28 Mar Advice from Veteran Brokers (Part 2 of 3)
“The following question was asked some years ago of quite a few successful business brokers – here are their responses. They were originally published in The Business Broker when it was a print publication. Subsequently, it was included in Wit & Wisdom of Business Brokerage edited by Connie Womack, an well-known industry veteran, now retired. The book is published by Business Brokerage Press (BBP). For information visit BBP online.
Don’t quit – be tenacious – hard work – high energy and a sense of humor will see you through to success.
Look at the business as a profession, not just a way to make money. Look at the profession for the long term; this is a tough business for short-term thinkers.
Go to work for an established firm for a few years.
Have enough capital.
Start with smaller businesses.
It’s a great business, but make sure you have six to twelve income in the bank – it takes a while to prime the pump.
Take pride in your profession and give clients the service they deserve, through self-education and training.
Think twice! Do your homework! This is a fun business and can be very financially rewarding. But be prepared for the worst financially, especially in the early years.
Stay focused on getting good/salable listings. Don’t spend too much time with buyers.
Be prepared for plenty of rejection, but what makes it all worthwhile is when you finally “put the deal together.” I find that thrilling even after 22 years.
Work with an established, reputable broker as an agent rather than starting your own business brokerage practice. You will quickly learn whether you are suited for the business.
Being honest is the best policy because it helps you get a good night’s rest and because they’ll probably catch you if you’re not!
Be persistent in your endeavors – but most of all, be patient.
Because business brokers have such a great impact on the lives of buyers, sellers, and their families, it is important that the broker know the principles of arranging transactions and take the time to guide the principles through the very emotional period of the sale.
Be fair to the party, not your client. The other guy will talk to others in the business; besides, today’s buyer is tomorrow’s seller. It is important that both parties come out of the transaction thinking the broker treated them fairly and honestly.
