We have seen a lot of promotional news items and discussions lately telling us it is a great time to buy a business.
For instance, Interest rates are as low as they are ever going to be, banks are starting to lend money, business values are lower and good deals area available. Sellers are being told they should market their businesses now because of the pent up demand of people out of work looking to “buy a job”. Also, Capital Gains taxes may go up next year. These are all valid observations.
However, while these things are all good reasons to buy, buyers right now should have the same concerns they always should have. The right time to buy is when it makes sense in terms of your current situation. For sellers the same advice is appropriate.
If a buyer has an appropriate down payment, and finds a business they feel comfortable they can take over and run, and they can see themselves making good money and a return on their investment, then “it is the right time to buy”, whatever other factors are involved.
Likewise, is a seller has reached the point where they have to sell, either for reasons of health, or because it is time to retire, or other circumstances making it appropriate to leave, then the challenge is to arrange a sale, under current conditions, that gets them the best deal they can arrange.
In other words, any time can be the right time to buy or sell, totally depending on the individuals circumstances and whether a deal can be structured for a win-win purchase or sale.
There has been a lot of discussion recently about the changes coming in the Capital Gains tax. Some of the changes are built into current law, and there is a lot of speculation that there will be more serious changes proposed when the Congress has to consider the expiration of the current rules at the end of this year.
The situation is well described by Monty Walker in his January newsletter copied here:
Federal Capital Gain Tax Rates:
Where are they headed?
Since 2003, the top tax rate on most capital gains has been 15% for people in the 25% or higher tax bracket. Although a lower level tax rate has also been in place since 2003 for people in the 15% or lower tax bracket, this rate is only applicable until a person has enough income to cause him / her to enter the 25% tax bracket. As a result, for people incurring a capital gain from selling a business, most of them are in at least the 25% tax bracket so the top 15% rate is generally the rate they experience.
The current capital gain rates are scheduled to expire effective December 31, 2010 due to a time lapse built into the regulations associated with the 2003 gain reductions. This time phase-in is known as a sunset provision. Thus, starting in 2011, the top 15% rate is scheduled torevert to its former pre-May 6, 2003 level of 20%.
President Obama made a pledge to the American people that he and his administration would not raise taxes. Well, he was able to make this pledge with confidence regarding the tax on capital gains because the sunset provision was already going to cause the rate to increase.
The big question now is; Will the top rate only rise to 20% or will congress raise it higher?
Background:
For the past 30 years, the top tax rate on long-term capital gains has been below 30%.
The top tax rate on most long-term capital gains was reduced from around 35 percent to 28 percent in 1978 and was further reduced to 20 percent in 1981. It was raised to 28 percent in 1987, reduced to 20 percent again in 1997, and further reduced to 15 percent in 2003.
The Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) extended the 15% rate through 2010. But, in 2011, the top long-term capital gain rate for most long-term capital gains is scheduled to revert back to the 20% rate that applied prior to the Jobs and Growth Tax Relief Reconciliation Act of 2003 (2003 Tax Act).
The pending tax change is well within the range of changes experienced in the last 30 years.
What to Expect
On September 25, 2009, in a letter to Representative Brian P. Bilbray (R-CA), the Congressional Budget Office (CBO) stated that when assessing the impact of the increased tax rates on economic growth, it is important to keep in mind that taxable capital gains account for a small portion of all capital income. Much capital income is paid as dividends, interest, rent, and proprietors’ profits. In addition, most capital gains are not taxable because they are held in tax-exempt accounts or are held until death. As a result, CBO does not anticipate that the pending increase in the capital gains tax rate alone will have a large enough impact on the rate of return to capital overall to change significantly the magnitude of saving and capital investment.
But the CBO did further state that higher capital gains taxes could have an additional effect by discouraging innovation and risk-taking, but there is insufficient evidence on which to base a quantitative estimate.
Congress depends on the CBO to help corroborate the financial and tax results of congressional decisions. In this case the CBO is uncertain as to the full impact to be realized by an increase in capital gain rates. This indecisiveness is exactly what Congress wants in order to support that an increase in capital gain rates will not be harmful.
Also it is important to keep in mind that with the pending Health Care Reform, people classified as wealthy will experience an additional tax levy or surtax. In the House Bill, the surtax will apply to families earning more than $350,000 a year and individuals earning more than $280,000. The surtax will start at 1 percent and rise to 5.4 percent on income exceeding $1 million. In the Senate Bill, families of more modest wealth - over $250,000 - will experience a payroll tax hike of 0.5 percent.
