Technology Company
I would certainly recommend VR and would use them again if I had the need. They kept their promises, worked hard and sold my business to a buyer from across the country. Choosing VR was one of the best decisions I ever made with my business.
Sign Code
Mohan and Troy at VR were great to work with. The entire process was great. They really know their business.
eSupplyStore
Troy - thank you for all your hard work with eSupplyStore. I know we found the right buyer at the right price. I don't see how the process could have gone any smoother.
Learning Center
VR did an excellent job of selling my franchise. This is actually the second time that I have used their services and I have been impressed both times.
Health Gazette
I owned the Health Gazette for over 30 years and it was important for me to find the right buyer. VR gave us a fair market value for the business and sold it for exactly that amount. I could not have been more pleased.
VR really took the time to understand my needs. I think their expertise was a big reason the transaction happened.
Publishing Company
VR stood out from the competition. They were the best fit when it came to selling my business.
Retail Bookstore
I was extremely impressed with VR. They approached the sale of my business with a very professional system. I knew my business wasn't large, but I still got a high level of service. I would certainly recommend VR to anyone thinking about selling their business.
Diamond Design
I hired VR to sell me construction company. They worked hard through the whole process and found the right buyer. They did a great job and I would use them again.
Sylvan
I wanted to send a note and thank you for all your hard work. This has been a great experience and I really enjoyed working with VR.
Pure Air Systems
I tried other brokers in town and they just put some ad in the newspapaer and it didn't result in much.
Carrell Welding
VR did a very good job for us. They set the price for my business, found the buyer, and worked through all the details.
Commercial Business Systems
I first used another brokerage company to try and sell my business, but it did not work. VR was totally different, very professional and they sold my business for almost full asking price.
TheEasyForms.com
VR exceeded my expectations in selling my online business. I got the full asking price of the business. We got several offers within the first couple of weeks. The entire process took less than 6 weeks from start to finish.
Skills Necessary for a Successful Business Intermediary
Sales
- Top 20% of sales people generate 80% of the results
- The purchase of a business is one of the largest and riskiest investments most people will ever make
Deep level of general business knowledge
- Must understand and be able to explain to buyers every aspect of the business being sold
- To maximize value, should be able to advice clients on strategies for improving their business or one being considered for acquisition
Accounting, tax and financial knowledge
- Must understand tax returns, income statements, balance sheets, etc. to value a business, justify the investment to buyers and lenders, understand tax implications, etc.
- To understand and estimate value of potential synergies in a merger or acquisition requires highly advanced financial analysis skills
Verbal and written communications
- Must be able to write extremely persuasively, as an advertising copywriter might, to maximize buyer interest, and to accurately describe a client’s complex business operations, technology, marketing strategies in a way that can be readily understood
- Talks with scores of sellers, buyers, attorneys, CPAs, landlords, and other professionals daily in the process of advocating for clients
Marketing
- Must be versatile in all the effective ways to market a business, including seminars, the Internet, direct mail, telemarketing, presentations, digital video, etc.
Legal knowledge
Negotiations
- The sale of a business is an incredibly complex negotiation; there are dozens of issues to be negotiated beyond just the price
Empathy, Counseling, Diplomacy
- The sale of a business is on part with divorce on the scale of life event stressors. Clients are making huge financial decisions, changing careers, disrupting personal and business relationships, often moving thousand of miles, disclosing confidential information, etc. all at the same time. The enormous stress can cause clients to make bad decisions, or have trouble moving forward with a transaction. The broker must be able to elegantly and tactfully empathize with clients, provide useful counsel, negotiate compromises, etc.
Optimism & Persistence
- A business intermediary must be relentlessly optimistic and persistent to overcome the challenges of this profession
- 85% of intermediaries fail their first year
- 95% of prospective buyers a business intermediaries talks to never buy anything; 95% of prospective sellers aren’t ready to sell
- Only 18% of businesses listed for sale nationwide sell (we do much better)
- Almost every deal will seem beyond hope of salvation at least a few times during negotiations or due diligence
Experience running ones own business
- While not absolutely necessary, there is no better way to understand the product being sold, and to empathize with the buyer and seller
