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INVERVIEWING
When interviewing a broker candidate, you should ask the following questions:
- How do you screen buyers?
- How many people work at your firm?
- Do you have other offices?
- How many people will work on my deal?
- How many deals have you completed in the past year?
- At what prices?
- What were the general terms?
- How long did the deals take?
- How did you get leads for these sales?
- Did the sales come from your network?
- Do you advertise?
- How much do you spend on advertising?
- Where do you advertise?
- Will you advertise for my deal?
- Can you show me examples of the advertisements?
Screening buyers is at the heart of a broker's responsibilities. Any good broker should have a very detailed list of criteria. When you work with a broker, you can streamline the search by specifying the type of buyer you want.
You want to work with a firm that has conducted at least five deals in the past year because that would show they know how to execute. The general terms and prices should be in line with the industry. It might seem curious, for example, if you find all the deals included earn-outs.
