The ethical way used by BSN business brokers when marketing businesses for sale.
by Broker Service Network at www.brokerservicesnetwork.com
BSN business brokers are fully trained in the ethical and moral approach to business brokering. BSN business brokers have complete disclosure of their businesses for sale. This full disclosure approach allows you comfort knowing that our business brokers treat every party in every business for sale the way that they would like to be treated themselves.
Whether you are an owner looking for a business broker to sell your business or a business buyer reviewing businesses for sale - be careful
Here are some ethical and accepted practices in selling a business...
- Buyers can review tax returns and financial statements with the broker or seller BUT copies may not be provided until after an offer is accepted ( this is up to the individual business broker).
- Be sure you have a window in the contingencies to cancel the agreement if the financials are not as represented. You should have the option to review said financials records through any source you deem necessary - including the IRS
- Be sure you have a window in the contingencies to cancel the agreement if you can't obtain financing or obtain financing to your liking
- Business brokers or sellers might require you to visit the business and meet the owner before any tax returns or financial statements are reviewed with the buyer.
- A minimum deposit of 10% or $10,000 may and is almost always required after the seller accepts an offer
- Deposits should always be held in a business broker's escrow account or - if no business broker - in the seller attorneys escrow account. Never should a buyer's attorney or the seller hold the deposit.
- Closing should be scheduled to a date and time (generally 6-8 weeks out) when an offer is accepted
- Final inventory/equipments audit should be done 1-4 days before closing
BSN has certified all business brokers in our network at www.brokerservicesnetwork.com
Broker Service Network is now chronicled in Trump University's book Entrepreneurship 101 by Michael E. Gordon as the place to go for finding more about business activity.