Five Advantages of Using Local Business Broker In Orlando Instead of A National Business Broker
As technology increases with website, smart phones, and online searching more companies are seeking to be business brokers with a national reach. Want to sell a business in Florida even though they are located in Chicago? No problem they figure, after all most of the communication is done by phone and email and paperwork can be shipped in from anywhere. But is that really the case? Can a national business broker or one that is located completely out of the area offer the same level of service and performance as the local business broker in the Orlando area? As business brokers in the Orlando area, we work mostly with businesses that are looking to sell in the Central Florida area. Our firm, Crowne Atlantic is licensed under Florida Real Estate law that actually allows us to legally sell businesses within the state of Florida. We have a great reputation serving the Orlando area and some of our agents have access to local buyers that we have been in contact with for close to two decades.
Lets examine some of the advantages a local business broker in the Orlando area can bring to a transaction:
1) Access to buyers located locally in the Central Florida and Orlando area.
This may NOT seem important, but it can be vital when a business owner is trying to sell their business quickly. Business transactions are about momentum and when a business seller and buyer have a great conference call but the buyer says they are unable to fly over to Florida to meet for another month, it can sour the momentum of a deal. Local business buyers can typically meet a potential business seller within a day to a week of initial contact and they do not have to worry about issues such as relocation, moving costs. Plus if follow up meetings are needed local business brokers in Orlando are just a short drive away.
2) Local Business Brokers in Central Florida are legally licensed and able to sell businesses in Florida.
Did you know that earning a commission from a business sale in Florida requires Business Brokers in Orlando to have a Florida real estate license? Most national brokers are unaware of this law. Some even think that if they have a Securities Series 7 license that it covers them for Mergers and Acquisitions. It does not. It is actually not legal for out of state business brokers to sell businesses in the Orlando area unless they have a Florida Real Estate license. Even if out of state agents do not physically show up in Florida, simply advertising a business for sale in exchange for a commission is a dicey scenario from a legal perspective in Florida.
3) Business Brokers that work locally in the Orlando area have more accountability to their Sellers.
A national business broker not located in Orlando or in Florida has far less accountability to perform for the business sellers. After all, when the agent does not reside locally you will never see them at the local store, a restaurant or at your child’s baseball game. That accountability matters because the local business broker needs to earn the business from the surrounding community and maintain their reputation. The national broker however can sell any where and if they are a bad performer……… it would be difficult to know ahead of time. Many national brokers even charge up front fees where the majority of business brokers in Central Florida work on a performance-based fee. If there is no sale, there is no commission.
4) Local Business Brokers in Orlando can meeting with potential sellers and buyers in person.
While many meetings and showings take place over conference calls and emails there are still those times when an in-person meeting occurs. Having a business broker physically present at business showings often makes a huge difference. For starters, business deals always tend to move along quicker and more efficiently when all of the parties involved in a deal have met in person. There are always all kinds of questions that always tend to pop up during meetings by either a buyer or a seller that often times business brokers in the Orlando area can answer. Questions typically include those on the seller’s financials and any recast addbacks, referrals for local vendors that can assist in transactions, questions about processes and procedures when handling the deal moving forward and questions about the local area in general. Even when a business broker is working with extremely knowledgeable business buyers and sellers their customers might not know everything. A local business broker in Central Florida that does these types of deals every day will have a ton of information available to help both buyers and sellers move their business transactions forward and because the business broker is local they can show up to every meeting.
5) Business Brokers in Orlando can often sell businesses for more money than a national business broker.
Orlando and the Central Florida area as a whole is a unique place when it comes to buying and selling businesses in Florida. Because there are thousands of people moving into the area every week there is more opportunity to find potential business buyers looking for potential businesses. Many national business brokers have an industry focus where they focus on selling specific industries, but often times the Orlando area business brokers have access to buyers looking at multiple industries. Often times industry outsiders will pay more for businesses because that is their way into an industry they have no prior experience in. Buyers are open to paying a premium in Orlando and the surrounding counties because the demand for good businesses is strong. Your economics class calls it supply and demand. A smaller supply of businesses for sale can lead to a larger demand and higher purchase offers. National business brokers are typically not aware that businesses in the Central Florida area can often obtain higher premiums than similar businesses in other parts of the country. For this reason alone it is important for business owners meet with business brokers in the Orlando area familiar with the area where they are located.
For more information on selling your business with a local business broker in the Greater Orlando and Central Florida area call the business brokers at Crowne Atlantic at 407-478-4101 or check out our website at www.crowneatlantic.com.
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