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Business Brokers: Your Closest Allies and Best Advisors
Bronxville, NY
Tuesday, February 05, 2008
Dan Hall
Dan Hall, a business broker since 1996 with headquarters in Tyler, Texas, explained that a business broker is a true intermediary between the buyer and seller of businesses. Hall says, "In the course of a transaction between a business seller and buyer, a business broker acts as a buffer between the two, facilitating the transaction and providing information and advice," noted Hall. To find out exactly what a broker does, listen to the instant replay or download the discussion of the recent Strategic Conversations interview that explains the role of a broker and how to best use one.
The real story, however, about the services provided by business brokers is one of relationships. The relationship that is built between a business owner and a broker is one of trust and honesty, helping the business owner to prepare a business for sale, optimizing what is most attractive about the business from a buyer's standpoint and fixing or upgrading what is not. For example, if a company has outstanding business loans that should be paid off or needs to freshen paint, get rid of trash or even sell off excess business inventory, a business broker will make those recommendations, particularly if he is a strategic advisor such as Dan Hall.
"A business broker becomes involved with the intimate details of a business owner's life as it relates to financial information - sometimes even more than a spouse," commented Hall. The level of trust that must be developed is appreciable, leading to the following question - how does one go about finding an ethical, trustworthy business broker?
One way is the through the International Business Brokers Association, Inc. (www.ibba.org), an organization that requires its members to complete educational requirements and follow a code of ethics. Another way is through recommendations and referrals. For example, Hall explained that parallel professionals such as accountants, attorneys or planners could recommend a business broker's services.
For business owners considering the use of a business broker to make decisions regarding sales, business acquisitions, transferring ownership to a new generation, etc., Hall commented that often business trade associations are also places to find recommendations, referrals and ideas from your peers. "Trade association meetings may be looked at by business owners as just another meeting I have to attend (groan), but I look at them as places to learn and network and continue to grow as a professional."
"As a business broker, if I join a trade association of an industry that is one of my specialty areas, I can build networks and rapport with other professionals in that industry," said Hall. "For example, a business owner (in a prospective business purchase mindset) might be interested in expanding his business in a region and think of calling me since he met me at a trade association meeting and is familiar with me already."
Strategic Conversations and its co-creator Henry Barbey, sponsored Hall's discussion about business brokers. Don't miss the opportunity to listen to this discussion that illustrates well how business leaders can reach out to other business leaders and strategic advisers to build on their business success.
Barbey explained that Strategic Conversations allow business leaders to tap into the collective wisdom of trusted colleagues. He says, "Their ability to communicate ideas, discuss assumptions with other capable minds allows them to make clearer assumptions in their own businesses that result in greater profits, increased efficiencies, better morale, etc."
Wayne Messick, editor-in-chief of www.iBizResources.com and experienced interviewer of business owners, professional solution providers, and subject matter experts hosted the teleconference interview of Dan Hall.
The real story, however, about the services provided by business brokers is one of relationships. The relationship that is built between a business owner and a broker is one of trust and honesty, helping the business owner to prepare a business for sale, optimizing what is most attractive about the business from a buyer's standpoint and fixing or upgrading what is not. For example, if a company has outstanding business loans that should be paid off or needs to freshen paint, get rid of trash or even sell off excess business inventory, a business broker will make those recommendations, particularly if he is a strategic advisor such as Dan Hall.
"A business broker becomes involved with the intimate details of a business owner's life as it relates to financial information - sometimes even more than a spouse," commented Hall. The level of trust that must be developed is appreciable, leading to the following question - how does one go about finding an ethical, trustworthy business broker?
One way is the through the International Business Brokers Association, Inc. (www.ibba.org), an organization that requires its members to complete educational requirements and follow a code of ethics. Another way is through recommendations and referrals. For example, Hall explained that parallel professionals such as accountants, attorneys or planners could recommend a business broker's services.
For business owners considering the use of a business broker to make decisions regarding sales, business acquisitions, transferring ownership to a new generation, etc., Hall commented that often business trade associations are also places to find recommendations, referrals and ideas from your peers. "Trade association meetings may be looked at by business owners as just another meeting I have to attend (groan), but I look at them as places to learn and network and continue to grow as a professional."
"As a business broker, if I join a trade association of an industry that is one of my specialty areas, I can build networks and rapport with other professionals in that industry," said Hall. "For example, a business owner (in a prospective business purchase mindset) might be interested in expanding his business in a region and think of calling me since he met me at a trade association meeting and is familiar with me already."
Strategic Conversations and its co-creator Henry Barbey, sponsored Hall's discussion about business brokers. Don't miss the opportunity to listen to this discussion that illustrates well how business leaders can reach out to other business leaders and strategic advisers to build on their business success.
Barbey explained that Strategic Conversations allow business leaders to tap into the collective wisdom of trusted colleagues. He says, "Their ability to communicate ideas, discuss assumptions with other capable minds allows them to make clearer assumptions in their own businesses that result in greater profits, increased efficiencies, better morale, etc."
Wayne Messick, editor-in-chief of www.iBizResources.com and experienced interviewer of business owners, professional solution providers, and subject matter experts hosted the teleconference interview of Dan Hall.
Kelly Griffin
Kelly Griffin & Associates
Greenbackville, VA
23356
First Url: Audio: Dan Hall's Interview
Second Url: Strategic Conversations
