11 May What is The Business Definition Tool?
In the third part of Glen Cooper’s 7-part webinar series “The Future of Business Brokerage: 5 Tools We Need for the Years Ahead!” he introduces us to his “business definition tool” and outlines his views on artificial intelligence. He gives considerable emphasis on how artificial intelligence will be a true gamechanger. Artificial intelligence is destined to play a role in changing how business brokers approach their operations and how they interact with clients. In short, the role of the business broker, as with all businesses, is changing.
Cooper’s Business Definition Tool is an interesting concept for business brokers, and one that will necessitate a fair degree of reflection and adaptation. He states, “the business definition toll…is not a defined tool that tells you exactly what to do. Instead, it is about how you do your business. It is about the process.”
A key part to utilizing the Business Definition Tool is to understand the important role of emotional quotient, which is in contrast to IQ or intelligence quotient. It is through the emotional intelligence that business brokers and M&A advisors will be able to define their truths and where they should commit their focus and energy.
At the core of Cooper’s Business Definition Tool is the fact in a rapidly changing world that is being reshaped by artificial intelligence and other forces, business brokers and M&A advisors have no choice but to embrace ongoing self-teaching and learning. Cooper notes that his own business practices have changed over the last forty years and will continue to do so. In order to thrive you have to stay ahead of the curve.
Science and technology are indeed driving change, and because of that people want more control over their lives. Privacy has been largely lost and artificial intelligence stands to accelerate this process. In the past, Cooper believed that the collaborators were winning, but today, he feels that the opposite is true. Instead, he notes, “the dividers are winning” and that we see this fact reflected in politics across the globe. “I would say that science, technology, disruptions or dislocations and surprise events are driving change,” Cooper added.
Cooper cites the covid pandemic as an example of how disruptions and surprise events are rapidly altering the global landscape and that artificial intelligence is poised to be yet another seismic event that shifts all aspects of society. There is zero doubt in Cooper’s mind that business brokers and M&A advisors need to not only notice artificial intelligence, but invest the time to understand how they should incorporate it into their own businesses.