1) What does a business broker do?
Brokers primarily provide brokerage services for clients who are seeking to sell or buy a business. Usually, but not always they act for the seller.
At Weybrook our aim is to provide dedicated support to our clients from the moment we are engaged until the deal is completed. We work very closely with all relevant parties including lawyers, financial advisers and directors. Our point of difference is that we don’t go for a large volume of clients, choosing instead to work with a select few, whom we believe we can close a deal for.
Business brokers perform many duties including:
Conducting an evaluation of a business and pricing it with a professional valuation.
Drafting an offering summary, sometimes called a confidential business review. It becomes one of the most important marketing / sales documents and is provided to prospective buyers only after they have signed an (NDA)Non-Disclosure Agreement and have been checked by the broker.
Marketing the business to the most appropriate audience whilst maintaining strict confidentiality.
Introducing prospective buyers to the business after insuring confidentiality agreements have been signed.
Facilitating/attending meetings between the seller and prospective buyers.
Handling negotiations between the parties after an offer has been made.
Assisting the due diligence process. Offers to purchase are almost always made contingent upon a further due diligence investigation.
Ensuring the buyer has sufficient finance to buy the business. If the broker is not a qualified Financial Advisor this does not include financial advice.
Assisting the scheduling of and facilitating the closing of the transaction.
Brokers can also find prospective target acquisitions for clients.
Brokers can advise clients on action plans to prepare their businesses for sale.
For clients looking to sell businesses go to: https://www.weybrookbusinessbrokers.com/sell-my-business/
For clients looking to prepare their business for sale go to: https://www.weybrookbusinessbrokers.com/preparing-your-business-for-sale/
For clients looking to buy a business go to: https://www.weybrookbusinessbrokers.com/acquire-business/
2) Why did you become a business broker?
I have always been interested in business and businesses. Throughout my career I have been involved in aspects of M&A (Mergers and Acquisitions), including integrating businesses after a merger, demerging and selling businesses, being part of MBI (Management Buy In) and MBO (Management Buy Out) teams. In addition, I have led business turnarounds and merged operations to create profitable businesses. More recently when considering purchasing myself, I discovered a gap between my expectations and the service the brokers were offering in every potential transaction.
Put quite simply I am a broker who loves businesses and at Weybrook our aim is that:
When the time comes for owners of privately held businesses to sell, we help them transfer the business to new owners. We help make that happen by offering dedicated service for a small number of select clients. On completion of an evaluation and agreement to work with a client, we become part of a team looking to achieve the best possible transaction.
I am passionate about giving my clients an excellent service and I believe that sets me apart.
At Weybrook we work with privately held businesses with a turnover up to £20m.