A business broker is a person or firm engaged in the business of enabling other businesses to get sold.
Business brokers typically value the business, advertise it for sale, handle the initial
discussions with prospective buyers and assist the owner of the business in selling it. They are paid either a fixed fee or a percentage of the sale price. Buyers sometimes retain a business broker to find them a particular kind of business.
In the United States, licensing of business brokers varies by state, with some states
requiring licenses, some not. Some states require licenses if the broker is commissioned but not if the broker works on an hourly fee basis. State rules also vary about recognizing licensees across state lines, especially for interstate types of businesses like national franchises. Some states require either a broker license or law license to even advise a business owner on issues of sale, terms of sale, or introduction of a buyer to a seller for a fee.
This form is a general Non-Disclosure and Commission Agreement Between a Business Broker and a Prospective Buyer.
A Wyoming Nondisclosure and Commission Agreement Between Business Broker and Prospective Buyer is a legally binding contract that establishes a confidential relationship between a business broker and a potential buyer in relation to the sale or acquisition of a business in the state of Wyoming. This agreement ensures that all sensitive information shared in the process is kept confidential and that the broker is entitled to certain compensation for their services, typically in the form of a commission. The main purpose of the agreement is to protect both parties involved and maintain the privacy of the business being considered for sale. By signing this agreement, the prospective buyer agrees not to disclose any information about the business to third parties without the written consent of the broker. This protects the seller's interests, trade secrets, customer lists, financial information, and other confidential details that could be detrimental if leaked. The Wyoming Nondisclosure and Commission Agreement Between Business Broker and Prospective Buyer often includes several key provisions. These may include: 1. Identification of the Parties: The agreement clearly identifies the broker, the prospective buyer, and, in some cases, the business being considered for sale. 2. Confidentiality Obligations: The buyer acknowledges that any information furnished by the broker or obtained from the seller is confidential and cannot be disclosed to anyone without written consent. 3. Non-Circumvention Clause: This prevents the buyer from attempting to bypass the broker and directly contact the seller or otherwise engage in transactions related to the business without the broker's involvement. 4. Exclusions from Confidentiality: The agreement may outline certain types of information that are excluded from the confidentiality obligations. For example, information that is already publicly available or known to the buyer prior to entering into the agreement. 5. Terms of Engagement and Commission: The agreement defines the broker's role and outlines the commission structure for the services provided. This includes any potential fees, percentage of the sale price, or other compensation arrangements agreed upon by both parties. There may be different types of Wyoming Nondisclosure and Commission Agreement Between Business Broker and Prospective Buyer agreements based on their specific circumstances, such as the nature of the business being sold or other customizations to fit the needs of the parties involved. However, the key elements mentioned above generally remain consistent in these agreements to protect the interests of both the buyer and the broker.
