BayState Business Brokers is a family-owned firm specializing in the sale of privately held businesses with revenues between $1 million and $30 million. Operating primarily throughout New England—including Massachusetts, New Hampshire, Connecticut, and Rhode Island—the company is dedicated to assisting business owners in navigating the complexities of selling their enterprises.
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People Behind BayState Business Brokers
The firm is led by Principal and Owner Sarah Grossman, a Certified Business Intermediary (CBI) with over a decade of experience in business brokerage. Sarah has successfully facilitated the sale of more than 100 companies across various industries, including healthcare, distribution, liquor, food, and personal services. She is an active member of the International Business Brokers Association (IBBA) and serves as Vice President of the New England Business Brokers Association (NEBBA).
Supporting Sarah is a team of experienced business brokers, each bringing specific local market insights and sector knowledge. The team includes professionals like John Brice, who has extensive experience across diverse industries and has founded and exited several businesses throughout his career.
Their Services:
BayState Business Brokers offers a comprehensive suite of services tailored to meet the unique needs of business owners:
- Business Sales Representation: The firm’s primary service is representing sellers in the sale of their businesses. They employ a sophisticated and proven process that effectively markets and sells businesses to qualified buyers—a process typically applied to the sale of much larger companies.
- Buyer Representation: While the firm usually represents sellers, they also assist buyers, including those from across the country and international buyers, in identifying businesses that meet their needs, whether for operator-owned or strategic purposes.
- Business Valuations: For business owners wondering about the worth of their business or seeking a valuation from an accredited appraiser, BayState Business Brokers provides this service in collaboration with an independent, accredited appraiser.
The firm’s commitment to professionalism, confidentiality, and personalized service has established it as a trusted partner for business owners seeking to sell their businesses in the New England region. Their deep local knowledge, combined with industry expertise, enables them to effectively connect sellers with qualified buyers, ensuring a smooth and successful transaction process.
Also read: Best Business Brokers in the US
BayState Business Brokers Fees:
BayState Business Brokers offers services to assist clients in buying and selling businesses. Their fee structures vary based on the specific services provided.
Seller Representation Fees
When representing sellers, BayState Business Brokers typically charges a commission based on the final sale price of the business. The exact percentage is determined during the engagement process and may vary depending on the complexity and size of the transaction. For detailed information, it’s advisable to contact them directly.
Buyer Representation Fees
For buyers seeking assistance in acquiring a business, BayState Business Brokers offers buyer representation services on a fee-based engagement. This involves facilitating the process from initial company research to closing. Specific fees for these services are established during the engagement and can vary based on the scope of work involved.
Example Listings
BayState Business Brokers handles a diverse range of businesses. Here are some examples of their listings:
- High Volume Commercial and Residential Landscaping Business: This leading landscape and lawn care company serves both commercial and residential customers west and south of Boston. Historically grossing over $5 million per year, it primarily caters to commercial clients in condominium complexes with multi-year contracts. Services include landscaping, snow plowing, fertilization, and spraying. The business operates with a tenured General Manager and 46 full-time employees. The real estate, comprising a 10,000-square-foot building on a 3-acre lot, is available for sale, offering ample space for expansion.
- Full-Service Business Specializing in Screen and Digital Printing and Embroidery: This business provides comprehensive screen and digital printing and embroidery services. It was sold for $750,000, demonstrating BayState Business Brokers’ capability in facilitating transactions in the printing and embroidery industry.
- Salon Services with Multiple Locations: A salon services business operating across various locations was sold for $2,250,000, highlighting the firm’s experience in the personal care sector.
These examples showcase the range of businesses BayState Business Brokers manages, reflecting their expertise in handling diverse industries and transaction sizes.
A brief explanation of Sentiment Analysis:
Sentiment analysis is like reading a room to figure out the mood. Imagine you’re at a party and you want to know if people are having a good time. Instead of asking everyone, you listen to what they’re saying and how they’re saying it. Are they laughing and talking loudly, or are they whispering and frowning? By observing, you get a sense of the overall vibe — happy, sad, excited, or bored.
