A business broker is a middleman who connects a buyer and seller in the buying and selling of a business.
The business broker handles the entire sales process, which includes determining the value of the business, finding individuals looking to sell their business, and negotiating the final price with the buyer and seller — these among other responsibilities.
While becoming a business broker is lucrative, it’s not a career for everyone. By the end of this article, you will know if you possess the right skills that successful business brokers possess.
1. Are you well-connected?
To find clients, you need a large available pool of network. You will be meeting buyers and sellers who have unique preferences, so you need a big pool so that you can match their criteria.
Being part of local networking groups, chamber of commerce and any networks will come in handy in becoming a business broker.
2. Are you trustworthy?
As a business broker, you will be dealing with a lot of confidential information from clients. Yet, you cannot reveal this information to unauthorized persons.
As you handle any conflicts of interest between the buyer and seller, you need to do it prudently. You, for instance, can’t reveal a seller’s bottom line price. This calls for being trustworthy enough to keep confidential information.
3. Are you marketing-savvy?
How else will you connect buyers and sellers if you have no idea what marketing is all about? You don’t need to be a marketing guru since you can always hire marketing services from agencies, but you do need to know the basics of how to market your type of business.
Before getting into any career, you must first evaluate if your personality and natural abilities will help you win. If you possess these skills, a career as a business broker could be a good fit for you. Most of these skills require constant honing to achieve perfection.