Why You Should Be Represented By A Broker
Knowles Media Brokerage Services is a full-service agency located in Carroll, IA, offering sales, consultation, and appraisal services for print media owners nationwide.
Utilizing a broker in the purchase or sale of a newspaper or related business will help to eliminate the risks and pitfalls that always accompany such a transaction. In all cases, the broker is bound by a fiduciary duty to his client, to represent him or her honestly and with care, skill, and diligence. The fees for this service are always incidental to the benefits and are in direct relation to the knowledge and experience that the broker provides his client.
A business seller relies on a triangular team consisting of the broker, attorney, and accountant to make a sound financial transaction and cope with the complexities that exist in today's business world. The broker's major functions and purposes are three-fold: to ensure the seller a choice from a broad range of prospective and qualified buyers; to assist in consummating a clear and clean deal tailor-made to the seller's desires; and to act as an unbiased advisor with whom the seller can share intimate business and personal concerns pertinent to the sale. It is this relationship, created early in the discussions between seller and broker, that lays the groundwork for a successful and satisfying completion of the transaction.
In preparing to market the business, the broker will conduct extensive research into its operations so that a comprehensive Presentation Prospectus may be compiled. In doing so, the broker will be able to advise the seller on Asking Price and Terms based upon Fair Market Value. Once the comprehensive Presentation is completed, the offering is advertised utilizing a variety of media appropriate to the business, and printed fliers are delivered to a select list of prospects drawn from the agency's extensive database of listed and potential buyers.
In the course of a sale, the broker will deal with many prospective buyers full-time...always at arm's length...and keep the seller informed of every move. The seller is therefore fully involved in the sale of the property but with protection against confrontations often sparked by the emotionalism that so often is present, and which are so detrimental to a successful transaction. Negotiations are initiated and may be completely handled by the broker, in conjunction with the seller's attorney and accountant. All offers are required to be submitted to the seller on behalf of qualified purchasers. The broker acts as intermediary between seller and buyer in negotiating the business terms and aspects of a final acceptable offer, which then is turned over to the attorneys to draft the Final Agreement of Sale in proper legal form.
A buyer can expect a relationship of mutual trust and understanding of the client's goals, which are established at the outset of the discussion. The broker assesses the buyer's personal desires in community location, and business; experience and capability in the various aspects of the business; and financial range in which he/she feels comfortable. Once an agreement between the broker and prospective buyer is reached, the broker begins to search for the property(ies) in which the client has an interest, or compiles a list of properties in which the client may have an interest based upon the criteria already established. The broker assists the buyer in evaluating the properties, providing an estimate of fair market value, and utilizing his experience and knowledge to provide insight into the companies' strengths, weaknesses, and potential for growth. Once a selection is made on which to focus, the broker continues to assist the buyer in further evaluating the property and the market in which it operates, through the offer and negotiations process to closing.
The broker supervises the many steps yet to occur before a sale can become finalized and consummated. After closing, the broker continues to act on behalf of his client during the transitionary period to ensure that "goodwill" and the "going business" aspects of the sale are transferred smoothly.
Knowles Media Brokerage Services
PO Box 910
Carroll, IA 51401
Phone: (712) 792-2179
Fax: (712) 792-2309
Cell: (661) 333-9516
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