Careers As A Business Broker
How To Become A Business Broker
Interested in Becoming a Business Broker?
Business brokers, also called intermediaries, are professionals who help others buy or sell private businesses. They typically handle the entire process, from valuing the business to advertising it and then negotiating the right price with a buyer or seller. Becoming an effective business broker, however, requires a sound knowledge of every aspect of business valuation and operations. Brokers may also need to be certified with their state, depending on where they live. In Florida, a Florida Real Estate License is required. Use the following steps to become a business broker.
Understand what a business broker does
A business broker is essentially a deal maker between the buyers and sellers of businesses. They generally represent the seller of a business, but can also represent buyers, both parties, or act as neutral intermediaries. Their goal is to make the selling process as easy and rewarding as possible for their client. Specifically, they handle every aspect of the sale, including:
- Finding business owners trying to sell.
- Estimating the fair market value of the business.
- Create a sale listing and advertise the sale.
- Identifying and investigating potential buyers.
- Negotiating a purchase deal.
- Making sure that the buyer acquires proper funding.
- Other duties are required to close a sale.
Know what the job will require
A Florida Real Estate License is required to be a business broker in Florida. Business brokers are required to have the skills of accountants, financial analysts, salesmen, and intermediaries, in addition to a specific business brokerage skill set. They have to identify and, in many cases, cold call business owners that they think might be wanting to sell. As a new business broker, you will need to build up relationships and handle many rejections before even making your first deal. There will be long hours and many repetitive tasks to handle before you make any progress. However, for those with an entrepreneurial spirit, being a business broker can be a rewarding career.
If you would like to set up a meeting to further discuss your career as a Business Broker, please contact:
Paul McNally
(407)324-5100
