For some, a business may just be a way to make a living, a means to an end.
But for others, a business is more than a profit margin. It is a legacy. It is history. It is an icon of the community.
When those businesses are lost, it can be felt in a community for decades.
And so, a Montclair, New Jersey business brokerage firm is actively working to help those business owners ready to pass on their legacy to a budding crop of young and hungry entrepreneurs with their agency, Murphy Business Sales.
“Nothing makes us prouder than having a big part in passing on a beloved local business from one owner to the next,” said Darren Smith, Owner Murphy Business Sales, Montclair. “It is those traditions that folks in greater New York metro area are increasingly looking for. It’s the authenticity that makes these businesses beloved, and we celebrate each time we can help pass the baton to another small-business owner.”
Recently the company celebrated a successful deal that will keep a locally owned businesses open and in good hands.
“Last week was great. We were able to assist a marine supply company owner transition their company to a highly motivated buyer,” Smith said. “No matter the business, we can help make those deals happen quickly and easily.”
He said that a business broker is a must for owners looking for an exit strategy that preserves a business.
“It can be a business of any size, and really open for any amount of time, but if those owners want to find the best deal out of their business ownership and keep a business intact for future generations, using a business broker can save time and treasure. Best of all, it helps that upcoming crop of entrepreneurs looking for a way into business ownership.”
Post-COVID, Smith said he sees countless new opportunities for business owners and entrepreneurs looking for their first, or next, venture to come available.
“Entrepreneurship is on the rise,” Smith said. “There are record numbers of buyers out there looking for an established business that they can buy and make their own. Like this recent marine supply company sale. It’s a niche market, but it’s a profitable one and one that the new owner will be able to capitalize on and grow. For me, that’s what being a broker is all about, making those connections possible.”
WHAT IS A BUSINESS BROKER?
Put simply, Smith said a business broker is an intermediary between a business buyer and seller. And while that process may seem straightforward, that could be a costly mistake for both buyers and sellers.
“Entrepreneurs, especially new ones, may have limited experience buying a business, as they often have built their businesses from scratch,” Smith said. “So, it’s that lack of experience in that world that can lead them to not seeing potential pitfalls before signing on that dotted line.”
“That’s where we come in,” he continued. “We are that expert who can help owners find the perfect buyer for their business, get the best price for it and make the process seamless.”
And often, he said finances are only part of the decision to buy and sell businesses, and it takes someone like a broker who spends time to know their potential clients to ensure the best outcomes for everyone involved.
“When someone builds a business – and it doesn’t matter if it is open for one year or 50 years – a lot of the time they will want to make sure it is left in good hands,” Smith said. “That’s where a broker like the ones at Murphy Business Sales can be instrumental. We learn about each party and only connect buyers and sellers when we believe it will be a win on both sides of the table.”
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