Frequently Asked Questions
- What is a business broker?
How do business brokers get paid?
Does the ICBC provide business brokerage services?
A business broker is a person or firm who/which acts as an intermediary between sellers and buyers of small businesses. Other common names for a business broker are Business Intermediary, Business Facilitator and Business Transaction Advisor. In the event you’re planning to buy a business, sell a business or transfer a business, a business broker can help. - What is business transition “exit strategy” planning?
Is developing a business transition “exit” plan beneficial?
Does the ICBC provide business transition exit planning services?
Business Transition Planning is a lot like estate planning. It is preparing a business for the time when its owner or owners will no longer be around. - What is a business valuation?
What are the uses of a business valuation?
Why is it important to have independent, third-party appraisals?
Are price and value the same?
Does the ICBC provide business valuation services?
A business valuation, also known as a business appraisal or business evaluation, is a process and a set of procedures used to arrive at an opinion or a conclusion regarding the estimated value of an ownership interest in a business entity as of a given point in time. A business valuation report/business appraisal report/business evaluation report... - How do heavy machinery appraisals factor into business valuations?
What type of machinery and equipment need be appraised?
What are the uses of a machinery and equipment appraisal?
Does the ICBC provide heavy equipment appraisal services?
For businesses with a lot of machinery and equipment, it's important to know the specific value of these assets because they often represent a significant part of the overall value of a business. Machinery and equipment appraisals determine the worth of new, used and built machinery and equipment counted among a company's assets. - Does a business broker need to be concerned with business law?
Does the ICBC provide training to brokers regarding business intermediary law?
Traditionally, the business broker provides a conventional full-service, commission-based brokerage relationship under a signed agreement with a seller under a “seller listing” agreement or "buyer representation" agreement with a buyer. In most states, this creates, under common law, an agency relationship with fiduciary obligations. Some states also have business brokerage laws which define and control the nature of the representation and have specific business broker licensing requirements. - What is a business plan?
Why does developing a business plan make sense?
What types of benefits are provided by having a business plan?
Does the ICBC provide business plan design services?
A business plan is a formal statement of a set of business goals, the reasons why the goals are believed to be attainable, and the plan for reaching those goals. It will generally contain background information about the organization or team attempting to reach those goals. Overall, business plans are decision-making tools. There is no fixed format or content for a business development plan. Rather, intended goals and audience determine business plan format and content. - What is meant by the term “mergers and acquisitions?”
Does the ICBC provide mergers and acquisitions services?
Although the term mergers and acquisitions is often used a common combined phrase as thought they are synonymous, the terms merger and acquisition mean slightly different things. When a buyer takes over another business and clearly established itself as the new owner, the purchase is called an acquisition. From a legal point of view, the acquired business essentially takes on the identity of the new buyer. - Does the ICBC offer business transition training?
The ICBC offers education and training to its members through courses and workshops during its annual conference, the delivery of content via webinars and teleconferences, and through its newsletter. Because the ICBC is a multi-discipline organization focused on the needs of businesses in ownership transition, the education process is specifically designed to train it members on how to effectively advise on business transfers. - Does psychology really impact the ownership transition of a business?
How does the ICBC help with business psychology?
The ICBC provides business psychology training opportunities for its members on topics such as organizational psychology, buyer psychology and seller psychology which can affect the business transition process.