Business Brokers: Traits for Success
Starting out as a business broker may seem daunting; there are many who have been in the business for countless years who have all the connections that those just starting out would truly benefit from. This is where new brokers need to pluck up the courage to speak to those with more experience, and perhaps even form relationships with financial professionals, accountants, attorneys, and other professionals related to the buying and selling game. The right connections will put the broker a step ahead.
Bronwen Barnard
02 August 2021
Summary
Assisting people with buying and selling a business requires a balanced mix of ambition, knowledge, and people skills. Every business broker aims for success for their clients, and that means providing the best possible service. Doing this will require a certain skillset and personality traits.
Skills that Make Better Business Brokers
A business broker’s role is to provide guidance, advice, and any other resources that businesses or business buyers may need in order to make the transaction happen.
Networking
Starting out as a business broker may seem daunting; there are many who have been in the business for countless years who have all the connections that those just starting out would truly benefit from. This is where new brokers need to pluck up the courage to speak to those with more experience, and perhaps even form relationships with financial professionals, accountants, attorneys, and other professionals related to the buying and selling game. The right connections will put the broker a step ahead.
Ambition Coupled with Persistence
As a chaser of the highest price, a business broker needs to be an absolute go-getter, never allowing their motivation to dwindle throughout the buying or selling process. If buyers fall through on a deal, successful brokers need to stay persistent and continue to market the business for sale diligently. During the acquisition process, there may be some hiccups, buyers and sellers need to be reassured by focus and determination.
Relevant Knowledge
A business broker needs to keep up with marketing trends, and financial and legal aspects of business brokerage, but that isn’t the only knowledge that will get them closer to closing deals. They will also need to understand the ins and outs of the industry in order to provide sound advice and guidance. Brokers need to know how to tailor their services to suit each buying and selling situation, as no one project is the same; this will also ensure rapport during the process.
Using the BusinessForSale platform will assist brokers with advertising businesses, and finding businesses to match with buyers and vice versa. BusinessForSale is South Africa’s most intuitive and comprehensive website for selling a business, as listings get seen by thousands of potential buyers, investors and entrepreneurs. Through our innovative business broking tools, you can create professional marketing reports, valuations and adverts to present to your clients, making business brokage much simpler and more efficient. Contact us for more information on how we can help make your career more successful!
More Sellers Knowledge Bank
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What is a Business Broker?
If you have been considering selling your business, the words business broker have surely popped up on your radar recently. But what is a business broker and why would you use one when trying to sell your business? A business broker is a person who helps people buy and sell small and medium enterprises. These agents each specialise in companies belonging to specific industries that they are well versed in, to assist their clients in achieving their objectives and ultimately, selling their business.
Checklist for Selling a Business
When you’ve decided it’s time to sell your business there are a few specific steps that need to be taken by every seller. These steps make up the perfect checklist for selling a business and if you miss one it might lead to you making big mistakes within the selling process. This article will discuss the different steps you need to take to sell your business. A checklist can be a lifesaver when selling a business, so let's take a look at what one should include.
How Fast Can I Sell My Business?
With Business for Sale, buying or selling a business has never been easier. We have the ideal tool for you if you are an entrepreneur or are selling a business on behalf of a client. So, if you were looking for a way to speed up the selling process, list it with Business for Sale today!
How to Sell a Business Quickly
If you're thinking, "I need to sell my business quickly," it's critical to list your business on the right platforms that can give you access to the perfect potential buyers. Business for Sale does just that! Our packages are designed to meet the needs of both entrepreneurs and professionals. Whether you're a business owner looking to sell your company or an agent looking to market various businesses to the right audience, our platform will help you. Visit Business for Sale today!
How to Sell a Franchise
Selling a franchise isn’t the easiest process to complete in the world. The major confusion comes in when a business owner needs to answer the question: “how to sell a franchise?” Deciding that it’s time to sell, and actually successfully selling are two completely different concepts. However, it's important to strike when the iron is hot and not to delay the process unnecessarily.
Your Guide to Selling a Business
Believe it or not, selling your business has never been easier. If you are a business owner trying to sell or someone selling a business on behalf of someone else, Business for Sale is the secret weapon you'll need. With our online broking platform, you can prepare market-related valuations of your business while emails, enquiries, and marketing activities are managed from a central point.
Business Valuation Calculators: All You Need to Know
It’s always important to know your worth! A business valuation is a process of estimating the economic value of a company; as this provides owners with an unbiased assessment of its worth. A business valuation is often performed when an owner wants to sell all or a portion of their business or franchise. A business valuation calculator assists buyers and sellers in determining an approximate estimate of the worth of their business. Two of the most typical business valuation methods start with either yearly sales or annual profits, which are then multiplied by an industry multiple.
How Do I Know if My Business is Ready to Franchise?
Franchising can be the perfect opportunity for business owners to expand their business. After all, it’s the franchisee’s responsibility to invest their own capital and therefore they will work hard to ensure that their investment is profitable.
How to Sell a Franchise Business: As a Franchisee
The decision to sell a franchise is a big one that should be planned and prepared for carefully. If you are a franchise owner currently, chances are you have put a lot of money, time, and effort into the business. It makes sense that with this investment, you want to get the best possible price when you sell. The trick is to use the right steps to ensure a successful sale and a favourable outcome!
How to Sell a Business without a Broker
There are many small business owners who successfully manage to sell their businesses without using a business broker. There are a few benefits of selling your business without unnecessary third parties – a major one being that the business owner can avoid the transactional fees or commission that the business broker will require from the sale.
Business Valuations: Benefits of Getting One
Accurate figures can help business owners determine the asking price and how much room there is for business negotiation. Potential buyers should not be chased away by unfair asking prices and negotiations that can’t be justified. Equipped with the right facts and figures, fair business negotiations can run a lot more smoothly.
How Do I Sell My Franchise?
Whether you’re a new franchisor, or one that has been around a few years, finding the right platform to sell on (when you’re ready to) can be tricky. Many business buyers are opting to buy a franchise rather than a standalone business, because of all the benefits and security of buying a franchise offers. Business for Sale provides an interactive online platform for those looking to buy and sell their businesses. Why would you use a business directory to sell your business? There are a few great reasons!
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