Hundreds of articles, primers, books and opinions have been written on “HOW TO BE A SUCCESSFUL BUSINESS BROKER”.
The basic answer is very simple, it requires working hard and working smart!
Yes, we know everyone considers themselves a “hard worker” as it may very well be, but it really takes hard work and plenty of wisdom and street smarts to be on top of the heap in this business.
Success begins with a plan. It’s important to develop a keen business plan from the start to make sure to stay on the right track to success. After all, you are in your own business as an independent contractor, and how many businesses are you aware of that do not have a definitive business plan. Formulate your plan and diligently work your plan by tunneling your efforts with the right tools and resources made available.
Surround yourself in a work atmosphere that provides a good quality work environment like that found in a VR Business Sales office (see link at end of article). All the resources are readily at your fingertips. Each VR office owner has proven career successes combined with a deep rooted entrepreneurial spirit that create an aura of excitement to be around. If you maintain the same deep rooted enthusiasm and creative deal making skills as the owner with whom you affiliate, your own successes will prevail.
Continually develop strong business relationships and prospect every day. Every person you meet will eventually consider selling or buying a business, when they do, it will be you they think about first. Develop centers of influence and referral networks. Focus on your needs and work your plan to accomplish on what you expect to get out of the business. You will only get back what you put in to the business; work a true forty hours per week and make every minute productive in obtaining listings. Good saleable listings must be kept foremost in your mind by establishing solid criteria of what you and your office are willing to work on. Only work on Sole and Exclusive Listings that are priced right.
Know your success ratios and work your ratios every day. These are good management skills that will pay off in the long run. You should know how many prospecting calls you need to make to attain your listing goals as well as how many buyers you need to speak with to get an offer. If fifty per cent of the offers you write do not go into a contract you are doing something wrong and need to start from the beginning analyzing your practices, work-habits, taking responsibility for your practices. Every two contracts should have a conversion ratio of one closing…Pay Day!
All aspects of the industry must be taken seriously and constant education in your field of endeavor by taking courses and attending seminars. Read anything related to the industry and regularly take motivational and self-help courses. Master negotiation skills and fine tune your skillset. Always do the right thing. Don’t procrastinate, there is no perfect situation.
By preparing for every situation prior to the engagement appointment to first time buyer meetings, you will demonstrate a command of presence for which you will always be recognized. Be a peer to your client and customer contacts, explain in one statement why you are the one to work with and what you bring to the table. Thinking outside the “box” will make you a deal maker standing ahead of the pack as you mature in the business.
Continually pay attention to the basics, be responsive and stick to your objective:
Ask for Referrals
Contact Sellers Regularly
Delegate as Much Computer Work as Possible
Practice Healthy Living by taking time for yourself and family.
Always think positive, think big and think Valued Representation.
VR Business Sales and Mergers & Acquisitions provides the best opportunity for having a successful business brokerage office of your own.
For more details please contact our Director of Franchise Development at 800-377-8722