There is no better time than the present to enter the exciting field of Business Brokerage.
We are in the one of the greatest periods of business transfers.
As the Baby Boomers move on to next stage in their lives, there will be an unprecedented opportunity for growth in the Business Brokerage Industry.
We’re poised to be a leader in this high growth market!
There is no better time than the present to enter the exciting field of Business Brokerage. We are amid one of the greatest periods of business transfers in the history of US. As the Baby Boomers move on to next stage in their lives, there will be an unprecedented opportunity for growth in the Business Brokerage Industry.
We’re always looking to add members to our team of sales representatives and brokers.
We provide our team members with excellent business brokerage training, and support them with subject matter technology, processes, administration, advertising & marketing.
- Are you an entrepreneur at heart?
- Do you enjoy working with people and thrive in a dynamic and exciting business environment?
- Are you enthusiastic about supporting entrepreneurs within the areas of buying, selling or financing businesses, franchises or commercial properties?
If you answered yes to these questions, we can offer you an extraordinary career opportunity and enormous growth potential.
Considering a Career Change?
Are you looking for an opportunity to hone your negotiation skills, take on challenging projects and function at your own time and pace? If so, then consider Best Business Brokers (B3). B3 is a ten year old firm who is looking to expand our team of business brokers across the state of Georgia to meet the increasing activity in our industry. According to the New York Times, a record $2.5 trillion in mergers were announced in the first half of 2018. This trend continues to be noted in a recent deloitte.com article which included upticks in mergers and acquisition activity that is fueling optimism and showing no signs of slowing down.
What is Best Business Brokers?
Based in Georgia, Best Business Brokers (B3) offers a variety of brokerage services that include assisting clients with buying/ selling businesses and commercial real estate throughout Georgia and South Carolina. Our services include confidential targeted marketing, qualifying potential buyers, showcasing, transaction negotiations, due diligence management, escrow process management, valuations, pricing, and closings. Our team is composed of business brokers who are licensed, commercial realtors specializing in a multitude of industries, such as manufacturing, technology, logistics-related businesses and properties. Business Brokers in Georgia are required to have a Georgia Real Estate License. We provide training and support as you work through the licensing process. Best Business Brokers’ (B3) based in Savannah, GA.
The Ideal Best Business Broker ( B3) …
Is a real estate agent, a retiree, a finance executive, a former business owner or another professional seeking a career change.
Is financially secure and looking to increase their income. Significant brokerage deals are often timely, although the end payout can be very financially rewarding.
Is adept at networking with other business professionals.
Is experienced in negotiations, reviewing financial records, business operations and has strong oral and written communications skills.
Is a self-starter and can work independently
The Benefits of Working with Best Business Brokers…
You would not be working for franchise, but a locally operated business with roots across the state.
You would have the flexibility to best service clients and customers with the backing of a professional team
You would have the tools and technology of B3 to support you and your clients
You would have the flexibility to take on clients and earn income to meet your goals
You would be working with a brokerage firm that is a leader in the state of Georgia
You would be part of a team that is supportive of their clients. B3 assists business owners in developing exit and acquisition goals.
You would have a network of law, lending, and finance professionals that successfully support the missions of getting deals closed as quickly as possible.
You would have an accumulated and maintained database of potential buyers at your disposal.
What is a Business Broker?
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.
The primary goal of a business broker 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 or thinking about selling in the next 3 years.
Estimating the fair market value of the business.
Creating a sale listing and advertise the sale without revealing the identity of the business to the general public.
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.
Business brokers should have a combination of skills related to financial data review, sales, communication and intermediaries, in addition to specific business brokerage skills. Unless a broker has a number of potential clients they may have to identify and, in many cases, make cold calls on business owners that they think might want to sell.
For those with an entrepreneurial spirit, being a business broker can be a rewarding career.
The market for business brokers depends on the state of the economy and how many business brokers already exist in the area. The total number of brokers operating in the country ranges from 2,500 to 5,000. This leaves ample opportunity for new brokers to enter the market.
Currently, there are about 1,850 businesses for every business brokerage. According to ZipRecruiter As of Aug 8, 2019, Business Brokers in the United States earn an average of $129,583 a year. While ZipRecruiter is seeing annual earnings as high as $199,500 and as low as $51,000, the majority of Business Broker earnings currently range between $90,000 (25th percentile) to $200,000 (75th percentile) across the United States.
A business broker must be able to budget finances. While the income potential from business brokerage is significant, there is always the chance that market factors or simple bad luck can reduce your income for periods of time. Part of becoming a business broker, or holding any type of commission-based job, is accepting that you will have to save most of your money just in case you don’t get paid for a while. The best business brokers do not immediately go out and spend their big commission checks on new houses, cars or other expensive items.
What does it take to be a business broker?
Business brokers are professionals who help others buy or sell private businesses. They typically manage the entire process; from valuing the business to advertising it without revealing the identity of the business and then negotiating the right price with a buyer or seller.
You don’t need direct experience to become a business broker; particularly if you join a brokerage like ours that provides training.
You don’t need direct experience to become a business broker, but you should have a deep understanding of business operations and concepts to be successful. We’ll help you take it from there.
