What is a CBI Designation?
The Certified Business Intermediary (CBI) designation is given by the International Business Brokers Association (IBBA) to its members. To receive a CBI designation, members of the IBBA must have met many of the requirements IBBA outlines for them. Anyone who is buying or selling a business should always work with a business broker who has CBI designation.
Benefits of Using a Broker With CBI Designation
Any time you buy or sell a business, it is likely going to be one of the biggest financial transactions in which you will ever be involved. A broker with a CBI designation will bring many benefits. They will help you navigate the purchasing or selling process and help find qualified prospects that are the right fit for your situation. Brokers with a CBI designation can also better coordinate your transaction by reaching out to their extensive network of lawyers, accountants, and other professionals necessary to the sale or purchase.
What Qualifications Do Brokers With CBI Designations Have?
A broker with a CBI designation will have many qualifications to help with your transaction. These qualifications include:
- A supportive network of professionals
- Specialized expertise in selling, listing, investing, business valuation, and more
- Regular access to the best practices of the industry to keep up with the ever-changing marketplace
- Marketing and negotiation skills
- Better education and training than brokers without a CBI designation
- Affiliations with other intermediaries around the world
- Knowledge of the local market
- Access to information regarding legislation and investing
In addition to these qualifications, a broker with a CBI designation will also abide by the Association’s Code of Ethics. Due to this, you can ensure that any time you work with a broker who has a CBI designation, you are working with someone who is honest and will always work in your best interests.
What are the Requirements for a CBI Designation?
To obtain a CBI designation, brokers must undergo extensive training. This includes 68 hours of in-class business broker courses, and attendance at at least one IBBA Annual Conference. Before obtaining a CBI designation, a broker must also complete a minimum of 10 exams and be an active IBBA member in good standing. Brokers with a CBI designation must also be committed to continuing their education and professional development. Periodically, brokers with a CBI designation must also undergo recertification to ensure the designation is up to date.
Want to Work with a Broker with CBI Designation? Call Us Today
When you work with a broker that has obtained their CBI designation, you are working with the very best. At Private Practice Transitions, all of our Washington business brokers have obtained their designation from IBBA so that we can deliver the very best service to all of our clients. If you are thinking about buying or selling a business, call us first at (253) 509-9224 or fill out our online form to schedule a meeting with one of our skilled brokers and to learn more about how we can help with your transaction.