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eople sell and buy businesses everyday. Just take a peek into your newspaper's classified and you will see lots of businesses being bought and sold. However, buyers and sellers both face problems if they are unfamiliar with the processes involved in the sale and purchase of a business. Pretty much like real estate agents, people approach business brokers for their knowledge and expertise in expediting a business sale transaction.
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As a business broker, you will bring together buyers and sellers of small to medium sized businesses, ranging from florists to car dealerships and restaurants. As mentioned above, your responsibillity is to find the best deal for the buyer and seller and to either walk them through the legal and administrative procedures. Your clients will look to you to help them avoid costly mistakes. As an objective intemediary, you will market the strong points of the seller's business while helping the buyer find the ideal business that meets all their requirements. As a business broker, you will need to have a strong grasp of business laws with a solid background in finance and accounting. Needless to say you will need to be a convincing negotiator.
Statistics reveal that one out of four U.S. businesses changes hands in every five years. Business transfers in 1999 generated $300 billion in revenues, including those not sold through business brokers. It is estimated that 25 to 50 percent of company sales are handled by brokers. For the bigger deals, brokers often charge anywhere from 5 to 10 percent as commision and flat fees for smaller transactions.