Take notice that the surtax in the House’s Bill of 5.4%, when combined with the Year 2011 expiration of tax cuts enacted during the Bush administration, the surtax will drive the top federal tax rate to 45%, the highest level since lawmakers rewrote the tax code in 1986. That’s right, in Year 2011, along with an increase in capital gain rates, the top federal tax rate returns to 39.6%.
As previously stated, the sunset provision on capital gains will cause the top capital gain rate to increase to 20% on January 1, 2011. When considering the financial impact resulting from the War on Terrorism and the overall increase in congressional spending, it is very likely that the issue of raising capital gain rates even higher will be introduced by some member of Congress.
Assuming a final Health Care Reform bill is submitted to the President, which it certainly appears will be happening, and likely before the end of January 2010, a person with a capital gain which causes his / her total income to be above $280,000 will already pay more that 20% because of the surtax.
So, should a person trigger a capital gain in Year 2010, such as selling a business, if at all possible?
Since most business sales include a blend of capital gain and ordinary income, when considering the known capital gain rate increase, the potential for additional capital gain increases, the pending surtax and the fact that the top federal tax rate returns to 39.6% in Year 2011, a clear answer certainly emerges.
If an entrepreneur wants to experience the lowest tax impact possible from selling his / her business, selling before the tax rates increase is the way to go.
Based on current regulations, 2011 capital gain tax rates will be at least 20% with the health care surtax likely causing some people to exceed a 25% aggregate rate. If congress decides to implement further increases, anyone who waited until 2011 to sell a business will wish they could go back in time to 2010.
If you need additional information, have questions, or need assistance navigating the sea of business confusion, call your Business Transaction Strategist, Monty W. Walker at (940) 322-5086.
Sincerely,
Monty W. Walker, CPA, CBI, BCB Walker Business Advisory Services
We now have a Certified Exit Planning Advisor, John Howe, on our team, and he is building a team with some of our other Associates to work as our Business Transition Strategies Division. This will be a group working with a broader focus than just simple exit planning, and looking for opportunities to help across a broad spectrum of business development and value enhancement issues.
John Howe has written the following piece to describe what that is all about and give you an understanding of the approach the new group will be taking.
A good time to look ahead
Prepared by John H. Howe, CEPA
Over the next 15 years, the U.S. economy will see an unprecedented increase in the number of businesses for sale as baby boomer entrepreneurs begin to retire and venture out in search of their next challenge. Just as the Boomers have had an impact on everything from education to health care, the same generation will inspire an unprecedented shift in private business ownership.
The baby boomer generation has been one of the most entrepreneurial in the history of our country.During the last 30 years over 5 million businesses with annual revenues ranging from $1 million to $75 million were founded. The owners of most of these businesses are now 52 years old or older and beginning to think about retirement. Studies by PriceWaterhouseCoopers, MassMutual and Marquette University showed that one out of two businesses will change hands between now and 2016.
The American Family Business Survey sponsored by MassMutual showed that approximately 30% of these owners plan to sell their business to a third-party buyer; another 30% plans to sell to a family member; 18% plans to sell in some manner to current employees. Others are considering transferring to a trust, while the remainder are considering closing and liquidating.
For those business owners who intend to sell to a third-party, it will become increasingly important that they position their business effectively to attract buyers in a competitive market.Owners accustomed to calling all the shots are often not the best ones to evaluate whether their businesses are in shape for a transaction. And considering that for most owners, their business is their nest egg, it is important to seek experienced advice to maximize their return.
Business Transition Strategies is a division of New Hampshire Business Sales, Inc., a New Hampshire company with over three decades of experience. It can help the business owner focus on doing everything he or she can to increase the attractiveness, value, and salability of the businesses. Our team of advisors will help owners as they prepare for what could be their biggest challenge ever: life after business. We do this through a thorough exit planning process that helps owners consider the personal, business and market factors necessary for a good transition. Our engagements can be scaled to the business, and adjusted to the specific situation faced by the owner. And we will bring their businesses to market in the same confidential and thorough way used successfully through the decades. Our careful and methodical approach is not flashy, but it is effective in getting value for owners.
