The Benefits of Selling with a Certified Business Broker
When you’re selling a business, you need an expert on your side to ensure a smooth transaction and minimize stress. While you’re in excellent hands with any Sunbelt business broker, selling with a certified business broker is one way to ensure you’re working with an exceptional intermediary. Continue reading to learn more about certifications to look for when enlisting the help of a business broker.
Types of Certified Business Broker Designations
As you begin your search for a certified business broker in your area, learn about the various designations that make one business broker stand apart from another.
About the Certified Main Street Business Broker (CMSBB) Designation
Through the Sunbelt Business Brokers franchise, Sunbelt office owners and intermediaries are able to obtain the Certified Main Street Business Broker (CMSBB) designation. By completing the 10-week CMSBB training courses and passing the final exam, participants master the ins and outs of the business brokerage industry, and brush up on their business valuation, pricing, accounting, negotiating and recasting skills.
When working with a Sunbelt broker that has undergone the CMSBB training, you can feel confident that you have an expert representing you and your business.
About the Certified Business Intermediary (CBI) Designation
Selling your business might be one of the most significant decisions you’ll make in your career. By teaming up with a Certified Business Intermediary (CBI) from Sunbelt Business Brokers, you can rest assured that an expert is guiding you through the sales process. Below are four primary reasons that business owners prefer selling with a Certified Business Intermediary.
Before even being considered for the CBI designation, a broker must prove that he or she meets all of the requirements. Some of the most notable prerequisites include active IBBA membership, at least three years of full-time industry experience, completion of all credit hours, attendance at an IBBA conference, attendance at an IBBA Educational Summit, and completion of the CBI exam.
By setting these strict requirements, the IBBA is able to ensure only those brokers who are well-experienced earn this exclusive designation.
Education and Course Hours
When selling your business with a CBI, you can be confident knowing that you have an educated professional representing your business. To earn the CBI designation, a business broker must complete at least 68 hours of courses through IBBA University or M&A Source. Additionally, those brokers awarded with the designation must participate in continuing education and complete recertification requirements every three years.
When it comes time to sell a business, you need professional representation that you trust wholeheartedly. Fortunately, all CBIs pledge to uphold the high ethical practices laid out in the IBBA’s Code of Ethics. Enlisting the help of a CBI to manage your sale will ensure that confidentiality and integrity are maintained throughout the entire transaction.
In addition to completing 68 credit hours and meeting the long list of requirements laid out by the IBBA, CBI candidates must sit for the comprehensive CBI exam. To demonstrate their knowledge of the deal-making process and business brokerage industry, candidates must pass the exam with a minimum score of 70 percent.
Although there are plenty of fantastic business brokers in the field that have chosen not to pursue the CBI or CMSBB, these designations are one quick and simple way to identify a qualified, professional broker. With a higher level of training and education, CBIs and CMSBBs have access to more potential buyers and market information to ensure you successfully sell your business.
For assistance finding a certified business broker to help sell your business, visit the Sunbelt Business Brokers office locator. While many offices have CBIs and CMSBBs on staff, all Sunbelt offices are well-equipped to help you maximize the value of your business and close a deal.
Brian Knoderer is the President of Sunbelt Business Brokers. He has over 20 years of experience as a business owner and managing business transactions. As a seasoned intermediary, Brian has successfully represented companies in a broad range of industries helping business owners achieve their desired exit strategy or growth initiative.
Brian is also co-owner of Sunbelt Indiana and Managing Director of MMI Capital Partners, a franchisor focused investment banking firm.
Previously Brian was involved in several entrepreneurial ventures as well as having held corporate roles in Franchise Development for Prime Hospitality and Choice Hotels.
Brian is a graduate of Ball State University with a degree in Management Information Systems and earned his MBA from Butler University. He has received the Certified Merger & Acquisition Advisor (CM&AA) designation, holds both the Series 7 – General Security License and the Series 63 – Uniform Securities Licenses, and is a licensed Real Estate Broker. He has been affiliated with several organizations including the Entrepreneur Organization, a Member of the International Business Brokers Association, Venture Club, and a Board Member of The Entrepreneur Institute.