13 Oct Understanding the Complexities of Working in the Business Brokerage Industry
During our recent webinar with industry expert Jim Afinowich, we covered a good deal of important ground. To watch the webinar, please click here. In our last article about the interview, we explored Afinowich’s tips for selecting and dealing with clients, how to help clients achieve top dollar for their businesses and more. In this second article dedicated to our Afinowich interview, we’ll explore additional tips for business brokers and M&A advisors.
When asked what were the most critical personality traits that a successful business broker or M&A advisor should possess, Afinowich had an insightful answer. His belief is that you should be both persistent and patient, but this is of only the beginning. Afinowich responded that brokers are “part salesman, part psychologist, part lawyer, part accountant and part counselors.”
At the end of the day, often like their business owner clients, brokers and M&A advisors have a range of skills which must be properly employed in order to achieve successful outcomes. In this way, business owners and brokers have much in common. For anyone considering going into the brokerage industry, this short answer does an exceptional job of illuminating the complexities of assisting clients to buy and sell businesses.
Looking back on his career, Afinowich believes that among his greatest accomplishments have been being able to provide a good deal for everyone involved. When you are truly successful at what you do, you are able to provide the buyer, seller and other professionals involved in the process with an overall positive and rewarding experience. He is seeking to help his clients retire as millionaires and additionally achieve their goals. No doubt, Afinowich’s perspective is that working in this industry is quite rewarding. Being a business broker or M&A advisor can positively impact many lives.
For those looking to become business brokers, Afinowich had some very clear and sage advice. Gathering as much education as possible is, in Afinowich’s summation, the key place to begin the process. He uses the example of taking community college classes in areas that are key for business brokers, such as accounting or finance. The bottom line is that business brokers need to have strong foundations in the different aspects of the profession. Additionally, Afinowich feels that those looking to become business brokers or further their careers should associate with people who are industry veterans. Consistently networking is also essential.
Being a business broker or M&A advisor is about much more than being a great salesperson. Business brokers, due to the very nature of the business, are forced to wear many different hats. It’s important to remember that the profession is multi-dimensional and requires ongoing learning and professional growth.