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Thursday, January 15, 2015

The ABCs of Business Sales

Peter King
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The ABC's of small business sales are the sequence of events, the basic steps, which should be taken to be successful in the business broker industry. These basic steps are outlined below and explained in detail in the subsequent sections of the course. They form the basic backbone of the VR system of sales.

The sequence of these steps is very critical. There are no short cuts. Each step should be done completely and thoroughly. It is very difficult to go back and redo a step. Therefore, the first time through, each step must be done correctly. If each step is done correctly, the intermediary will have the benefit of a successful transaction. These steps constitute the basic building blocks of a transaction. If any step is missed or done poorly, the entire transaction can come tumbling down.

You can think of the transaction as a bridge; with A - the steps of working with a seller to prepare a business for sale are the blocks of one pier; B - the steps of qualifying and educating a buyer build the blocks of the opposite pier; And C - the coordination of the transaction is the bridge span between the two. If any component step, or block, is left out or poorly performed, the bridge cannot stand, and the transaction will fall through. Each step must be done in the proper sequence and with precision.

These steps encompass the major components of VR’s business:

A:  Attention to Seller Detail

B:  Buyer Management

C:  Coordinating the Transaction

Although there are exceptions to every rule, the ABC's of business sales and the concepts outlined here are the basics designed to help you achieve success more frequently. A true professional knows he can't build success based on the exceptions in life. Successful Intermediaries follow the rules.    


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