Price or Terms: The Structure of the Deal
An old saying in negotiating the sale of a business goes like this: The buyer says to the seller, “You name the price, and I get to name the terms.” Another saying used to explain the actual value of the term full price: “If we could find you a business that nets you $250,000 a year after debt service, and you could buy it for $100 down, would you really care what the full price was?” It...Read More
The Corona Close: How to Prospect Effectively Today
The Corona Close: How to Prospect Effectively in Today’s New Market Sales coach Dan Jourdan says now is a great time to be reaching out to prospective customers. Why? “Everybody is waiting for something to happen,” Jourdan of “Sales Arbiter” told attendees at the Sept. 15 virtual meeting of the Georgia Association of Business Brokers. View a recording of the...Read More
PPP Loans: Financing Business Purchases, Part 2
By Corrie Thrasher, partner, Starfield & Smith PC This article originated on the blog of the legal firm of Starfield & Smith Corrie Thrasher, partner, Starfield & Smith PC As discussed previously in my first article, many uncertainties exist when the owners of a business who received a Paycheck Protection Program (“PPP”) loan wish to transfer their business to a...Read More
Considering Generational Strategies in Business Relationships
When you are buying or selling a business, you might very well end up making a deal with someone from another generation. Therefore, it only makes sense to take the time to understand that individual’s background and how that might change how they behave. It is important to understand their collective experiences and the trends that shaped their identities and...Read More
Comprehensive Business Reviews Should Establish Trust
When you are selling a business, your business broker or M&A Advisor will likely create a Comprehensive Business Review, or CBR. This comprehensive document can then be presented to prospective buyers once they have signed all necessary confidentiality documentation. It is essential that this document builds trust between both parties, as this will go a long way towards achieving a...Read More
What You Need to Know About Foreign Buyers
There is a potentially lucrative group of buyers that many sellers don’t initially think about. We are talking about foreign buyers. While there are some hurdles to working with these types of buyers, it is important to note that there are many huge advantages as well. Let’s take a closer look. How Are Foreign Buyers Different? At the top of the list of...Read More
How Good are You at Selling? GABB, Aug. 18
Business brokers need to learn many things to effectively represent their clients. But how good are they at selling? Salesmanship will be the main topic of the Aug. 18 virtual meeting of the Georgia Association of Business Brokers. Business Coach and GABB Member Russ Hall will lead the discussion among experienced business brokers about the importance of selling skills in the profession....Read More
The Biggest Mistakes Business Buyers Make
By Peter Siegel MBA, BizBen Founder The biggest mistake made by buyers is not seeking professional representation and guidance before closing the purchase transaction. Without an experienced broker or attorney on their side, a buyer is prone to making numerous mistakes, some of which can jeopardize the viability of the business. Even in those transactions that involved a business escrow and...Read More
Essential Meeting Tips for Buyers & Sellers
The buyer-seller meeting is often a “make or break” meeting. Your business broker or M&A Advisor will do everything possible to ensure that this meeting goes smoothly. Understand that there is rarely any offer before buyers and sellers actually meet. The crucial offer usually comes directly after this all-important meeting. As a result, you want to ensure that...Read More