VR Business Brokers

This article on Business Brokerage is part of the Business Brokerage Resource Library Series.

VR Business Brokers

Deciding to sell your business is a huge step. In this case, a business broker can be of tremendous help. Business brokers help deal with the sale and purchase of a business. It is not necessary to seek their help, but they can significantly ease and quicken the process of selling your business. With the right broker, you will be able to derive maximum profit from your sale, and you can use that for your future ventures. On the other hand, if the broker is not experienced or legitimate, you could end up waiting months or years for your business to be sold. Additionally, you could end up with the worst deal possible. If you choose to work with a business broker, you must choose the best one. VR Business Brokers have been in the industry for a long time, and this article studies whether it’s worth working with them. 

VR Business Brokers: A Brief History

VR Business Brokers was set up in 1979. The claim to be the only full-time intermediary organization in the world, providing valued representation. They have more than 4000 franchisors in America and claims to have completed more than 70,000 transactions. VR Business Brokers deal with the sale of both small and medium-sized businesses. On their website, they claim to have sold more business than anyone else in the world.

In 2010, VR welcomed highly trained and accomplished business professionals from across the globe to their team and opened its first international offices in Canada and Turkey. As of now, VR has more than 130 offices across the globe. From 2016 to 2017, the company has seen its sales price increase by over 10% every year. They maintain hundreds of listings and claim to close hundreds of deals per year.

VR stands for:

Valued Representation: The services their professional intermediaries provide to their clients.

Very Responsive: They give their utmost dedication in understanding and reacting to their customer’s requirements throughout the entire process. 

Valuable Resource: VR also provides its clients with education and support so that they can make an ideal decision. 

Vitally Respected: VR possesses five decades of customer satisfaction, which has made them a respected leader in the industry. 

The VR Process Of Selling

To get the best results for their clients, VR incorporates a very comprehensive and detailed “20 step sales process,” which has a proven record of more than 50 years. VR always emphasizes putting their client’s needs first. 

Initial Meeting

Firstly, VR introduces their business procedure and how it can best help sell your business. In this session, the highly qualified VR intermediary will review your business tax returns, marketing and sales materials, company financial records, and any other related information to fully understand your business.

Recast Financial Statements And Market value Analysis

The intermediary normalizes or recasts the financial statements to reflect the client’s non-recurring expenses. After that, a market value analysis is prepared.

Commitment

VR will present and explain in detail the market value analysis and recast financial statements. It is a commitment to sell the business with terms and prices consistent with the marketplace. After that, the intermediary prepares the engagement agreement.

Documentation

The intermediary collects the required data and documents to sell the business. To protect the confidentiality of the business, information is not released to prospective buyers without signing a Non-Disclosure Agreement (NDA).

Advertising And Marketing

VR takes direct responsibility for the advertising and marketing of their client’s business. In addition to its corporate website, the business for sale is advertised in numerous other leading websites to attract the best prospective buyers.

Buyer Qualification

VR also initiates steps to eliminate those who are not ready to purchase the client’s business. Each prospective buyer must demonstrate the financial capacity for purchase, complete the VR buyer profile, and sign the NDA document before receiving information about the business. 

Business Presentation

A copy of the client’s VR business profile is sent to prospective buyers. During the meeting, the various aspects of the business are discussed. 

Buyer And Seller Meeting

A meeting between the intermediary, the potential buyer, and the client is organized. This is done so that the client will have more understanding of the people who intend to purchase their business.

Offer To Purchase

‘Offer To Purchase’ is then presented, which includes a discussion of the contingencies, background information of the buyer, as well as the terms and conditions. 

Offer Acceptance Or Counter Offer

The client can accept the offer, reject it, or take the help of a VR intermediary to counter the offer.

Mutual Acceptance

After all the terms and conditions are accepted by all the parties involved, and amendments and counter offer signed, a contingent purchase agreement is established. 

Assist With Financing

With the help of experts in business loans, VR assists their clients in determining the best method of financing to complete the transaction.

Due Diligence

The buyer must approve all aspects of the business. This due diligence process ensures that the buyer is getting exactly what they signed up for.

Contingency Removal

After the buyer eliminates the contingencies, the agreement becomes a ‘Binding Offer For Purchase And Sale”. After that, escrow can be opened.

Escrow

The escrow representatives will then receive the purchase agreement and related documents. After that, they will draft the escrow documents.

Lease Assignment

VR also works with the property landlord/owner to get a new lease or lease assignment that is acceptable to the buyer.

Note And Lien, Search, Clearance Or Assumption

VR also works to transfer existing loans, equipment leases, and liens. All liens must be transferred to the buyer or closed if it is a part of the contract.

Inventory

If it is applicable to the business that is being sold, VR makes an agreement for both the buyer and seller to count and price the inventory. If the inventory is complex or large, the function is outsourced to an inventory service.

Closing

Finally, the closing documents are signed, and the clients can do it in person or through fax, e-mail, or courier. The business is transferred, and business is distributed.

The VR Business Brokers Advantage

After being in business for more than five decades, VR Business Brokers have accumulated numerous accolades for their performance, cementing their position as an industry leader. Some of their achievements include:

  • In 2018, Corporate Livewire awarded VR Business Brokers with “Most Outstanding In Business Selling Services.”
  • They have also conferred with the award of “2018 Leading Business Advisor” by Wealth And Finance International Magazine.
  • They also won the award of “Most Client-Focused Business Brokerage” in North America from AI MA awards.

VR Business Brokers provide their clients with highly skilled and experienced intermediaries. On their website, they have provided detailed information about their background, operational processes, and even a step by step guide for joining their business. Their website also allows potential buyers to search for businesses for sale.

Final Verdict

With the wrong brokers, you could end up wasting all your resources and time without even selling your business. VR Business brokers have decades of experience and have established themselves as industry leaders. They employ a very meticulous method for selling businesses and carry out a thorough vetting process to weed out ingenuine buyers. They have provided comprehensive information on their website. They are particularly adapted at selling small and medium-sized businesses. If you are interested in selling your business, VR Business Brokers is a great choice.