Beware of Unlicensed Business Brokers!
Florida Statutes Section 475.01(1)(a), requires a Real Estate License for anyone engaged in Selling Business Enterprises. There are 16 states other than Florida that require a Real Estate License or other form of registration for business brokers. In Spite of the law, there are many many out of state Business Brokers doing Business in Florida without a License. You can easily verify that the Broker you are working with is operating in Florida Legally. Just go to http://www.myfloridalicense.com/dbpr/ and click on “Verify a License”. There you will be able to see if the Broker is legal and if they have any Complaints Registered with the State. What’s the risk if the Broker is not licensed you ask? They are not regulated or accountable to the State.
Verify that your Business Broker is Trained and Certified!
I am a Certified Business Intermediary and Member of the International Business Brokers Association. My CBI Designation was expensive and hard to get, many classes and testing has made me more knowledgeable and effective for Business Buyers and Sellers. Lately I am seeing more and more business brokers advertising that they are IBBA Members and even CBI’s when they are not. This is illegal and is both Fraud and Theft! Unfortunately, there is so much of this going on, there is no easy way to control these fraudsters. If a Business Broker you are dealing with has Letters after their name, ask what they are and where they can verify their credentials. If they are really credentialed, they shouldn't mind. If they are not, do you really want to deal with this type of person? You can verify IBBA Membership and even the Prestigious CBI Designation at https://www.ibba.org/find-a-business-broker/
You can verify my CBI Credentials here; https://www.ibba.org/broker-profile/florida/land-o-lakes/vincenzo-locricchio-jr-cbi-bci/