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Business supervisor almost always represent the seller
or the deal in a transactional role. The seller pays their commission
and even if they are assisting you in the process, they may in fact have
a fiduciary duty to the seller. This is not to say that they won't
provide you with helpful advice. Keep in mind that business supervisor
do not work like real estate agents in every sense.
Even though you consider yourself a very savvy
business buyer, there are three things that a business supervisor can do
that are very helpful.
Business For Sale Listings
They can provide you with access to business for sale listings and details about the business that you may not discover on your own.
Always Good to Have a Buffer Between You and the Seller
They can be a conduit to help deliver bad news to
the seller. There may be instances where you have to retract or modify
an offer and certainly times where you'll need to adopt an aggressive
negotiating position. Since you'll most likely need the seller to train
you after the purchase, it's not a good idea to aggravate them too
severely. As such, let the business supervisor deliver the bad news.
The Paperwork is Astounding
A business purchase, no matter how small, requires a
tremendous amount of coordination and document chasing. The data you'll
need from a seller to evaluate a business, the documentation required
to close a deal and the overall chasing that must be done between
buyer/seller and their professional advisors, can be astounding. A good
business supervisor will be an enormous help putting all of it together.
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