Surprisingly, the PriceWaterhouseCoopers study showed that approximately 75% of private business owners have no strategic plans in place for what to do as they approach retirement age.An additional 25% have done little or no estate planning.This is a recipe for disaster.
A transition plan from Business Transition Strategies is a comprehensive, integrated review that asks and answers all of the personal, business, legal, financial, tax and estate issues that are involved in exiting from a privately owned business.This plan shows business owners how to begin positioning themselves and their businesses so that they can accomplish their goals.
Given the number of companies coming to market, business owners will need to focus on improving profitability, developing management talent and growing revenue in order to make their companies more attractive and to maximize the proceeds they receive at the time of exit.
Transition planning delivers tangible results for savvy business owners.
Owners who commit to the process often are able to identify opportunities previously overlooked, and find significant ways to enhance the value of their companies. This can result in a higher value, and a smoother transition when the time comes for sale. It also can help identify problems that could emerge as deal-breakers at time of a transfer.
In addition, with good planning, business owners learn about tax consequences that lie ahead and adjustments they might consider to maximize retained earnings.As any owner knows, the net earnings are more important than the gross receipts.
The most often overlooked component of transition planning, and perhaps the most important, is the peace of mind that comes when a business owner knows that he or she is being proactive and taking charge of the future, rather than waiting passively to let the future take care of itself– after all, deciding how and when to exit a privately owned business is perhaps the single most important financial and personal decision in a business owner’s lifetime.
GOOD REASONS TO BEGIN TRANSITION PLANNING NOW
*The oldest of the baby boomers was born in 1945 and is now over 64 years old. The youngest of the baby boomers was born in 1961 and is now 48.
*By 2010 the number of business owners wanting to sell their businesses each year will have increased fivefold over 2004. This trend will continue for the next 10-15 years.
*While the oldest boomers may be ready for retirement, the companies they exit are viewed as desirable “new opportunities” for younger boomers seeking work independence. The youngest members of this generation are active buyers. They are very entrepreneurial, and are eager to take charge of their careers.
*The economy has been through an historic disruption, but the picture is improving and there is pent up demand.
*It can take as little as 6 months and as long as 36 months to get positioned for a transaction.
*We are currently experiencing some of the lowest capital gains tax rates in decades. But how long will this tax climate last?
There is another reality to consider.
What would happen if you were unable to continue in your current role?
We have seen this tragic development recently when owners figured they would always have time “tomorrow” to think things through, but were wrong, and others ended up saddled with doing it for them. Consider the potential burden you would leave on your family and employees as they struggle to piece together an action plan without you in the picture. Often they lack the resources and skills to do this.
To get started on the transition planning process, get informed. Seek information from the best independent and objective sources possible. One good place to start is to talk with trusted advisors like your attorney, accountant, financial advisor, or insurance professional or an investment banker who focuses on privately held businesses. And remember to work with us; we try to think of the entire picture, not just one piece of it.
Business Transition Strategies is ready to help. We collaborate with other experts, such as the one who gave this article to you, to make sure you get the thorough advice you deserve. Call us today for a confidential evaluation.
>John Howe, CEPA, is credentialed through the Exit Planning Institute of Chicago. He has run businesses on his own, and served for over 30 years as general manager for a family owned company. He knows the special challenges faced by owners. He works as part of a team of business advisors and transaction specialists who work with him in Business Transition Strategies, a division of New Hampshire Business Sales, which has an exceptional record of effectively working with business owners for nearly four decades. A confidential diagnostic can be performed to evaluate your readiness. It will help determined what is needed for an effective transition. We can be contacted through the offices of New Hampshire Business Sales in Portsmouth, Meredith and Henniker, 603-279-5561, and affiliated offices in Portland, Maine and Vermont. Inquiries can be made in complete confidence to jhowe@nhbizsales.com, or NHBS@nhbizsales.com
Invest in Your Future, Become a Small Business Owner! OR, as an owner, perhaps you’re thinking of selling. We can assist you in developing an exit strategy.
Attend our seminar and learn how businesses are analyzed, valued, marketed, and how sales are negotiated and financed. These seminars are being held at various venues around the state. We’ve already have several which have been well received. The next one is scheduled for October 8th at the EF Lane Hotel in Keene from 6-8PM. The last seminar of 2009 will be on October 29 at Franklin Savings Bank in Franklin from 6-8PM. Seminar is at no cost, but advance reservations are requested. To register, or for more information, contact us at 603-279-5561 or by e-mail at nhbs@nhbizsales.com .
