Additional information on each question from 50 Questions to Ask a Business Broker When Selling a Business
Q3. Are you a member of any professional business brokerage organizations?
Why should you ask this?
Some professional affiliations that can strengthen the broker’s credibility include:
- American Business Brokers Association (ABBA)
- International Business Brokers Association (IBBA)
- M&A Source
- National Association of Certified Valuators and Analysts (NACVA)
- Association of Professional Merger and Acquisition Advisors (APMAA)
Affiliations and memberships can sometimes be found listed on the broker’s website, it doesn’t necessarily mean they are current members, so I always like to check.
I also like to see if a broker is a member of any other professional organizations, like one’s relating to an industry they might specialize in. A restaurant broker might be a vendor member, for example, of a state or national restaurant or lodging and restaurant association. Do they belong to a local Chamber of Commerce, are they involved in volunteering or any other philanthropic participation? I believe you can tell a lot about a broker from their involvement in an industry they specialize in and participation in their community.
