Has Sold More Businesses In The World Than Anyone.®

Business Broker Franchise
Call VR Business Brokers 800-377-8722

Six Steps On How To Handle Objections When Selling a Business
By Peter C. King, CEOVR Business Brokers/Mergers & Acquisitions
An important part of the selling process deals with handling objections and addressing issues and problems raised by the prospect. Most novices make the mistake of jumping in and attacking an objection, and as a result, lose ground with their prospect.
To be effective at answering objections you must be a good problem solver. To do that you must maintain objectivity. Your prospects and clients are emotionally involved. You, on the other hand, must maintain your objectivity about:
  • Your own sales skills
  • Your clients’ reactions
  • Your prospects’ comments and reactions
  • The actions and reactions of outside parties
Neither buyers nor sellers may show it, but intuitively they appreciate an intermediary’s objectivity. Point out to which issues are valid and which issues are unreasonable. Step away from the transaction and point out those issues to each party. Being objective does not mean that you are removed from the transaction or from the buyer or the seller. In fact, it allows you to relate better to the responses and requirements of both parties. You can develop a good solid trust while still being objective
A more extended version of this technique of handling objections is to go through the following six steps. It takes practice to learn this technique, but you will more than be rewarded for your efforts.
  • Listen to the Objection from the prospect carefully and hear him out. By jumping in too early, you risk annoying the client or answering the wrong objection.
  • Acknowledge the Objection by feeding it back to him. By showing the prospect you are listening, you gain trust, and clarify his real concern. “If I understand you correctly, you’re saying that you believe the down payment for this business is too high?”
The Importance Of Effective Communication In Business Sales
By JoAnn Lombardi, President VR Business Brokers/Mergers & Acquisitions
Just as listening and observing skills are important, so are careful, well thought out communication skills. With important decisions such as buying or selling a business, it is critical to convey each point carefully. Equally important is that the recipient interprets a point in the way it was intended. Obviously, you cannot communicate well if you have not first observed and listened. In the majority of cases, good communication is a function of listening to what the other party has communicated.
Two key elements of good communication are asking questions and giving feedback of the information. There is a wealth of information available to guide you simply by asking good questions.
For example, a good buyer interview, listing presentation, and offer presentation, are all wrapped up in asking good questions.
Likewise, making sure that you use feedback techniques is equally important. Again, this will tell you whether you have interpreted correctly, or whether your prospect or client is actually concerned about a completely different point. You use feedback to constantly confirm a reaction or cross-check facts.
Here’s another example, a business owner has told you that they once tried to sell their business, but was unsuccessful. After listening to the story, you “feedback” the parts which you think are important to them. Let’s take a look at an example scenario below.
What Does the Business Appraisal Process Look Like?
By Shawn Hyde, Executive Director ISBA
One of the most commonly asked question in all the various classes I have taught to new business appraisers is a two parter: “How do I start my first report, and once I’ve started, what do I do next?”
The following is how I generally answer these questions in class:
There is no easy answer to that question. The process looks different for each appraiser. There are certain steps that we all have in common, but the stage those steps occur in the process may vary. The best I can do, is provide an outline of how I go about my process and then answer any follow-up questions you all may have.
1.I get the phone call asking about a valuation. During this call I find out the name of the client, the preferred phone number to contact the client with, the name of the business, the purpose of the valuation, the effective date of the assignment, when the deadline is to have the report delivered, the address (mailing or email) that I will deliver my engagement agreement and document request list to, the address where I will conduct my site visit and management interview, and tell the client what my fee will be for the project.
2. I submit my engagement agreement and document request list,
together.
3.I wait for the signed engagement agreement and my
retainer check.
My Errors and Omissions Insurance carrier explained to me that I will be able to pay the best rate possible for my insurance, IF I receive a signed engagement agreement for each appraisal assignment. Therefore, I do not begin any project before I receive the signed engagement agreement back from the client.
4.I wait for documents to be provided. I cannot begin much of my analysis of the value of a business before receiving the documentation providing the data I will be analyzing. I have had an assignment where I waited over nine months after being engaged for the first stack of financial information. Some clients are able to provide everything I asked for at one time, while others seem to prefer to hand me a single document every so often, and I am constantly chasing that next piece of information. Be careful of these types of clients as your hours invested in the project have a tendency to inflate without any real progress made.
Lower Middle Market Deal Makers Lean into Digital Tools
As the coronavirus crisis continues to evolve, workplace and consumer behavior has transformed rapidly across almost every industry. Businesses of all kinds are experiencing two years’ worth of digitization compressed into months. 
Salisbury notes that includes industries like healthcare and education, which have been notoriously slow adopters in the past, as well as financial services, which he focuses on in the article. More and more customers are banking online, with traditional banks seeing a 50 percent increase in mobile banking engagement since January 2020. As regulations have changed due to the need for social distancing, ancillary services like notarization are increasingly moving online as well. 
