The really successful people in business brokerage have a passion for what they do. They love getting the opportunity to help others achieve their opportunity.
-Wit & Wisdom
What is Business Brokerage?
A business broker is a professional who assists in the buying and selling of businesses, helping to connect buyers and sellers while also acting as an intermediary throughout the process.
The assistance provided by a business broker covers a wide variety of tasks including:
- helping buyers determine what type of business they are looking for
- helping sellers prepare their business for sale
- helping buyers find businesses that meet their criteria
- helping sellers arrive at a value for their company
- helping buyers analyze a business for sale
- helping select other members of the sales transaction team
- developing a marketing plan for sellers
- preparing necessary documentation to market the company
- identifying prospective buyers
- interviewing, qualifying and informing prospective buyers
- attending meetings and completing paperwork
- negotiating details
- managing the due diligence process
- coordinating closing activities
- and much more
The ideal candidate to become a Business Broker would have the following skills or characteristics:
- Desire to work with a wide range of people
- Good organizational and time management skills
- Sales experience
- Creative thinking
- Knowledge of financial statements and interpretations
- A degree in business or related discipline is helpful
- A desire to learn continually
- Strong work ethic
- High level of integrity and character
- Desire to help people and solve problems
- Prior business ownership experience is a plus
- Prior experience with either buying a business or selling a business is a huge plus
Advantages of being a Business Broker
The work is fun — “Hunting” for a living is never boring. It is on the opposite end of the scale of jobs that require you to go into the office every day. Did you ever meet a hunter who got bored?
Independence – You manage your schedule for daily activities, vacations, days off. Most of us figure out how to juggle our schedule between prospecting, clients and family lives.
Lucrative – Business Brokers who stay in the profession, make great money. It is reasonable for a Business Broker to target around $100,000 per year after 2 years
Limited nights and weekends – We provide a Business-to-Business service to clients who have normal business hours.
Long term – This is a profession that grows better with gray hair. As long as you have the energy, age is not a problem. You won’t need to look for another profession when you are 60 since gray hair is an advantage.
Why should you consider joining the Business Brokerage profession?
Large market opportunity:
Did you know that there are approximately 25 million businesses operating in the US currently? It is estimated that nearly 1-2% of all businesses look to exit by selling their business to a new owner each year. That’s approximately 250,000-500,000 businesses that could be listed for sale each year.
Not Much Direct Competition:
Did you know that there are less than 4000 full-time business brokers operating in the US currently? Compare this to the 75,000 commercial real estate agents or the 400,000 residential real estate agents operating in the US.
Competitive wages:
Did you know that the average business broker collects a commission of 10-12%? Per BizBuySell’s Quarterly Insights Report, the Median sold business transaction price during Q4 2014 was $180,000; this would generate a sales commission of between $18,000 - $21,600 for the average broker.
The really successful people in business brokerage have a passion for what they do. They love getting the opportunity to help others achieve their opportunity.
-Wit & Wisdom