In the digital world, sentiment analysis works similarly, but instead of listening to voices, it examines texts — like tweets, reviews, or comments. It’s a computer doing the “listening,” using algorithms to understand if the words and phrases are positive, negative, or neutral. For example, it can look at a movie review and decide whether the reviewer loved, hated, or felt indifferent about the movie.
BayState Business Brokers’ Reviews:
BayState Business Brokers has received feedback on various platforms, reflecting both employee experiences and client interactions. Here’s a summary of their reviews:
Indeed
On Indeed, BayState Business Brokers has an overall rating of 4.0 out of 5 stars, based on two employee reviews. Employees have commented on aspects such as the company’s culture, management, and work-life balance. However, specific details from these reviews are not provided in the available information.
Glassdoor
Glassdoor features one anonymous employee review for BayState Business Brokers, which rates the company 5.0 out of 5 stars. The review, titled “Awesome company,” was posted on October 25, 2023. Unfortunately, the available information does not include specific comments from this review.
Better Business Bureau (BBB)
The Better Business Bureau lists BayState Business Brokers with no customer reviews or complaints on file. The BBB profile provides basic business information but lacks specific ratings or feedback from clients.
Client Testimonials
On their official website, BayState Business Brokers shares client testimonials highlighting successful transactions. For instance, a client named Bev Halperin mentioned selling two different businesses through the firm in 2008 and 2013, expressing satisfaction with the professional marketing packages and valuations provided. Halperin noted that both businesses sold quickly and close to the asking price, praising the support from brokers Marc and Sarah throughout the process.
In summary, while employee reviews on platforms like Indeed and Glassdoor are limited but positive, client testimonials on the company’s website reflect satisfaction with BayState Business Brokers’ services. The absence of reviews on the BBB suggests a lack of publicly filed feedback, either positive or negative. Prospective clients and employees may consider reaching out directly to the firm or seeking additional references for more comprehensive insights.
Things to Consider When Choosing a Business Broker:
Choosing a reliable business broker is a crucial step in successfully buying or selling a business. Here are some practical tips to help you select a trustworthy broker:
Look for credentials and certifications
Ensure the broker is a member of recognized organizations like the International Business Brokers Association (IBBA) or the M&A Source. Certifications such as Certified Business Intermediary (CBI) demonstrate expertise and adherence to industry standards.
Assess experience
Choose a broker experienced in your specific industry, as they will have a better understanding of the market and potential buyers or sellers. Ask how many businesses they have sold and the types of businesses they typically handle. Reliable brokers should be able to share a portfolio of successful transactions.
Research reputation
Check online reviews on platforms like Google Reviews, Yelp, Glassdoor, and the Better Business Bureau (BBB) for feedback about the broker or firm. Request references from past clients to hear about their experiences firsthand. Brokers with accolades or recognition in the industry often stand out for their performance and credibility.
Evaluate their marketing strategy
Reliable brokers should use a mix of online listings, databases, social media, and traditional marketing to reach potential buyers or sellers. Verify that they have a strategy to maintain confidentiality during the sales process, such as vetting potential buyers before sharing sensitive information.
Understand their fee structure
Ensure the broker clearly explains their fees upfront. Most brokers charge a commission ranging from 5% to 15% based on the final sale price. Be wary of brokers who charge substantial upfront fees without outlining their services.
Assess communication skills
Choose a broker who is prompt in responding to calls and emails. They should be able to explain complex aspects of the transaction in clear and simple terms. A good broker will keep you informed throughout the process with regular updates.
Verify licensing
Some states require business brokers to have a real estate license or other certifications. Confirm that the broker complies with local regulations and check if their license is active and valid in your area.
Seek compatibility
Your broker should understand your objectives, whether it’s maximizing sale value or finding the right buyer. Trust and comfort in your broker’s ability and professionalism are essential for a successful partnership.
Evaluate their network
A well-connected broker has access to an extensive network of potential buyers or sellers. Brokers with relationships in legal, financial, and business appraisal fields can streamline the transaction process.
Interview multiple brokers
Prepare a list of questions to gauge their expertise, such as how they value businesses, their process for finding buyers or sellers, how they handle confidentiality, and what makes them different from other brokers. Compare their answers, strategies, and fees to determine the best fit.
By following these tips, you can find a business broker who is professional, experienced, and committed to helping you achieve your goals.