What is a CBI?
CBI stands for "Certified Business Intermediary", which is the designation awarded by the International Business Brokers Association (IBBA) to members who have the required experience, classroom hours, passed the rigorous IBBA exam and conform to the ethical standards of IBBA.
The IBBA is the largest business brokerage association in the United States.
Anyone can call themselves a business broker, but very few of us (approximately 5% of all business brokers) hold the CBI designation. At last count, there were only 10 business brokers with the CBI designation in Massachusetts. Peter Goodman, (Goodman and Company Business Brokers' president) is a CBI and provides guidance to all of our agents.
Business Brokerage is an unlicensed profession in Massachusetts.
Did you know that you don't need any experience, training or even a license to call yourself a business broker in Massachusetts?
Question: When you hire a business broker, how can you be certain that the person that you choose to sell what is possibly your most VALUABLE asset has the knowledge, experience, training and ethical standards to work in a competent manner and GET THE JOB DONE correctly and professionally?
Answer: The easiest way to know you are dealing with a professional is to hire one. CBIs have the experience, expertise, training and standards of professionalism that you can rely on!
Note: Massachusetts law requires that all transactions involving the sale of real estate must be handled by licensed real estate agents. Goodman and Company Business Brokers is a licensed real estate company and all of our agents are licensed real estate brokers or salespersons.
Why should you hire a CBI?
A CBI can help you optimize your transaction by identifying better prospects, clarifying investment potential, and helping you work with the lawyers, accountants and other professionals who will provide the necessary counsel to assure a successful transition of ownership. A CBI is an experienced, proven professional whose claim of competence is supported and documented. A CBI has the proven skills necessary to handle the marketing, negotiations and complex details involved in the purchase or sale of your business.
Goodman and Company Business Brokers feels strongly that being properly educated in the many aspects of business brokerage allows us to provide a higher level of service.
Does it cost more to hire a CBI?
Not at all. At Goodman and Company Business Brokers, we charge rates that are competitive with all business brokers. In many cases we are even less expensive. Our training helps us succeed more often and more quickly, which is good for both of us. There's no reason to charge you any more. We just want an opportunity to serve you.
How can a CBI help?
Every CBI has undergone a specialized course of detailed training, aimed at making the process of buying or selling a business as smooth and worry-free as possible. A CBI brings special qualifications to your needs:
* Membership in IBBA (the largest and most prominent business brokerage organization in the United States), an international association serving the business brokerage industry. Every CBI is part of a network of professionals.
* Successful completion of courses leading to the Certified Business Intermediary designation -- one of the most successful intermediary educational programs in the country. Every CBI is a professional equipped with special expertise as a result of advanced study in selling, investment, taxes, valuation, divestitures, exit strategies, and more.
* A history of demonstrated sales performance through the documented execution of business sales transactions.
What special qualifications does a CBI bring to my transaction?
A CBI has these distinctive credentials:
* A higher level of education and training.
Professional affiliation with hundreds of other intermediaries on the local and national levels.
*Use of IBBA standard practices, such as in financial analysis, marketing and agreements. We bring a higher level of professionalism to all aspects of your business sale process.
* The most current industry information with respect to taxes, investment, legislation and other areas of critical importance.
* Local market knowledge - special expertise unique to your area.
What are the CBI Requirements?
Education - A CBI must complete a minimum of 68 class hours of business brokerage courses offered exclusively through the IBBA and attend regular IBBA conferences and workshops throughout the United States. A CBI must demonstrate an ongoing commitment to professional development through continuing education and periodic re-certification.
Experience - Competence in the application of knowledge gained through practical experience. A CBI must have a combined minimum of three years experience and education in business brokerage.
Knowledge - A high degree of knowledge garnered through the completion of required courses and the passing of their respective examinations.
Examination - The successful completion of a comprehensive examination.
Ethics - A thorough knowledge of, and adherence to, the IBBA's Code of Ethics.