Finding a business broker in Denver is not that hard. However, each business broker is different, and not all of them will be an appropriate choice for you. Following are 9 of the best tips for choosing the best Denver business broker out there.
One of the best things you can do in our modern era of information is check online to see if the business you’re relying on is legitimate. To make sure you’re choosing the right Denver business broker, check to see if they hold a Certified Business Intermediary (CBI) from the IBBA (International Business Brokers Association). Moreover, it could be good to go a little deeper into their track record and see if they have good references from past clients.
- What Is Their Strategy?
A reliable business broker will have an excellent strategy lined up to help you sell your business or buy a new one. Carefully look at their strategy and compare it to others. Also, ask them questions as to how that particular strategy might be able to help your business specifically.
- Hire a Specialist
When hiring Denver business brokers, you have to look for one who specializes in the type of business you own and the type of transaction you hope to get it through. Avoid generalists, and make sure your business broker will be a true professional.
- Ask About Experience
Just like you wouldn’t want your new fence to be installed by an inexperienced contractor, you don’t want your business to be in the hands of someone who can’t take proper care of it. Look for an experienced Denver business broker above all.
- Get Informed and Compare Insights
Before hiring a local business broker, get informed about the process, and ask a lot of questions about how they plan to help you out. Then compare their answers to what other experts in the industry might have to suggest on that topic.
- Make Sure Your Needs Are Prioritized
If you try to call your business broker several times, and you hit their voicemail or they say they’ll call you back, chances are they might be too busy to take care of your interests. You can check or inquire about their current listings to find out how many they have, and that will also give you a clearer picture as to whether they even have enough time to allocate to you as well.
- Don’t Forget to Negotiate
It’s also important to get informed about the fees that most Denver business brokers would ask for and negotiate the cost to your advantage. It’s not a good idea to hire the cheapest broker, but don’t let them convince you that you have to spend a lot more than the average either.
- Avoid Committing for Too Long
Typically, it can take up to 6-8 months to get your business sold. In Denver, with the help of the best brokers out there, you can do it in less. So make sure that you don’t commit too much time and effort. If you see the broker isn’t doing their job within that time period, it’s unlikely that an extension will help.
- Have Faith in Your Instincts
Aim for the best broker in Denver, but don’t try to over analyze the problem. While it’s a good idea to get informed, trust your gut too, and act on your instincts regarding the business broker you choose and the offers you accept.
Any workplace must be safe for employees. To ensure that companies are taking measures in this respect, the Occupational Safety and Health Administration (OSHA) stipulates that there must be at least one person in charge with monitoring safety in each workplace.
Their role is complex. A safety specialist must:
- Identify risks associated with the specific workplace
- Create a set of safety measures
- Train all staff and display the safety measures prominently at the workplace
- Take necessary actions required by the law in case of accidents
- Update the safety procedures as per the changes in the OSHA.
How Do You Find Experienced Safety Specialists?
Looking at the job requirements above, you realize that you cannot risk hiring an inexperienced person, or someone who lacks proper certification. In theory, you can write a clear and concise job ad, post in online and start the selection process.
In practice, you are not sure what makes a good safety specialist. Some professionals are very good in a specific industry or field of activity, but would not perform well in your organizations. Others are simply not a good fit for the job, even though they managed to obtain the certification.
The Solution: Hire a Safety Staffing Company
The simplest and most effective solution for you is to outsource safety to a specialized temp hiring agency. These agencies have a very precise screening process for their employees. They know the latest changes to the safety and health rules, they have a list of best practices for successful employees and they pick only the best.
As for your company, relying on the experience of a safety staffing agency has multiple benefits:
- You Save Money
There are many hidden costs to hiring an employee. You need to offer them various benefits, such as health insurance or pension plan, if you want to attract top talent.
When you hire a safety staffing agency, you pay a fixed monthly fee and nothing else.
- You Fill In a Vacancy Quickly
You cannot afford to lose time looking for the right candidate for the job. Your company must have a safety specialist at all times. Once you signed the contract with a safety staffing agency, they will send an employee to your workplace on the agreed date.
- You Access Special Skills for Short Term Projects
In some cases, you may need a very skilled safety specialist to investigate an accident or provide feedback on proposed changes to the workplace equipment and processes. Such a specialist would not agree to work for you for a very short time.
But a safety staffing agency can quickly supplement the existing staff at your premises with the specialist you require for this short term activity.
- You Have a Clear Safety Procedure in Place
A safety staffing company will offer you assistance in creating rules and procedures that meet legal requirements. You will not have to wonder whether you are complying with the law or may risk a hefty penalty.
- Find the Best Fit for Your Business
When an employee is not a good fit, you have to follow a set of procedures to let them go. This costs time and money. When the specialist sent by the staffing agency does not perform to your satisfaction, they will be quickly replaced with a new one.
When your business is for sale, you need to be especially careful that everything looks perfect. In fact, this is the time when extra effort to keep things in the best shape can really be worth it. Think about it: just like a house that is for sale, you want your business to look good. So, it has to work well, you must have the the financial records, a good inventory and well-maintained working area. People want to buy a successful business, not one that has obviously been neglected. You will also want to make sure that you have reduced the company’s debts as much as possible, that you have resolved existing lawsuits and that all tax obligations are up to date.
Before giving a tour to potential buyers, prepare your business to look at its best. Here are some tips on how to sell your business by making a good first impression:
- Do a general cleaning. Look around to see if there are any areas or equipment that need to be cleaned, repaired or replaced. It will be worth the effort, because any buyer will appreciate a clean and fully functional business environment.
- Get rid of obsolete equipment. In this way, the business will appear more active and the sales process will be easier, because it will not include technologically outdated equipment.
