A business-for-sale or buyer broker has many, many guidelines to follow. Knowing which ones to rely and which to relax in a given transaction becomes the art of the profession. Here are three that are should rarely, if ever, be broken.
A broker should
Be clear with everyone in advance about her role and limits to knowledge & capabilities.
Value businesses based on well-defined and known-to-be-valid methodologies.
Present an honest picture of the business to prospective buyers, as best the owner’s information can provide.
The broker can vary with any specific business-for-sale client in marketing methods, presentation media, timing of sharing information with prospective buyers, funds expended on a sale, evaluation of materials, communication methods, etc. Ideally all of these are adapted to the individual seller and buyer needs and reflect the business itself.