Information on Business:
Basics:
As a business broker you will be constantly networking with business owners, lawyers, bankers, accounting firms, and investors. Your people skills will be tried again and again, but closing the deals can be very financially rewarding. You will need to understand the business you are selling, it will be to your benefit to specialize in a certain type of business like hotels, or gas stations for example, since that will give you more credibility with your clients.
To Get Started:
You should begin by learning as much as possible about the business, also understand their financial strengths and weaknesses, know your financial tools in order to price the business right. You will also have to get a real estate broker's license if you will be working in Canada, or in some states in the US, this will add a few years to your preparation since there are experience and time requirements to obtain one. You will then need to join business associations in your specialization, meet and get to know business owners and professionals related to your work. Your networking will pay off when accountants, lawyers, and banking professionals will begin to send you referrals. You should also advertise in the phone book, business magazines, and online business boards and publications. You should charge 10-12% of the sales price in commission. Remember you will not get paid until the deal closes.
Tips:
As you become more experienced in this business, growth will be inevitable. You will be able to run this business from home, even though you will be required to travel while you network and do the legwork of the business. This is an opportunity for people with disabilities. You should not need assistants or associates since you will be doing most of the work alone unless the business grows. For Internet links related to this business do a search for the International Business Broker Association, the American business Broker Association, and businessbroker.net
Definition:
A person that helps business owners market, price, negotiate, and sell their business.
Revenue Range:
$100,000 or more per year, depends on the number of sales you close on.
Education and Training Required:
Working experience in businesses you specialize on, superior understanding of financial statements, deep knowledge of the legal aspects of each transfer, excellent communication skills.
Equipment Required:
Cell phone, computer, basic office equipment, materials, and supplies, business analysis software.
