Brokerage Services
In the search for the perfect procurement services, it can almost be guaranteed that you will be in contact with a business broker. A broker is a seller’s first line of defense against unqualified buyers.
A Buyers Guide to working with a Business Broker
The impression you make on an intermediary will undoubtedly influence their opinion and recommendations to their client. In some cases, this impression can make or break your chances of purchasing! Here are some general tips for what to do and what NOT to do while communicating with a procurement business broker.
Regarding Sensitive Information
Do Not – Demand sensitive information before signing any type of nondisclosure agreement. Most business brokers require a signed NDA at the very least before sharing information about client companies. Their clients have provided them with plenty of sensitive documents and numbers; it cannot be released to just anyone without proper care for its protection. Understand that information will be asked of you before details can be shared, and if you do not provide it you will simply not be given any chance of pursuing the business.
First impressions and introductions are important
Do – Be forthcoming with information. While an NDA is generally the minimum requirement to learn more about a business, it is in your best interest to provide more than the basics. A business broker wants to provide his or her clients with quality buyers, and a signed NDA with only a name and address does not always tell the full story. Buying a business is a constant process of shared information from both the buyer and the seller, so cooperation and proactivity in this aspect is a huge advantage.
A positive impression can go a long way!
Do Actively convey enthusiasm for the business. Sellers are often presented with multiple buyers’ offers at the same time. However, it is not always a numbers game! In the case of similar offers, the seller will lean towards the buyer most suited to the business – Your eagerness and genuine interest in the company could be all it takes to set you apart from similar offers!
As much of this communication is done through the intermediary, make sure you continue to be pleasant and enthusiastic throughout the process. A positive impression can go a long way!
