The decision to hire a merger & acquisition adviser requires interviewing advisers and brokers the same way you would approach the hiring of a new employee.You need to ask the right questions upfront.
But one question that business owners must ask is one that will surprise you. Not because its an odd question, but rather that most business owners would assume it need not even be asked.
In the last few weeks I have represented a Buyer that was interested in two different businesses that we visited – one in person and one via a conference call. In both instances the business owner was represented by an invisible broker.
Both times the business owner was left to fend for himself. In other words the owner’s broker never showed up. In one instance the owner’s broker simply said to the client – “Let me know how it goes”.
In all the years I’ve been representing sellers or buyers I’ve been at every single showing of a business – whether I represent a Buyer or a Seller.On those very rare occasions when i had an emergency or I was out of town, my colleague at The Wheatley Group was there.
Put simply, I believe that being there for a client is one of the key responsibilities of a broker.They are there to protect your interests.They cannot do that sitting at home in front of their TV.
When you hire a merger & acquisition or business broker firm you should ask right up front if the broker will be at EVERY meeting. If the answer is no then you’ve got the wrong broker.