1. Why should I list my business instead of trying to sell it myself?
Many reasons: Confidentiality, time, legitimacy, selection process, negotiating experience and comprehensive contracts are just a few of many skills that your professional from First Choice Business Brokers brings to the transaction.

2. How long will it take to sell my business?
An average business sells in 3 to 4 months however; the time can vary substantially based on the type of business and market conditions.

3. Why is your commission higher than the 6% I paid to sell my house?
A residential agent takes a house listing and places the listing into the MLS. Business Brokers market and sell their own listings. Selling a business is a highly specialized field that requires significant confidentially and experience.

4. Why do I need to sign a listing? Why can’t you just bring me buyers and I’ll sign your papers at that time?
Federal Statute of Frauds says “All contracts regarding real property (including a lease) must be in writing. We can’t legitimately market your business for sale unless we have a full listing in writing.

5. Why can’t I list the business with you and also try to sell it myself?
Although possible, it will cause confusion and problems, which often creates delays and lost opportunities. Many serious buyers will only deal with a licensed business sales professional.

6. Why shouldn’t I list my business with my Realtor friend?
While your Realtor may be very skilled at selling houses, business sales require a completely different and more specialized set of skills and experience. In addition, NRS (Nevada Revised Statue) states that no licensee may operate outside their scope of expertise. Now all agents dealing in Business brokerage are required to have an additional Nevada Business Broker Permit.

7. I have a few friends who said that they might be interested in buying my business; I want to be able to sell it to one of them without paying your fee?
Not a problem, we will exclude your friends for 10 days from the listing date. If they do decide to purchase the business during that 7 day period we will assist you at a reduced fee.

8. I don’t want to pay the minimum fee, why can’t you change or eliminate the minimum fee?
Company policy has been set and the agent is not authorized to change the fee structure.

9. Why can’t I change the wording in the Broker Agreement?
Agents are not authorized to accept any listing where changes have been made on the form provided. Our agreements have been developed over years of market experience.

10. Why should I show my records to your buyer, he/she might be with the IRS?
An IRS agent MUST identify him/herself up front. The buyer must see your records to determine what they want to offer and to complete their due diligence.

11. Why must you advertise locally, my competitors and employees will find out I’m for sale?
90% of our sales come from buyers who read the local newspaper or see the information on the web. All advertising is done generically to maintain confidentiality.

12. Why do I have to talk to the buyer during the sales process, I didn’t do that when I sold my house?
A successful sale depends on the buyer understanding and feeling comfortable with your business. Only you can convey the intimate details of your business.

13. Are you going to advertise my listing in the MLS?
NO, this form of advertising does not protect your confidentially, it is meant to advertise homes to the masses.

14. Why should I offer seller carry financing?
All buyers, just like you, want to leverage their funds. A seller who is willing to finance part of the sales price opens the door to a larger number of buyers and typically receives a higher price for their business.

15. What happens if I carry a note and the buyer does not make the monthly payments to me?
Although it seldom happens, if a buyer is in default, a seller has the right to repossess the business regardless of how much of the purchase price has been paid to the seller. Most courts have been very generous in allowing a seller a quick hearing to retake the business in the event of default by the buyer.

16. Why should I still be responsible for the rent, why can’t the buyer get a new lease?
Landlords usually refuse to release any signor to the lease. If a new lease is possible, it should be negotiated with the landlord or leasing company.

17. What happens if the buyer assumes my lease and does not pay the rent?
Depending on the court, the possibility exists of taking the business back even if the seller has been paid in full. The landlord’s only objective is to collect rent. Who better than the seller to run the business? In this event, most sellers take back the business and put it on the market. (Remember the seller has already received their money from the first sale!).

18. If the purchase price is lowered I want you to lower your fee too.
Our fee is automatically reduced as a percentage function when the price is lowered but our job is the same whether we sell the business for $50,000 or $500,000.

19. Why can’t you take a pocket listing?
Most people, including many agents, don’t understand what a pocket listing is. A so called “pocket listing” is simply a written listing but the agent has asked his company NOT to give the information out to other agents until the agent has presented the listing to his/her client first. It is STILL a regular written listing.

20. I know that you said that my business was worth $100,000, but how about listing it for $200,000?
It is said that overpriced listings help sell other listings. Which category do you want to be in?

21. How many businesses have you sold, how long have you been in the business?
First Choice Business Brokers, formerly known as Nevada First Business Brokers, has been in business since 1994 and is the largest business sales organization in Nevada. See the Partial List of Sold Businesses.

22. I really need someone to sell my business who has experience in my field.
First Choice Business Brokers is in the business of selling businesses. We don’t know how to operate printing equipment, yet we sell print shops, we don’t know how to style hair but we sell hair salons. Our job is to sell businesses, not to operate them.

23. Can you advertise my business in the Wall Street Journal or USA today?
Buyers who are looking at businesses under $3 to $5 million are not looking in the WSJ. We advertise locally, on the web and through our proven marketing methods.

24. Do you check out the credit of potential buyers?
No, we are not authorized run credit reports. When the buyer applies for the lease, the landlord usually does that. If you are carrying a note, a credit report can be requested from the buyer.

25. How do you qualify your buyers?
Depending on the type of business that we are selling, we will require the buyer to provide proof of their available funds. We may ask to see bank statements, stock market accounts, CD’s, or any other proof.

26. How do you know if a buyer is serious?
Our business sales professionals interview the buyers and ask a series of questions to try to determine their suitability and desire to own a business such as yours. However, there are no guarantees.