Many of the same trends hold true for dealmakers in the lower middle market, where digitization was already creeping into deal processes in a variety of ways prior to the pandemic. Sourcing deals digitally, using virtual data rooms for due diligence, and outsourcing technology for back-office functions at the fund and portfolio company-level are just a few examples of the digital norms that are already well-established in the lower middle market.
But today the necessity for remote work due to Covid-19 has supercharged the role of digital tools in the deal process. Investors, advisors, and business owners are leaning hard into video conferencing tools like Zoom to stay connected to colleagues and those at the other side of the negotiating table. While many acquirers are accustomed to kicking off due diligence with a phone call, now some are being forced to grapple with the question of whether it’s possible to conduct the majority (or all?) of due diligence virtually. 
Paid Online Advertising Options
By James Watt, VR Internet Marketing
In the past I have written about the benefits of writing content, using social media, and obtaining links back to your site. These are all great online marketing avenues, but in general they take time to have the desired effect. So what if you are looking for a more immediate return? That is where paid advertising shines. Below are some options to consider if you are thinking about spending some marketing dollars online.
Pay Per Clicks (PPC)
The most successful and furthest reaching PPC option out there is Google Ads. You have likely seen these ads at the top or bottom of the Google search results page. So how do they work? First you need a Google Ads account. You can set it up at https://ads.google.com. Then you create a campaign. You can set parameters such as geographical location of the user, interests, gender, age and many more. You then create a list of words that will trigger the ad. For instance, if you have a listing for a restaurant you want to promote in a certain city, you would target everyone in that city who is searching for “restaurant for sale”. You then set a spend limit for each day. The system will optimize the bids for each term to maximize your budget. Clicks generally cost anywhere from $.50 to $4.00 depending on your parameters and keywords.  
There are many more details and options within campaigns, but Google does a good job of making it manageable for the majority of people. And if you don’t feel up to it, there are many marketing companies who specialize in creating and running Google ads.
The great thing about PPCs are that you get in front of users right when they are searching for the information. This often results in a high conversion rate.
Consulting & Training Service | Easley, SC
Dry Cleaning Plant  | Houston, TX
Traffic Control Business | Ebensburg, PA
Hair Salon & Spa | Miami, FL
Restoration Business: Water, Fire & Mold | Sugarland, TX
Physical Therapy practice | Apollo Beach, FL
Water Solutions Company since 1994 based in Hawaii has headquarters in Maui and a satellite in Oahu. The company has 220 active commercial accounts, plus 1600 residential accounts. Commercial water filtration system applications range from Boilers, Autoclave Ultra-Pure, Spot Free Car and Aircraft Washers, Offices, Hotels, Restaurants and Coffee Shops.
Maui headquarters occupies 10,000 SF warehouse to accommodate manufacturing, service, storage and retail operations. The store front is capable of selling 15,000 gallons of purified water on busy days. Many locals have come to rely on their consistent and safe purified water. The Oahu store is a dedicated retail operation with 6,000 gallons per day capacity, and it serves as a satellite to service many commercial accounts. The retail store offers many accessories and equipment for walk in customers.
All assets, equipment’s, inventories, systems, brands, URLs, furniture, fixtures, lifts, and vehicles are included in the sale. This is a well-staffed turn-key operation. Seller is ready to retire, and can offer quality training to the Buyer.
For more information contact: Ran Kim
VR in San Antonio, TX Successfully Facilitates the Sale of a Highway Safety Equipment Company
This business was a long established and well respected retail and installation company. The business was established in 1980's and specializes in the installation and service of highway safety equipment. 
The business has earned a loyal and solid customer base by adhering to the highest standards of quality, integrity and honesty. They were committed to delivering the best quality products and service at a competitive price.
This Company boasts an established name and quality reputation; enviable customer lists and long-term relationships; and the proven ability to achieve long-term stability and success through both prosperous and challenging economies.
Congratulations to Carlos Guevarafor your successful closing. For more information contact cguevara@vrsanantonio.com
Gift Boutique | Greenville, SC
Midas Auto Repair | Los Angeles, CA
Artistic Flowers & Designs Shop | Saint Petersburg, FL
Painting with a Twist Studio Franchise| Dallas, TX
Tea & Coffee Store | Artesia, CA
Roofing Services Business  Denver, CO
Light Manufacturing Business South Carolina Area
Plastic Forming Business Hialeah, FL
Thinking of selling your business or looking for an established 
business to purchase? Contact a VR Office Near You!
Have You Ever Considered Selling Businesses?
Small businesses make up over 56% of the annual U.S. GDP and every year a large amount of them change hands. VR is the industry leader in facilitating such transactions. Click here for more information on how to join VR.
As a loyal subscriber of Today’s Business Owner electronic magazine, we invite you to click on this link follow us on LinkedIn.
Now you can be updated daily on business sales, valuation techniques, mergers and acquisitions, career opportunities with VR, and much more.
Be the first to find out about new businesses for sale, and what has just sold.
Business For Sale Alert
Business Broker Newsletter
Business Broker Franchise
VR Mergers & Acquisitions
  • +1 (800) 377-8722
  • 2601 E. Oakland Park Blvd, Suite 300 Fort Lauderdale, FL 33306

Copyright © 2019 VR Business Brokers. All Rights Reserved.