10 Dec How Can New Brokerage Professionals Can Differentiate Themselves?
In last week’s edition of our BBP interview with Glen Cooper, he outlined his key points for what Business Brokers need to do to differentiate themselves. This was part 3 of “The 5 Hardest Things to Learn in Business Brokerage,” which can be viewed here. One the leading experts in the realm of Business Brokers, Glen Cooper’s career, began in 1979. He has distinguished himself in a range of important ways. He is the Founder and Managing Partner of Colorado Business Brokers, President of CABI, and is a founding member and Fellow of the IBBA. Additionally, Mr. Cooper serves as a coach for other Business Brokers and is the author and creator of Business Brokerage, a 36-video course that is also an e-book and book.
In Mr. Cooper’s experience, there are five areas Business Brokers and M&A Advisors must address in order to achieve success. The first area is to absorb information regarding optimal business valuations. The second area is to find a way to differentiate oneself from the crowd of Business Brokers. Third, you must figure out how to navigate social media and promote yourself to prospective clients. Fourth, you will want to find way to locate the elusive, but very valuable, 2% of buyers that will actually go through with buying a business. Finally, Mr. Cooper believes that you must face reality and get real about what businesses can and cannot be sold.
New Business Brokers and M&A Advisors, of course, face a myriad of challenges. Mr. Cooper has recommendations that apply to both new professionals as well as their more seasoned counterparts. Mr. Cooper realizes that Business Brokers only have so much time in a given day. Wasting time on leads that go nowhere is like setting money on fire.
While it is important to cultivate leads from a variety of sources, it is also important to remember that some referrals may be dead ends. Mr. Cooper points out that referrals can often lead to businesses that are simply too small to be worth the time. Proper time management and resource allocation must be at the foundation of everything that you do.
Cooper also points out that no matter whether you are just starting out or have been in the business for years, you must differentiate yourself in some way. Like any other field, Business Brokerage has its fair share of competition. Those who are starting out may not have a track record to build upon, but they can still show that they are competent and knowledgeable.
Cooper states, “If you’re a brand-new broker, the first thing you obviously have to do is learn to make a competent first impression. You must come across as knowing what you’re talking about.” Investing the time to research the industry of the business owner with whom you are interacting can go a long way towards establishing yourself as capable and insightful.
In our next article, we will further explore Cooper’s key ideas for what you need to do to differentiate yourself from the competition. Thanks to his decades of hands-on experience, Glen Cooper has a range of actionable advice and recommendations that can help both new and seasoned brokerage professionals wanting to grow their business.