• Tue, Feb 07, 2023
  • Business Buyers – Stop Complaining About Brokers
  • Pexels-alena-darmel-7641830_(1)
  • Click here for a link to the full article by Richard Parker, published in Forbes on February 3, 2023.

    Having worked with prospective business buyers and sellers for more than thirty years, one of the most frequent complaints I hear is about business brokers...what I have learned is that buyers play an equal role, if not greater in the deficiencies of the business buying process.

    Understanding Their Role

    Business brokers do not represent buyers; unless they have been engaged and are being paid by them. They represent the seller or the deal. 

    A buyer’s success or failure is up to the buyer, not the broker. The broker plays a role, but they cannot determine your future. They want to get a deal done as badly as a buyer, or even more. After all, if they do not sell the business, they do not get paid.

    Your knowledge, or lack thereof, about the various stages in the business buying process is what will determine the outcome.

    This Is The Ultimate Marathon Not Sprint

    The business buying process takes time. There are logical steps to be followed. All the information a buyer needs to decide whether to proceed will be provided at the appropriate time. 

    In my experience, the single most important trait that successful buyers possess is the ability to establish trust and an effective dialogue with the seller and their representative. 

    Make The Journey Easy

    Good businesses sell quickly regardless of the economy. Being an educated buyer, demonstrating you are a serious, conducting thoughtful discussions with empathy to the seller’s concerns and pain points, and by approaching the interaction with seller and broker with an understanding that certain steps must be followed, you will find the process to be more effective in almost all cases.

    Reach out if you'd like to discuss.
    Steve Niehaus, MBA, CM&AP, CBI, M&AMI
    [email protected]