
