Michael Girdley (@Girdley) is joined by Clint Fiore (@ClintFiore) to talk about Business Brokers.We discuss: What they do on a day-to-day basis, their value-add, why they're (Sometimes) unpopular, trends he sees in the market and more.
Show Notes:
(0:00) Cloudbookkeeping.com
(1:08) Intro + Clint background
(2:51) What does a Business Broker do?
(4:17) Does hiring a Broker produce an economic benefit?
(5:17) How do Business Brokers tend to be segmented in the market of Business providers?
(7:04) How do Business Brokers usually get paid?
(8:04) How do you choose a niche? By industry, geographically?
(10:44) What is the effect on the buyer when a non-Broker runs your process?
(12:35) What are Business Brokers doing wrong to be disliked by the SMB community?
(14:51) Businesses don’t sell like Houses, they are alive, dynamic. [Clip]
(16:20) What should you do to be more successful when trying to buy a Business? [Clip: This is a relationship game]
(20:00) What are indicators of a good buyer when the buyer has no track record?
(23:37) What are the reasons that would make you turn down a listing?
(28:59) Is it ever the case that you get brought in mid-process?
(31:56) What % of the deals that you work on end up being SBA Loans?
(32:27) What trends are you seeing in the market?
(35:22) How often are you seeing your buyers buying themselves a job?
(38:01) Do you agree on avoiding deals in industries where institutional capital is coming in?
(40:01) Do you see unprofitable Businesses only subsisting because they pay low rent from old contracts?
(44:18) How do I develop a relationship with a Business Broker as a buyer?
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CloudBookkeeping offers adaptable solutions to businesses that want to focus on growth, with a “client service first” approach. They offer a full suite of accounting services that include sophisticated reporting, QuickBooks software solutions, and full-service payroll options.
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