Have you ever bought a business before? Do you know what to do in regards to the process? First thing is first, you need to hire a business broker. Once that business broker is hired, what do you do next? Ask real estate questions. As a buyer, you need to ensure you are prepared with all the necessary knowledge and information. We at Rockrose Realty Inc. are here to assist. Our Orlando office is equipped with business brokers who have all the advice you need.
Solve Future Problems Before They Occur
The best way to solve future problems is to address the issue before a problem arises. You need to make sure ask all the appropriate questions before you sign the deal. Have a conversation with your business broker because it may be your last chance. You do not want to sign the commission agreement and find out down the road that this was a bad decision for you. This conversation can save you time, money, and heartache later.
Real Estate Questions To Ask:
- What is the commission for the business for sale? Because every transaction is different, every broker will charge a different percentage based on the potential sale price and difficulty of the deal.
- Is the real estate you are selling included in that percentage? This typically happens when you are selling real estate along with your business. You need to ensure that you have a very specific conversation with your broker and figure out whether or not the value of the real estate will be part of the commission for the transaction.
- Are there any fixed expenses associated with the business for sale? The agreed percentage or fixed commission will cover all the fees related to the broker, in most cases. However, this is not always the case. Sometimes there are certain costs incurred by the broker that will be tacked on to the commission amounts. You need to know what these extra expenses are.
- Who will pay for the marketing of the business? Usually, a broker will make you be in charge of the costs for marketing the sale of the business. These expenses can add up fairly quickly depending on the level of advertising.
- Is this agreement exclusive? It is normal for business brokers to make an arrangement with you that permits you from not associating with other business brokers when it comes to the business for sale. This information is necessary to know when you have ideas of using multiple brokers simultaneously.
- How long will this agreement remain in effect? Because most arrangements are exclusive, you need to know how long that exclusive agreement lasts for. If you are unsure whether the broker you choose will do an adequate job, you want to how long you will have to wait until you can look for another broker.
Contact Us Today
Whether you are selling or buying, you need to have everything on your list checked off. You need to cover your assets. This can easily be solved by asking your business broker the right real estate questions. At Rockrose Realty, we are here to provide you with our expertise. Call our Orlando office today for more information.