A month ago, Abe Jenners, a veteran business broker from Georgia, was not terribly enthusiastic about closing deals during the Corona virus epidemic. He had deals come apart as buyers got skittish and businesses came grinding to a halt. “It has been very tough” were the words he used in a conversation in March.[…]
As a business broker of 15 years, Abe Jenners is accustomed to waiting. He says that is part of his life – waiting for buyers to make up their minds to buy; waiting for sellers to accept an offer; waiting for lawyers and accountants and[…]
London-based business broker Ian MacDonald loves to tell the story of his first deal – and how it almost came apart due to a simple misunderstanding. “I was selling a frozen food warehouse business located in South London,” he explains. “It was mildly profitable but my buyer wanted it because he needed space and workers[…]
A CRM (Customer Relationship Management) system is a software application package or suite that is designed to improve a company’s communication with customers and prospects. The most basic CRM systems generally target sales information, such as monitoring details for expenses, price data, as well as statistics for product revenue by location and market. These details[…]
When Aaron Drucker, a business brokerage owner in eastern Pennsylvania, first got into the business in 2000, he met an eccentric older broker during a deal for a large diner in south Jersey. Aaron was representing the buyer in the deal. “So we go to a meeting at the restaurant, and as we sit down,[…]
According to Phil Pastorini, a veteran business broker in Maryland, working with other brokers is the best – and worst – part of his job. This is no exaggeration, he says. It is literally the difference between success and failure. “Business brokerage is one of the industries in which you want more,[…]
When Lou Brill began his career as a business broker in 2002, he took his brand new stack of business cards and walked right into the businesses in the printer’s strip mall, giving them to the owners. He wanted an inventory of businesses to sell and why not start there? In fact,[…]
Lou Brill has done over a hundred deals in his career as a business broker. Based primarily in New Jersey, he has sold businesses in New York, Pennsylvania, and Connecticut as well. He even keeps a map of his deals (identified by colored stickers) on his home office wall. He keeps another map on[…]
Every winning business broker has different ways to success. Some go door-to-door to find businesses for sale or send out mail campaigns. Others go to conferences and community gatherings. Still others use contacts from their “previous lives” in other industries. Conversely, every unsuccessful business broker has their own pitfalls and traps. Just ask them. […]
Every business broker at some time faces the same dilemma: Do you encourage a client to walk away from a deal? Since almost every broker is in a “eat what you kill” commission-based job, telling your client that they should not go through with it takes enormous risk. And a strong stomach. Larry[…]