What are the opportunities you have in place to give buyers a competitive edge? We have a forum for buyers to gather and learn about opportunities in our inside track.  For specific buyers, we will find businesses for them that are not on the market. We approach businesses that are not listed to create new opportunities for our buyers. How can you become a business broker? Entrepreneurial DNA is the biggest thing. We prefer someone who has owned a business in the past. A broker need to understand financials.  Most of our brokers are good with people and strong communicators.  A ..read more

What is the difference between the person who will buy an independent company and the person who will buy a franchise?  A lot of buyers are biased against franchises because they think all franchises are food or auto repair.  The people who need immediate cash flow are more likely to buy an up and running business. However, the buyer doesn’t realize they can find an existing franchise that already has cash flow. A franchise has a game plan and playbook. Plus, there’s a lot of support from the franchise itself. However, there is also an agreement to sign and fees associated with them ..read more

In this episode: [01:00] The business buyer ecosystem  [06:40] The mental and emotional realities that exist when you buy a business  [10:30] Tips for thinking about what the business needs  [15:30] How business owners can prepare for due diligence  [20:25] How to establish a relationship as a broker [22:40] About making your business recession-resistant   [27:30] How to find hidden deals [32:35] Final takeaways  Key Takeaways: Most of our buyers are people who are leaving corporate America and looking to buy their own business.  Franchises can be mor ..read more

How should sales and marketing teams be evaluated? Most people think sales and marketing teams should be evaluated based on quantity. In reality, these teams should be measured on effectiveness.  How do you create effectiveness through marketing that translates into high-quality opportunities for the sales team, so they aren’t wasting efforts?  By ensuring upmost effectiveness from your marketing team, your sales team conversion rates will increase ..read more

How important is transparency in the sales department?  Transparency is the most important thing out there. There has to be accountability in both the sales and marketing teams. The marketing team needs to provide a certain amount of deal flow. Plus, they need to have the confidence that the sales team will convert the deal flows. Most salespeople are paid based on conversion rates. The best way to become more efficient is to increase conversion rates.  You can publish the conversion rates of everybody on the sales team and the marketing team to ensure transparency.  ..read more

In this episode: [01:20] Why sales and marketing teams are not aligned   [04:10] Industries that have great sales and marketing integrations   [07:00] How sales and marketing teams can impact the sale of a business  [11:10] The communication divide between millennials and baby boomers  [16:20] The specific things that can be done for a successful sale  [18:55] How marketing and sales teams should be measured  [22:00] Business brokers are resources for businesses    [23:55] The types of businesses a broker will work with [25:00] How geogra ..read more

In this episode:  A management team in place is a qualitative aspect. The industry that you’re in – is it growing or shrinking?  What does your customer base look like? Is there a lot of concentration in one or two customers? An extensive vendor list will help sell the business. Where are we at in the economy, and how does that impact your business?  How can you net the most at the table? Net is what you walk away with at the closing table. It will depend if they are willing to receive payments over time, or if they want it all upfront. Net is related to tax, time, and effort ..read more

What are the first steps in a conversation about valuation?  When we sit down with business owners, we talk about their dream and where they want to go with their business. Then, we start by looking at the current valuation. Many factors go into it, but we start with financial statements. We look at the cash flow that would be available for the new buyer to pay themselves, pay down debt, and have some cushion leftover. The value of the business is also based on qualitative aspects ..read more

In this episode: [01:00] Understanding the importance of a valuation   [02:25] How to have the valuation conversation  [05:45] How emotional attachment comes into play [08:50] Why key personnel will drive more value for the business  [11:20] Who will pay for the bonus  [12:45] When to work with your employees and key employees  [15:45] Final takeaways  Key Takeaways: Qualitative aspects of buying a business can sometimes be stronger than the quantitative aspects.  The buyers will want key personnel in place, and a seller may pay bonuses to ensure thei ..read more

The business brokerage landscape continues to evolve. New brokerage franchisors and new offices are springing up all the time. We are even starting to see 'virtual brokerages' appear on the horizon. This show presents a conversation with the biggest names in the industry, who will share their thoughts and perspectives, as well as their predictions for the future that could roil the entire industry. You’ll hear from BBIC’s CEO Brian Slipka as he talks with Sunbelt Minneapolis President Chris Jones and one of Sunbelt’s most successful brokers, Peggy DeMuse. Learn more and connect directly with o ..read more