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.

Instructions

Difficulty: Moderate

1. Get a business degree. While this isn't necessary to become a business broker, it gives you an advantage over the competition.
2. 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).
3. 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.
4. 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.
5. 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.
6. Attend conferences, business luncheons and seminars your clients go to. Listen for signs of dissatisfaction from owners or expansion dreams from entrepreneurs.
7. 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.

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.