Words of Wisdom and Inspiration for the Aspiring Entrepreneur from Frank Covich, Founder of the National Association of Independent Business Brokers (NAIBB).
Day in the Life of A Business Broker
by Frank Covich
I like to tell my potential clients that a day in the life of a business broker is ever changing. For people who have a job, it’s a process of projects fitting in with your schedule.
A project can be as simple as one hour today, I am going to do some research and gather 10 good names of accounting professionals and send them an introduction note. This cycle can happen as your time warrants. Contacts build as focus and energy in the right direction is applied. As contacts turn into conversations, meetings are set, presentations are made in an attempt to secure business for sale client, profile fee and start the process of learning your client and their business.
My friend of many years Fred Roa TELESIS would say “ we are in the trust business” build trust, work at it. Communicate with your potential clients as being a person giving them assistance rather than demanding documents in the first stages.
Some people have the resources in almost retirement to apply years of wisdom and skills to work on a more regular basis. Some people have applied there focus on everyday activities building networks of contacts, reaching out in many ways to secure more contact calls with business owners who could be business sellers. One great effort should always be making connections with financial consultants to business owners. This listing process goes on over and over.
Simultaneously follow methods designed to find candidates who might purchase an existing business this similar process involves many additional tactics. One great method is the simple brochures with your contact information added, “Career’s for sale” “Growth through Acquisition” these are in the NAIBB start a business brokerage 9 segment downloads delivered the minute you register as an affiliate client of the NAIBB BeBizBroker system by Frank Covich.
I could write pages of stories of business for sale cases made by my clients, there are hundreds more than I even know about. The day in the life of a business broker sometimes allows you to stumble into other adventures.
The day in the life of a business broker follows some guidelines. If you want to become the center of activity in your region or business sector group you might focus on, develop your game plan. Talk with me about how to use my system and your creativity with the core system of scripts and methods that will help you into success.
Then we think about what is a success. Here is a story of a client in NJ Ralph. Ralph purchased my system years ago. He began his mailing campaign using some contacts and his list of accounting professionals. One such accounting professional got his letter and said I have a client that might sell his business in the gravel industry. He has some interesting property and decided that as he levelled it off, it was a great place to build an apartment complex.
The accountant put the owner in contact with Ralph and since Ralph was bright he talked with the business owner and determined it was not that valuable anymore, but he liked the owner’s idea about a building. The owner said can you find me a source for $40 million dollars a construction loan. Ralph said I will try and then the owner said I will pay you a handsome finder fee. They agreed to 2.5%
Ralph went on to offer his new client contact with a great banker person he discovered and the loan was made 45 days later. Ralph got a closing fee of over $970,000 He paid the accountant a $25,000 referral contact fee. Everyone was happy. Ralph called me and said thanks frank I am going to retire and I am moving to Aruba.
One nice lady in Mississippi started her business brokerage effort and sent a letter to a local 7-11 shop owner. She found out the owner had 21 stores and a warehouse. She listed all of them as a package deal. We ran a simple advertisement, “The best business for sale deals are not advertised”, contact Great Business Acquisitions. Several people called and one interesting family bought them all, she made a fee of over $475,000 on that successful business transfer.
Having a business that offers great potential is something almost anyone can work at. My system can help.
To consider my program on expanding into the science and art of business brokerage, please visit www.bebizbroker.com to examine other great business programs please visit www.shopabizop.com get involved and remember how important your comparison research is in finding what new business is best for you. Kevin’s portal offers that research platform.
Visit www.bebizbroker.com today to find out more about how you can start your own business brokerage practice fast, economically and with total confidence!
All the best,