On March 26th we put on the first performance of our new seminar about buying and selling businesses. We developed this one based on several we did last year aimed just at buyers, and we think it is a significant improvement.
We are trying to schedule sessions in concert with lending institutions, hoping some of them will sponsor sessions, but more importantly getting them to participate so that buyers and sellers can get the latest information on the critical subject of financing right from the lenders, not second hand from us.
Our goal is to keep the presentations to an hour so we can have plenty of time for Questions and Answers afterward.
We always hand out critique forms and the ones for the session on the 26th gave us high marks for content, length of session, and our handling of the questions and answer period.
Watch our web site for an announcement of the schedule for the next one.
Following is a recent article based on an International Business Brokers Association Study. We are more optimistic than the study indicates, because we are better off in NH than the market in a lot of the other states.
Survey: 2009 is Business Buyers’ Market
By Crystal Jarvis
Birmingham Business Journal
While the economy is expected to remain weak throughout 2009, there will continue to be plenty of opportunities for individuals and businesses in a position to buy, according to a recently released survey.
The report, published by the International Business Brokers Association, found that 61 percent of the survey participants believe that more businesses will go up for sale in 2009, while 66 percent of the brokers and intermediaries say they will sell more businesses this year compared to 2008.
“While the economy continues to put a damper on business sales, the continuing trend of baby boomers looking to sell and retire will provide opportunities for potential buyers,” said IBBA Chair Andrew Cagnetta, who is also president of Transworld Business Brokers in Fort Lauderdale, Fla. “The survey of our members indicates that money will continue to be tight and the number of sellers will still easily outpace the number of qualified buyers.”
The survey also found that in a buyer’s market, purchasers are more selective, so it’s important for sellers to make their business more attractive to buyers. Improving cash flow, updating documents and records and determining the company’s actual worth to make the business more attractive to a potential buyer is key to getting the business sold, it said.
The survey of more than 1,750 International Business Brokers Association members showed that more than 37 percent believe the economy will be down significantly this year and another 29 percent believe the economy will be down slightly.
Here is a very timely IBBA article. Sellers are now going to be forced to do more financing in SBA Guaranteed deals under the new SBA guidelines, and should consider the many benefits of financing as much of the deal as possible (after of course a substantial down payment). Bank financing significantly raises the cost to the buyer and extends the time of sale. Where sellers can afford to finance the deal they can often get more because of the savings to the buyer, and can avoid a variety of delays caused by bank processes.
Don’t Forget to Consider Seller Financing
As baby boomers begin to hit retirement age, many who are business owners are ready to sell. It’s created a market that has many businesses for sale.
At the same time, concerns about the economy had made it tough to get financing for many potential deals. Seller financing is one option that could be the solution to get many deals done.
Seller financing involves a seller helping to finance the sale of the business by taking back a second note on the business. It differs from a traditional Small Business Administration (SBA) loan because the seller essentially extends credit to the buyer against the purchase price of the business. However, seller financing is misunderstood by many, even though it may be the best way to sell a business during a stagnant economy.
The most common option for seller financing involves secured notes, but other options also exist, including: unsecured notes, assumption of the seller’s guaranteed credit, assumption of capital leases, a real estate lease, earnouts, notes on capital equipment and more.
There are a number of benefits for business owners who are considering seller financing:
·Faster sale – Seller financing provide an attractive option for buyers which means that sellers can sell their business fast and at a higher price.
·Flexibility – Seller financing enables the seller to create a payment schedule, interest rates and loan period that fit their personal needs.
·Tax breaks – Taking a note for part of the business purchase price may provide a tax break for the seller. The seller can defer some of the tax due on the sale of the business until full payment is received, which could be several years down the road.
·Protections – Asking the new owner to keep the seller up to date with information like monthly profit and loss statements, workforce numbers, order backlog, inventory levels or other items with the monthly payment can be in the sale contract. The additional information allows the seller to keep track of the business and step in to offer advice or help if any problems are detected.
Working with a qualified business transaction professional, like a Certified Business Broker (CBI) or Mergers & Acquisitions Master Intermediary (M&AMI) is also recommended. Certified brokers and intermediaries can provide the guidance you’re looking for when considering seller financing or other financing options. They will help potential buyers and sellers develop a deal that is fair to both parties in the acquisition process.
