One of the most crucial decisions you will make when selling your business is selecting the right business broker. Getting this right is essential for getting the maximum value. One credential that you should require of your broker is a Certified Business Intermediary (CBI) certification. A CBI certification reflects a broker’s commitment to ethical standards, professionalism, and achieving the best results for buyers and sellers.
What is CBI Certification?
CBI certification is awarded by the International Business Brokers Association (IBBA) to brokers who meet rigorous experience, ethics, and education requirements. The certification process requires intense training and exams. Training includes skills such as business valuation, business advertising, deal structuring, and negotiating. It is also required that brokers must complete continuing education to maintain certification and undergo recertification every three years. The CBI Certification represents a benchmark of professionalism and expertise in business brokerage.
Benefits of a CBI Broker
Commitment to High Ethical Standards: Selling a business involves sensitive financial and personal information. You can be sure a CBI-certified broker will adhere to a strict code of ethics, ensuring transparency and integrity throughout the process. Protection of your confidential information is a top priority. You can expect honest communication and accurate representation of your business. A CBI broker will also avoid any conflicts of interest through ethical business practices.
Proven Expertise in Business Transactions: Selling a business worth $1M to $25M requires specialized knowledge, including pricing the business correctly and negotiating favorable terms. CBI brokers have the expertise and undergone rigorous training that allows them to guide clients through complex transactions. You can remove the emotion and stress attached with pricing your business since they have a comprehensive understanding of valuation methods. They are also skilled in deal structuring to ensure you are getting the maximum value. It is also required that they are highly knowledgeable on legal, financial, and tax considerations.
Commitment to Continued Professional Development: As with all industries, the market for business transactions evolves, and a broker must stay up to date with the latest trends and best practices. CBI brokers are required to complete ongoing professional development to maintain their certification and complete a recertification every three years. This means that you can rest assured your broker has access to the latest tools, techniques, and industry insights. Staying relevant with the latest training ensures continuous improvement and that the broker’s skills are sharp. CBI brokers can offer better service since they are able to adapt to the changing market.
Delivering the Best Results for Sellers and Buyers: A CBI-certified broker’s job is to deliver the best possible outcomes for both sellers and buyers. They work to ensure a smooth transaction process that maximizes value for the seller while making the deal attractive to the buyer. Having a proven track record of successful deals means you can trust their advice and guidance. Negotiating is an integral part of the process and their expertise in negotiating terms meets both parties' needs. With all of their experience comes a thorough understanding of buyer expectations and seller goals, so you can trust that you will be heard.
Now You’re Ready!
You should now feel confident in the decision to work with a CBI certified broker. Choosing a broker with CBI certification guarantees that you’re partnering with a professional committed to ethical standards, professional development, and delivering the best results. For business owners in the greater New Jersey area looking to sell their company, HartmannRhodes is a trusted source with CBI-certified brokers that have the expertise, dedication, and knowledge needed to make the selling process the smoothest and as successful as possible.
Mark Hartmann is a three-time Inc 500|5000 CEO with a rich sales, operations, and leadership background in the insurance, financial services, and healthcare sectors. With extensive experience growing and selling his own businesses, Mark leverages his expertise to help owners grow and sell businesses valued at $1M —$25M. He’s earned a Master of Business Administration from Eastern University, a master of science degree in organizational change management from St. Elizabeth University, and a graduate certificate in executive coaching from Columbia University. Mark’s professional certifications include Certified Mergers and Acquisitions Professional (CM&AP), Certified Business Intermediary (CBI), Certified Exit Planning Advisor (CEPA), and Certified Value Builder (CVB).