Becoming an effective business broker requires a sound knowledge of the many aspects of business valuation and operations. Experience as a real estate agent is desirable but not mandatory. The Georgia Association of Business Brokers will be offering BCB (Board Certified Broker) designation in the near future.
A career as a business broker with an established brokerage firm enhances your potential for success in assisting small to medium size business owners exit or acquire a company. In this career, you will have the chance to advocate for the local small business community and become a trusted advisor.
A business broker acts as the intermediary during either the sale or the purchase of a business, managing the entire process of the deal and interacting with all parties involved. Our office focuses on markets from urban to industrial areas across the state of Georgia and into South Carolina.
Thousands of businesses are sold annually in the state of Georgia with potential commissions over $200mm. B3’s current work-in-progress commission potential is over $2mm.
Business brokers should have a base revenue source as large transactions may take a year or more to close. Like a farmer, a business broker sometimes goes long periods between paychecks. The ideal business broker should be able to go the distance.
You don’t need direct experience to become a business broker, particularly if you join a brokerage like ours that provides training. However, a business background is essential to success as a business broker, as the job requires understanding every aspect of another business well enough to sell or buy that business on behalf of a client. Your experience will also help convince a client that you know what you’re doing.
Successful business brokers have:
Owned or operated a small business. This helps them understand the small business mindset and gives them increased insight into how they function.
A corporate background. Having a greater understanding of larger businesses can be useful in making larger deals.
An understanding of business operations and concepts.
Personal attributes are also predictive of success as a business broker. To be successful, you will likely need a sales aptitude, an ability to be diplomatic in difficult situations, and a stick-to-it determination to work hard and independently on your own schedule without becoming lazy. You should develop a knack for cultivating relationships with potential buyers or sellers and quickly developing a deep understanding of their business and industry. This includes seeking out every possible lead to ensure that you don’t miss any potential buyers. You will also need strong negotiation skills and the ability to keep the buyer or seller on track and confident in the deal.
Regardless of their background, most people will need some training specific to business brokerage. There are many skills that can be learned through formal training or experience in other lines of work, or by working directly in a business brokerage.
The successful business broker will become proficient in:
How to recast financial statements for discretionary cash flow.
Using the most appropriate business appraisal methodology.
How to build a marketing package for each type of business.
Maintaining strict confidentiality while marketing nationally.
Selecting the most appropriate advertising venues for marketing a business.
How to conduct the initial buyer/seller meeting without raising animosity?
Learning the do’s and don’ts of successful negotiations on price and terms.
How to get the transaction to the closing table.
Closing the transaction with proper documentation and follow up.
There are several training options available for those seeking classroom training. For example, the American Business Brokers Association offers two-day training programs across the country for aspiring brokers. If you choose a third-party option, make sure to check reviews from previous students so that you know the training program is reputable. You should look for training programs that offer post-classroom support, preferably at no cost.
Licenses and Certifications
In Georgia, business brokers need to have a Georgia real estate license. Getting this license is simply a matter of going through required classes and passing the license examination. You will also likely be required to pass a background check before obtaining a real estate license.
Experienced and educated business brokers can further increase their reputability by earning certifications in the field. The Georgia Association of Business Brokers (GABB) will be offering a Board Certified Broker (BCB) designation in 2020.
In order to gain experience as a business broker, your best option is to apply to join an existing business brokerage firm that will train you. It will also be easier to find leads if you are working for an established firm. Just make sure that the brokerage is truly willing to train you, rather than just handing you a list of contacts and expecting you to make a sale.
Another option to gain experience as a business broker is to join another type of office. Many business brokers work together with those in other fields, joining their offices to handle business deals that may come through. For example, many brokers work with real estate agents, accountants, or bookkeepers and can handle any potential business sales that the others hear about when dealing with local businesses. Working in this type of environment can gain you easy referrals and also give you the experience necessary to get your broker license.
Building up business relationships takes time. In the beginning, you’ll need to pave your own way without earning a paycheck. However, in time you will begin to see deals come through if you work long and smart enough. All it takes is building up relationships and referrals to get the green light on a deal. Make sure you understand from the start that it may be months before you actually see any brokerage work or profits.
You must be willing to give each opportunity your all. When you finally get a brokering deal, you must focus your efforts on understanding every aspect of that business, and work to know its market and competitors as well as or even better than the current ownership knows them. Make sure your clients are confident in your ability to successfully represent their businesses by showing true concern and understanding for what they do. If you work smart enough, your efforts will return a good sale price for the businesses you represent, which, in turn, nets you higher commissions.
A good business broker respects clients. They may have any number of issues with their businesses, from poor bookkeeping to disorganized operations. However, it is not your job to judge what they are doing wrong, but to prepare their business to be sold. To do so, you’ll have to be respectful and courteous as you work to understand their business and organize their bookkeeping; for example, in such a way that potential buyers might better understand it.
Finally, work towards becoming specialized. As in all lines of work, specializing is a proven method for building a solid reputation and earning referrals. Business brokers who specialize in a certain sector can create a reputation as an industry expert. Instead of seeking clients, they will come to you. Your specialty can be something like retail, restaurants, or technology businesses. This specialty can arise either from your previous experience or because of your sales history in the industry. If you are drawn to a particular sector or specialization, consider getting more training or education to further elevate your position as an industry expert.