Buy A Business With A Broker And You Could End Up Dead Broke, Wondering What The Heck Happened
I will be honest with you:I don't like business brokers.
In fact, I've only known a small handful during my entire 50 years of buying businesses I would deal with.
That I trust.
That didn't try to purposely screw me over.
Now again, that doesn't mean they're all crooked.
Just the ones I've dealt with.
And so, if you can find a decent broker to work with, that's fine.
You're lucky.
But don't count on finding one any time soon.
They're as rare as hen's teeth.
And besides the ethical issue, the problem you have with most brokers is they qualify you.
They want you to spend a lot of time revealing everything you have and own before so much as showing you one piece of paper or document on the business you want to buy.
Plus, there are a lot of brokers that are deal killers.
It's almost like they feel it's their job to make sure you get screwed and their client fleeces you.
And that's why, in most cases, you are going to have to grit your teeth and keep going through the brokers until you find one that you get along with.
I know that sounds harsh, but in my experience it's true.
If anything, I'm holding back what I really think.
On the other hand, if you do find a good one (and again, they're rare) they will feed you business.
I have very few brokers that I've worked with over the years, but they are gold to me.
They send me emails and faxes about all the latest businesses for sale each week.
And if you can find a good one and get on their list, they're going to contact you and a lot of your legwork is done for you as far as finding businesses for sale.
In fact, I've only known a small handful during my entire 50 years of buying businesses I would deal with.
That I trust.
That didn't try to purposely screw me over.
Now again, that doesn't mean they're all crooked.
Just the ones I've dealt with.
And so, if you can find a decent broker to work with, that's fine.
You're lucky.
But don't count on finding one any time soon.
They're as rare as hen's teeth.
And besides the ethical issue, the problem you have with most brokers is they qualify you.
They want you to spend a lot of time revealing everything you have and own before so much as showing you one piece of paper or document on the business you want to buy.
Plus, there are a lot of brokers that are deal killers.
It's almost like they feel it's their job to make sure you get screwed and their client fleeces you.
And that's why, in most cases, you are going to have to grit your teeth and keep going through the brokers until you find one that you get along with.
I know that sounds harsh, but in my experience it's true.
If anything, I'm holding back what I really think.
On the other hand, if you do find a good one (and again, they're rare) they will feed you business.
I have very few brokers that I've worked with over the years, but they are gold to me.
They send me emails and faxes about all the latest businesses for sale each week.
And if you can find a good one and get on their list, they're going to contact you and a lot of your legwork is done for you as far as finding businesses for sale.