Business brokers, also call intermediaries, are responsible for helping buyers and sellers successfully and legally navigate the buying and selling of a business. They help a prospective buyer identify the type of business they are looking for, find businesses available, analyze the business available for sale, and they help them obtain the necessary qualifications for buying a business. A business broker working for a seller is responsible for helping ready the business for sale, determining the monetary value of the company, developing a marketing plan and preparing the necessary documentation of the marketing plan. In addition to this, a business broker assembles a team of qualified agents to assist them in the buying or selling process, negotiates details, manages paperwork and facilitates closing activities. In short, a business broker is to the selling of a business what a real estate broker is to the selling of a property.
Is a Career In Business Brokerage Right For Me?
Successful business brokers have the social skills to identify with and relate to the buyer or seller of a business. They are highly organized and have experience in navigating the intricacies of buying or selling a business. They are self-motivated and possess excellent time management skills. An experienced business broker understands that they will face rejection on a day-to-day basis, but that with perseverence, their hard work will pay off.
How Can I Become A Business Broker?
The qualifications for becoming a business broker vary widely by state. Many states require a state-issued license to work as a business broker. There are a variety of rules in regards to recognizing licenses across state lines.
Obtaining a license to become a business broker generally involves receiving classroom instruction, acquiring a certain amount certified experience and demonstrating a commitment to continuing education and pursuing re-certification when necessary. Background checks are generally performed, and fingerprinting checks are standard practice.
Business brokerage is an exciting career that, though challenging, is fairly simple to enter in to. With the right skills and training, you can enter into this interesting career with ease.