02 Nov How to Build a Strong Business Brokerage
Glen Cooper joined us recently for Part Two of his webinar, “The 5 Hardest Things to Learn in Business Brokerage.” Part One can be found by clicking here. During the webinar, Cooper explored what Business Brokers and M&A Advisors need to know about the potentially complex world of business valuation. Cooper brings over four decades of hands-on experience to the table, and the results are some excellent insights that all brokerage professionals should appreciate.
Mr. Cooper is a highly experienced Business Broker, having been in the Business Brokerage world since 1979, and he is the Founder and Managing Partner of Colorado Business Brokers. In addition, he provides both individual and group coaching to Business Brokers. He is the 2020-2021 President of CABI, the Colorado Association of Business Intermediaries and a founding member and fellow of the IBBA, and is a former CBA and BVAL with the Institute of Business Appraisers. His insightful work, Glen Cooper on Business Brokerage, is a 36-part video course as well as a book and eBook.
The Five Hardest Things
As Mr. Cooper states, “The five hardest things I believe business brokers need to learn are valuation, differentiation, social media, finding buyers and finding great listings.” Cooper will be presenting five different “hardest things” webinars over the next six months.
These webinars will cover five key topics including: what Business Brokers need to know regarding business valuation, how Business Brokers can differentiate themselves from other Business Brokers, how to navigate the world of social media and effectively promote themselves, the best way to find the elusive two-percent of buyers that actually sign on the dotted line and finally understanding what it truly takes to sell a business.
Standing Out from the Crowd
The fact is that from the “outside looking in” all Business Brokers look alike. This is a key observation that Mr. Cooper makes. In his view, all Business Brokers and M&A Advisors seem quite similar to the typical buyer or seller. For that reason, you need to find ways to stand apart from the crowd.
Finding the Best Listings
A second key observation is that Business Brokers should strive to find the very best listings possible. Of course, this observation makes tremendous sense, as great listings will be more appealing to buyers and will usually sell faster.
Business Brokers vs. Appraisers
A third key point that Mr. Cooper makes is that Business Brokers are not Appraisers and they shouldn’t be seen as such. As he states, “You really don’t want to do an appraisal because that’s not your job. And besides if you did the appraisal and you’re the Business Broker, that is a conflict of interest.
In our next article, we will dive deeper into Mr. Cooper’s insights. With over 40 years in the Business Brokerage profession, Mr. Cooper has an array of actionable tips and points for those at every level of experience.