Investing in a Lake Tahoe commercial venture often involves ‘cutting the umbilical cord’ from your current work and lifestyle …
is a residential real estate broker the one you want to guide you through such a significant process?
The best of the many fine residential real estate brokers frequently refer their commercial and business opportunities to Michael Willette.
Buying a Business Opportunity
The decision to buy a commercial or business opportunity is among the most challenging transactions for a real estate broker … that is why the best residential real estate brokers refer their business to a real estate professional experienced in this field.
I have conducted over fifty business and commercial transactions in North and South Lake Tahoe, Incline Village and Truckee. One of the most important conversations I have with both my listing clients and the buyers I represent is that my representation is very buyer-oriented.
Sellers of commercial enterprises are made to understand that their prospective buyers are making a significant decision about heir current lifestyleand taking on a new enterprise. It is crucial that buyers have complete confidence in the integrity of the information that they are given; and in the Broker representing that information. A buyer will perceive very quickly whether the real estate Broker has a grasp of a commercial real estate. The broker must be able to make the prospective buyer confident that he knows what he is talking about; and that he has the buyer’s best interests as a priority.
The broker should be able to explain:
How the business was valued: … here it is crucial the broker have been involved in a substantial number of other business sales to justify appraisal assumptions;
What is involved in the sales process: How does a Bulk Sale Transfer work? What about non-compete clauses? Training and transition? allocation statements? Explanation of lease terms, like triple net, ‘assignability’, CPI, CAM and so on;
Does the broker have a working relationship with commercial landlords: … there is very specific advice that is crucial to buyer going into the inevitable negotiations with local landlords, the ‘third party’ to any business transaction. This advice can only come from a broker experienced with all of these personalities.