What is a Business Broker?
A business broker, also called intermediaries, or business transfer agents, estimates the value of a privately held business, advertises it for sale, handles potential buyer negotiations and facilitates the process of due diligence during the sale of a business.
Certified Business Intermediary
A business broker can achieve to become a Certified Business Intermediary (CBI). A CBI is a respected distinction that is exclusive the International Business Brokers Association, Inc. (IBBA). Being able to identify oneself as a CBI is indicative of the experience and dedication of a business broker who has proved professional excellence through not only verified education, but also through his or her exemplary commitment to the industry.
A Closer Look at What it Takes
Working with a CBI ensures potential clients that their broker is knowledgeable, invested and dedicated to the brokerage profession. Here’s more information about what a Certified Business Intermediary must accomplish in order to earn his certification:
The business broker must have at least three years of experience in the brokerage industry within the last ten years. He or she will be actively involved in managing those who are listing and selling businesses and negotiating transactions or be the individual that is hands-on and involved in the deal-making process. Should the candidate have a college degree or other related work experience, it can be substituted for two of the three years of required experience.
A minimum of sixty class hours with courses covering business brokerage topics is required to become a CBI. The IBBA’s mandatory classes on ethics, pricing/valuation, financial analysis and legal and tax implications are included in the curriculum.
There is a minimum score that must be achieved to pass the comprehensive exam administered at the end of the coursework. Brokers who are able to pass this course are truly well versed in all the aspects of business brokerage. The shear difficultly of the exam can hold back those who are not proficient in all areas.
Code of Ethics
The IBBA Code of Ethics contains 20 articles within the code. All applicants must become familiar with and abide by these standards.
For professional development, a Certified Business Intermediary candidate must attend at least one IBBA conference.
Cress V. Diglio, Florida Business Broker
Cress V. Diglio is a Certified Business Intermediary (CBI), a Merger & Acquisition Master Intermediary (M&AMI) and the past chairman of the International Business Brokers Association (IBBA). Whether you are looking to buy a business, sell your business or merge with another business, Florida Business Broker Cress V. Diglio has the experience to assist you in all facets of the transaction. Call Cress today for complete transaction support and expertise, 888-984-4208, or visit https://floridacertifiedbusinessbroker.com.