11 May Artificial Intelligence and What it Means for Business Brokers
Business broker legend Glen Cooper continues his insightful 7-part Business Brokerage Press webinar series The Future of Business Brokerage: 5 Tools We Need for the Years Ahead! This article covers the third and latest addition to the series, in which Cooper dives in and explores the deep societal shift that is occurring as a result of the introduction of artificial intelligence.
Implementing Artificial Intelligence
In short, Cooper believes that business brokers must not only embrace artificial intelligence, but they must also “figure out how to implement it in our business.” It is Cooper’s view that artificial intelligence will “change everything about your business, and if you don’t understand that, you need to learn more.” He feels that the changes in society mean that business brokers and M&A advisors will need to continue their education in the most meaningful way possible so they can best assist their clients.
Helping Clients Navigate the Landscape
The general encroachment of technology into all of our lives, including the widescale introduction of artificial intelligence, means that everyone is feeling more stressed and more confused. Buyers and sellers alike need business brokers who can help guide clients as they endeavor to navigate the new and ever-changing landscape. They will be looking for brokerage professionals who can help clients achieve more control over the businesses and their business decisions.
Defining Your Business
The Business Definition Tool, explored in our last article covering this webinar, is a key part in how business brokers will ultimately brand themselves. Investing in systems and teams is an important part of the process and one that will yield dividends for years to come.
Cooper notes, “I do believe collaborations are more important, but partnering up with the best is not as important, at least right now, as developing your own capabilities.”
Being an Industry Leader
While in no doubt that AI is a gamechanger, Cooper also points out that the most important factor for business brokers is how they respond to various trends. He believes that what is most important is not focusing on what everyone else is doing but instead how you personally respond to trends as they emerge.
Cooper strongly believes that moving forward, business brokers and M&A advisors should be committed to being honest and fair with clients. At the same time, you will want to develop your own emotional intelligence, so you can “listen, teach, and lead in the right manner.”
Nothing is likely to stop the introduction of artificial intelligence. The simple fact is that we are only in the first innings of “artificial intelligence game.” Whether you are in favor of it or not, artificial intelligence will change how all businesses function and operate. Just as the introduction of the Internet caused a permanent shift for how almost all businesses interact with their clients, the same will hold true for the business brokerage industry. Much like the introduction of the Internet, those who ignore the potential and promise of artificial intelligence will miss opportunities and find themselves at a competitive disadvantage.