Ontario Business Brokers
Business for Sale in Toronto, Hamilton and surrounding areas in southern Ontario, Canada. We are a full service business brokerage here to help you buy or sell a business.
Who Can Sell Businesses in Toronto?
There are many ‘professionals’ who advertise that they are business brokers in Toronto, Ontario. These ‘business brokers’ offer services to assist business buyers and sellers in the business sale process. However many credentials and qualifications or experience they may have, if they are not properly licensed real estate and business brokers (or “sales representatives”) in the province of Ontario then they are not legally allowed to trade in businesses. This article is a quick overview of the licensing required to trade in businesses as per the Real Estate and Business Brokers Act, 2002.
Guidelines to Trade in Businesses
The Real Estate & Business Brokers Act, 2002 states that in order to trader in businesses or real estate (under the Act, businesses are treated as ‘real estate’) that a person must have a real estate license. They must be properly licensed and be working under a registered brokerage in order to legally trade in businesses in the Province of Ontario. When a person receives their real estate license that allows them to trade in businesses and real estate, only then can they start working with buyers and sellers and taking on clients. To call oneself a sales representative or business broker in Toronto without the proper licensing is not allowed. The correct nomenclature is business broker or sales representative or salesperson. There are far too many business brokers in Toronto that are not properly licensed that still trade in business so please deal only with a properly licensed and qualified individual. When in doubt, ask to see a ‘business brokers’ registration card if you need clarification.
Advantages to Dealing with Licensed Sales Representatives or Business Brokers in Toronto
Besides being the law, there are many advantages to dealing with licensed sales representatives or business brokers in Toronto. In order to receive licensing a person must pass three 3-hour examinations in order to qualify for the educational training. The advised timeframe to complete these studies is six to twelve months of rigorous study. In order to pass, a person must obtain at least a 75% passing grade on each examination. The selection process is quite intense. The body of knowledge that is covered includes such topics as agency law, ethics, dealing with clients/customers and an intense survey of the Real Estate and Business Brokers Act. Dealing with a properly licensed registrant means that you are dealing with a professional that has invested the time and effort to do things properly.
Registrants Must Work Under a Brokerage
Properly licensed real estate and business brokerage professionals must be affiliated with a brokerage in the Province of Ontario. There are several major advantages to the registrant for being affiliated with a brokerage but there is a major one for clients and customers. Real estate brokerages and business brokerages must have a Real Estate Trust Account at a Canadian bank. Funds that are deposited here are protected by statute for issues like bankruptcy, default, and fraud. Dealing with a properly licensed professional and brokerage should give you some significant piece of mind.
Please be aware that in order to trade in business in the province of Ontario that one must be properly licensed under the real estate & business brokers act, 2002. There are far too many ‘business brokers’ in Toronto so when you’re in doubt ask for their registration card or, better yet, ask to speak directly to their properly licensed and registered brokerage.
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