Do You Need A Business Broker When Buying A Business?
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- Опубликовано: 29 сен 2024
- Hi, it's Carl Allen, and I wanted to record this critically, I want to talk today about business brokers now business brokers are the kind of primary go-to strategy that most businesses seek people that want to buy a business. Brokers are the people that you typically go to first, because business brokers, go around, they find loads of business owners that want to sell and they sell them on listing their business for sale through their websites and through other different portals.
Generally, my perception of brokers is not that great. Most of the brokers that I come across, not all of them, but most of them that I come across, I don't particularly rate them very, very highly. What brokers tend to do is they will overpromise big multiple valuations, lots of money for the seller, and they will drastically overvalue a business just to get the kind of big upfront fee that these brokers charge.
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I’m a broker -
Multiple approach that works:
Less than 1 million gross revenue 1.5x multiple on discretionary income plus assets minus liabilities from assets to equal starting sale price - plus premium if location is amazing or some other deal that “makes the business”
1-2 million revenue = 2x multiple plus assets minus liabilities and special situations
2-5 million revenue = 2.5x multiple
5-10 million = 3x multiple
Anything higher is very industry dependent and begins to become cumbersome for a Main Street broker.
BUT.
I know those too lol. Just too much to type.
Biggest problems brokers have is they want to sell the deal and get pushy instead of just letting the thing come together.
For me if a business is great I might just buy the thing myself and hire someone to run it instead of going to the market with the deal. This isn’t a bad thing to do.
I personally think business brokers should have experience as entrepreneurs before calling themselves experts.
90% are glorified sales people akin to used car salesmen.
Agree 100%. I've been buying/selling businesses and real estate for 35 years, and one thing I detest in the business, is agents and brokers. It's that "gatekeeper" thing, it's too difficult to get needed information. Also, most love the control, and the 'power' they get from that listing. Jumping through their endless hoops is not my cup of tea. Anytime it's possible, I go owner direct. But, those listings that have been on the market forever, that's definitely a sign of probable seller motivation. So, the agent's inability to market the property correctly, actually turns into an opportunity for those able to recognize it.
Most brokers and agents are not good at their job. They get dozens of listings then cherry pick their closings. I cherry pick my listings. And 0 up front fees. And I also operate as a principal buyer from time to time. If I wouldn’t buy it then I wouldn’t list it is my basic premise.
Just because it’s not a good biz to you doesn’t mean it’s not good to another person. A lot of brokers bring their own biases into it and they hurt themselves.
Watch this video and still have no idea if I should get a broker. Kind of a misleading title
Blew my speakers at the end there
Blew my ear drum
I like your T-shirt!
do i have to form a company to buy a business?
how do i prepare myself for my first acquisitions?
You the man Carl
I’ve been a broker since 1998 and one of the things broken about the industry is being paid on a contingency basis.
I was wondering if you can walk me through the process of acquisition from and outside county. E.g I’m in Africa (Ghana), can I acquire a business with this method in the USA? How do I get to get the financing from banks etc. That is what I’ve been thinking about lately. If you can help with a video. Thanks already 🙏🏾🙏🏾🙏🏾 hope to get a response
Yeah, it is possible. But I see most of them do it through the EB-5 investment program or E-2 visa program. Have you sourced a deal already?
Amazing. Actually a very helpful advice.
Thank you for your info- helpful.
Dude, … a top gun t-shirt while sitting in your car? Wow, how come i don’t feel real confident?