The International Business Brokers Association® is the largest international, non-profit association operating exclusively for the benefit of people and firms engaged in the various aspects of a business brokerage and mergers and acquisitions. IBBA® has 1,950 members worldwide, with corporate headquarters in Chicago, Illinois.
The International Business Brokers Association provides us with a number of interesting commentaries, and this one should be read by business owners whether they are currently thinking of selling or are just thinking what their exit strategy should be.
Adding Value to Your Business
If you’re looking to sell a business, it’s critical to look at the value of the business.But a typical business really has two values.The “academic” value is the one determined by a professional business valuation.The other is the “true market” value.The academic value is arrived at with a formula based on the firms’ hard assets, cash flow, industry averages and multiples.The fair market value also takes those items into consideration, but then considers what buyers are really willing to pay.
For many small and mid-sized businesses hard assets like equipment, vehicles, land, buildings, and inventory may be limited.For some small businesses there may be no hard assets at all.Instead, their value is based on intangibles like employees, business processes, customer lists, location and business relationships.
To maximize the fair market value of your business, it’s vital that you capitalize on those intangible assets.
Develop key employees.Buyers generally aren’t interested in paying a premium if the business relies on you for its success.Remember to delegate responsibility to key employees and involve your key staff members in the decision making process.Demonstrating that your company’s success is reliant on your capable, well-trained employees – not just you – will pay off at the time of sale.
Document what you do. Be sure that job descriptions, operation processes, and strategic plans are documented.Documented records and plans give a buyer greater comfort that he or she will be able to emulate your successful growth and will help your buyer obtain financing.Also, be sure to keep business records like sales and expense reports, internal profit and loss statements/balance sheet, and tax returns clean and well-organized.
Build relationships.Name recognition, customer awareness and your reputation are all part of your business value. Even if your company doesn’t have many hard assets, your relationships are key.Consider diversifying both supplier and customer accounts.
Improve cash flows.A potential buyer wants to see the “true cash flow.”And, of course, in the business world cash is king.Be sure you are driving all income to the bottom line.
Review your assets.Sell off or dispose of unproductive assets or unsalable inventory.Remove or buy off any assets that are primarily for your personal use.
Find and build your niche.You don’t have to be everything to everyone.Buyers will pay a premium for a niche that has barriers to competitive entry.
Remodel, clean, and organize.What’s the first thing anyone does when they put their home on the market?They spruce things up and make sure everything is in its right place.Yet, in business, that’s rarely considered.A well-maintained facility will get the best price.Even businesses that lease space can benefit from a thorough cleaning and organization to convey a feeling of quality and efficiency.
Keep these important intangible assets in mind if you’re looking to sell your business.They convey a value that financial statements alone do not. If you are looking to sell, make a plan.Start working on the intangibles well in advance of putting your business on the market.For many business owners, they reach a point where they burn out and psychologically retire early, before a sale is made.It’s important to work to keep your focus right until the sale is complete.
Finally, when the time to put your business on the market arrives, consider lining up key specialists who will help you make the most of the sale – an attorney, an accountant, and a business intermediary to name a few.Remember, you only have one chance to sell your business, so you want to do it right.
We recently had a deal under agreement with a 5 month lead time to closing. It did not happen because of a variety of issues.
The IBBA had this recent article on the subject.
Many factors can bog down the sale of a business.In fact, more than purchase price or structure, time is the most likely reason that a business sale may fail.
Time can breed frustration and fatigue. As a potential sale drags on, the owner is left in an uncomfortable state of flux. The buyer may also become frustrated as fees mount.The deal can reach the point when one party declares…“It just wasn’t meant to be.”
National figures indicate that the average business sells in nine to 12 months from start to close. Once a letter of intent (LOI) has been signed, the final due diligence and closing process usually takes 30 to 90 days.
So how do you keep the sales process moving forward?
Attentive Intermediaries
Your business intermediary should be able to give you the time, attention, energy and resources necessary to focus on your deal.
Be sure to ask your business broker or intermediary about his or her organization’s work on closing details.You want to be sure that you are working with someone who can cover minute details, looking weeks and months ahead in the sale process.
