Business Brokerage .
Steve Skrlac, MBA, CFA
sales representative
.
Ontario Business Brokerage
Serving the Greater Toronto Area (GTA) from Toronto – Hamilton
Focusing on Businesses Valued From $100,000 to $5 million
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Business Brokers Ontario, Canada
What to look for in the professional you work with
To be a professional business intermediary (or “sales representative” or business broker in Ontario) takes a unique blend of skill, experience, education – and proper licensing and registration. This article will touch on some of the skills and qualities that you might consider in a business intermediary.
Must be properly licensed & registered What to look for in the professional you work with Financial Acumen Communication Skills Marketing Ability Prior business ownership experience Education Buying or selling a business can be a long process. Please choose to deal with a sales representative or business broker in Ontario that has the proper credentials and background to assist you during the process.
In order to trade in businesses in the province of Ontario, a person must be licensed and properly registered through the Real Estate Council of Ontario (there are many business brokers in Ontario that are unregistered so please use caution). A person must obtain a real estate license in order to trade in businesses – the Act treats businesses as real estate under the law. If you want to deal with a professional sales representative or business broker in Ontario it is important to have an understanding that they must be legally registered and undergo the steps necessary in order to receive proper licensing and registration. They must also work under a registered brokerage. Please ensure that you only deal with properly licensed and registered individuals.
To be a successful business intermediary (or “sales representatives” or business brokers in Ontario) a person ideally should possess a unique skill set in order to better serve his or her clients. Here is a summary of some of the skills that can assist a person become a successful business broker:
A business broker in Ontario must wear many different hats but, fundamentally, they must have an extremely strong grasp of financial analysis and skills required to value/price a business for sale. Determining a listing price for a piece of real estate is fundamentally different than determining one for a business. Dealing with a professional that focuses on business brokerage would be beneficial.
Selling a business required much communication between buyers and sellers and keeping the negotiations moving (and open) is a skill set that you should look for in a business brokerage professional.
Advertising a business for sale is not like advertising a home for sale. In most instances a business sale must be kept strictly confidential. Dealing with a business broker in Ontario (or sales representative) that can aggressively, yet confidentially, market a business is a major bonus.
If a business broker owned and operated a business in the past, this could be considered a major bonus. Not only would they be sensitive to what it takes to operate a business, but they would also appreciate the perspective of a buyer and seller in a transaction.
Besides the education required to obtain a real estate license, a sales representative or business broker in Ontario should have some formal education that would assist them in their profession. A business, accounting or economics degree would be especially helpful in the profession.