- Prepare your workforce. Potential buyers will appreciate the employees who will remain in the fray during the transition process and after the sale.
- Renew commercial leases in advance and make sure they can be easily transferred to a new owner.
- Be present online. In the digital world we live in, the first thing a potential buyer will do is search for your profile and business online. So, make sure that the company’s website is functional and all the links are active. Also, do a brand audit and make sure that no unprofessional or compromising aspect appears on internet searches that have to do with your business.
- Another important step is to choose the sales team. The complexity of the company and the time allocated to the sale will determine whether you need a lawyer, an accountant, or an entire team (evaluator, consultant, broker) in your sales team. Many business brokers can also do an evaluation, so often a specialized evaluator is not necessary.
By following these steps in preparing a business for sale, you are more likely to find a good buyer and maybe even get a higher selling price.
Last but not least, you will need to identify serious buyers in the process of selling your business. You may be pleased with the large number of people who respond to your sale advertisement, but, surprisingly, most people who seem interested never buy. Therefore, it is important to distinguish between those potential buyers who have a real interest in your business and those who only do window shopping.
People respond to business sales ads for a variety of reasons, from curiosity to market research. In addition, many intend to buy a business, but do not have the necessary experience or funds. In these situations, your instinct can play an important role in the final decision.
What is an insurance broker?
Insurance is not just selling – purchasing policies. Contracting insurance services requires professionalism and also good knowledge. The opinion according to which you can solve the problems related to risk and insurance management without knowing the law specific to the insurance activity and risk management is wrong. It requires qualification, experience and a professional approach.
But how to make a correct choice among the big number of commercial vehicle insurance brokers operating on the market? How to negotiate a good coverage at a minimum price? How to conclude a contract that would guarantee you to obtain compensation from the insurer upon the occurrence of the insured case? All of these, as well as the answer to other questions fall within determining the competence of an insurance broker. A broker has a special role, acting as an intermediary between the seller and the buyer of insurance services.
However, a contemporary broker is no longer a passive intermediary. In the past, the role of a broker was limited to helping the client in calculating the insurance premium and selecting the lowest quote on the market. Insurance brokers now operate with the client’s risks, on their behalf, being a consultant specialized in carrying out the risk management activities.
The contribution of the broker in the formulation and elaboration of the client’s risk management system diminishes the final price of the insurance policy. The broker, being the risk manager of the buyer of insurance services, represents in fact the form of the consumer’s presence on the market. Under current conditions, customers are becoming more demanding in relation to the component and quality of the insurance service. Thus, the broker is now able to organize the protection of the client’s patrimonial interests, by taking into account their particular character and interests.
Contemporary brokers, in their activity, must be able to accomplish the following functions:
- Advisory function, which includes: risk analysis and evaluation, elaboration of an adequate insurance program, management of the insurance process
- Operative function, which includes: placing the program on the insurance market, maintaining the coverage offered to the client, participating in the regularization of the damage on the part of the client, perfecting the documentation (drafting the contract projects, drawing up the final document, ensuring the circulation of documents between parties, the follow-up of the insurance contract etc.);
- Financial function, which involves redistribution of the insurance premium between insurers and reinsurers, collecting and transferring the amount of compensation to its client.
In order to successfully perform its responsibilities, the broker must know the insurance techniques for various categories of risks and the legislation – in other words, be an expert in the field of insurance legislation and practice. Also, they must know the market, which means being present on the market every day and making an opinion about each insurer, its reputation, the quality of the services and insurance products offered, the degree of financial security and its reliability. A broker knows about the market much more than the most educated client.
If you are looking to improve your sales by using social media, there are several methods, confirmed by sales training specialists like The Growth Coach – Greg Bennett , that you can choose from. They depend on the social networks that you use, but typically, it doesn’t matter if your clients are on Facebook, Instagram or LinkedIn, because there are sales tips specific to each of them. For example, on Instagram, you can post as many promo messages as you want, as long as they are original; on the other hand, on Facebook, you should avoid exaggerating with the “buy product” posts.
Here are the most important things to consider.
• The relation with your potential clients
The internet makes it easier than ever for people – including your target audience – to select the information they want to interact with. This can be good and bad at the same time because, often, a too large number of “buy product” posts will determine people to stop interacting with you and your business page. This is a clear sign that your business approach is aggressive and should be changed if you want to keep people interested.
The best method? Pay attention to current trends and use funny pictures (meme), videos, interesting articles and provide a permanent link to the selling page where you want to attract the customers.
• The tools and the trends
Every year – and, in some of the cases, even more often! – social networks change something, add another tool that may be truly useful in attracting people to your business page. Let’s just think about hashtags that have caught the public so well, or the options to make live transmissions that people enjoy so much.
Many of these tools introduced by social networks have generated trends. Try to use them and maximize their potential. For example, hashtags can turn into a great tool to gain more visibility, while with a live show, you can present how you create a product or simply show some interesting things inside your company.
• Solving problems
Social networks offer some great opportunities for your business:
– creating quickly and efficiently a customer relation department
– search the market’s trends and demands
– listening to and participating in people’s conversations about your products/ services (and your competitors’!) which provide valuable insights.
No matter what you sell, you must pay attention to the way that people interact with your business, as well as to the general direction of the market. Do you have a delivery department, or collaborate with a delivery company and many people complain that they do not get their parcels during the weekends? Change the schedule, so that those people who use the services of your company can get their parcels during the weekends. All these apparently little details that you can get from social networking can help you be one step ahead of your competitors – which should be one of your main goals.
If you are not sure about making the most of your online strategy, you can consider taking some sales training courses and improve your knowledge and skills.