Obtaining appraisals, ordering environmental investigations, transferring licenses, title work and many other details need to be handled properly and in a timely fashion to be able to close a transaction.For the best possible results, you want to work with someone who knows the proper sequence of events so there aren’t any unnecessary delays.There’s a lot to coordinate and missing just one detail can cause a delay in closing the deal.
Transition Specialists
From your business broker or intermediary to your attorney and accountant, you want to consider hiring specialists in business transitions.
Inexperienced advisors tend to be overly conservative to protect their liability. That can drag out the negotiation process and may cause frustration for the parties involved.If you are serious about selling your business, you really don’t have the time or money to pay to educate your advisors on the mergers & acquisitions process.
Comprehensive Overviews
Your advisor should spend the time packaging the business up front. A comprehensive business review can be developed that answers 80 to 90 percent of the standard questions a potential buyer will have.
This helps both the buyer and the lender make decisions more quickly.It will also save you time because your intermediary won’t be requesting pieces of information as new buyer questions arise.
Seller Preparation
Be prepared to move forward emotionally and financially.A seller will sometimes thwart the sale because they haven’t seriously considered their future plans or their financial expectations are out of line.A professional advisor should be honest in what he or she believes the market can bear and should not let you go to market with an unreasonable asking price.
Buyer Screening
Finally, your intermediary should screen all buyers to ensure they are serious about the potential acquisition and have the financial means to move forward with a transaction. You don’t want to waste time with buyers who simply can’t afford a purchase.
Selling a business can certainly be an emotional ride.It’s a time to work with deal makers and specialists who will help to minimize the stress and help everyone move forward toward the timely completion of the business sale.
The International Business Brokers Association® is the largest international, non-profit association operating exclusively for the benefit of people and firms engaged in the various aspects of a business brokerage and mergers and acquisitions.IBBA® has 1,950 members worldwide, with corporate headquarters in Chicago, Illinois.
The IBBA has a service that provides us with interesting articles. Here is one that is really appropriate for Sellers.
The typical business owner will only sell a business once.Understanding the complex process involved will help produce the best results.But don’t fall prey to the myths that can derail or seriously affect a potential sale.
Myth #1 – I Can Sell It Myself
Many owners believe they’re qualified to sell their business without professional assistance.Many owners are entrepreneurs and the key salesperson for the company.But selling a business is not like selling a product or service.
If you’re looking to sell on your own, confidentiality is lost.If word of a potential sale gets out, there are definite risks of losing clients, employees and favorable credit terms.
Do you really have the time to run your business and compile marketing materials, advertise, screen buyers, give tours and facilitate due diligence?
When you’re looking to sell you want to put even greater emphasis on running your business, boosting your sales and not taking on new challenges.
Myth #2 – I’ll Sell When I’m Ready
Certainly, an owner wants to be sure he or she is mentally and emotionally prepared to sell. But personal readiness is just one factor.Economic factors can have a significant impact on the sale of a business.
Sale prices can be affected by industry consolidation, interest rates, unemployment and many other economic measures.Talk with a professional and aim to sell when your personal goals and market conditions align.
Myth #3 – I Know What it is Worth
Some owners will base the company value on what they need for retirement.Others will tell you they want $100,000/year for “sweat equity.”Still others utilize industry multiples.
A third party valuation is a good idea for anyone seriously considering the sale of their business.An outside valuation will include a thorough analysis of the business and the market it operates in. This will provide a solid understanding of the company’s growth potential, not some vague industry average.
Myth #4 – It’s Like Selling a House
Preparing to sell your house may take a few weeks, then you want to get the word out to everyone that the house is on the market.Once you get a satisfactory offer, you sign on the dotted line, turn over the keys and move on.
Selling a company is much more complex.A successful business sale usually requires a great deal of pre-planning, at least a year and maybe as long as three years to drive sales, develop key staff, document the operations and control expenses.
The average house will sell in less than four months, while the average business sale is nine months to a year.
Even after the business is sold, the seller can be expected to put in at least a few months, and possibly years of transition time, helping to make the new owner a success.
Sound sale strategies will bring you the optimum price the market will bear. Go to market with realistic expectations by getting a professional valuation and using a professional business broker or intermediary.
The International Business Brokers Association® is the largest international, non-profit association operating exclusively for the benefit of people and firms engaged in the various aspects of a business brokerage and mergers and acquisitions.IBBA® has 1,950 members worldwide, with corporate headquarters in Chicago, Illinois.
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