How to Become a Business Broker
Most people have never heard of a business broker, which is a mixed blessing for you. It's not a large industry, so there's little competition (for the time being). But you will have to get creative about educating potential clients. As a business broker, you help people buy and sell businesses. Follow these steps for a rewarding career.
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Instructions
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Get a business degree. While this isn't necessary to become a business broker, it gives you an advantage over the competition.
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Train as a business broker. The School of Business Brokerage in Greensboro, North Carolina, offers marketing help and hands-on workshops, as well as courses on becoming a business broker. For online training, check out the International Business Brokers Association (IBBA).
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Decide what type of businesses you want to specialize in. Finding a niche makes you more attractive to prospective clients. Watch small businesses take off or specialize in mergers and acquisitions for larger broker fees.
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Write up a marketing plan to target potential clients. Diversify your marketing message by advertising in business publications and trade magazines. Set up a website with useful content to rank high in search engines.
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Comb the business section of your local papers for companies that are ripe for selling or buying. A business owner selling his firm could mean an opportunity for you.
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Attend conferences, business luncheons and seminars your clients go to. Listen for signs of dissatisfaction from owners or expansion dreams from entrepreneurs.
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Upgrade your education constantly. Subscribe to magazines covering the type of business you broker. Join IBBA and American Business Brokers Association (see links in Resources) to learn from colleagues.
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Tips & Warnings
Be up front about fixed fees and other costs your client has to cover so there are no misunderstandings.
An experienced business broker sells 5 or 6 businesses a year.
Resources
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Comments
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Anonymous
Jun 01, 2011
The American Business Brokers Association conducts a broker training seminar several times a year at various locations around the country. The seminar is an intensive two day program that prepares participants to enter the profession of business brokerage. -
6daughters4me
Mar 04, 2009
Great Advice, William. I hope your brokerage is doing well. I also wanted to share with readers that King and King Management has one-on-one training, using the latest technology so that people who want to become business brokers can train at their own pace, using their personal skills
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6daughters4me
Mar 04, 2009
Great Advice, William. I hope your brokerage is doing well. I also wanted to share with readers that King and King Management has one-on-one training, using the latest technology so that people who want to become business brokers can train at their own pace, using their personal skills
