Words of Wisdom and Inspiration for the aspiring entrepreneur from Frank Covich, Founder of the National Association of Independent Business Brokers (NAIBB)…
by Frank Covich
The Story of Leo Wondrash: Things Can Happen Fast at Times
Mr. Leo Wondrash called the NAIBB in New York City where I developed the business brokerage training program. He was a farmer in Wisconsin.
After years of laboring in fields on the small farm that had been in his family for generations and experiencing steadily declining crop prices, Leo sold the farm. And just as he did, he happened upon an article I wrote that talked about unique careers, including business brokerage. It intrigued him, so he contacted me.
This guy was definitely a farmer who was used to living the rural life. He wasn’t a man with any kind of deal-making background. He was also honest, sincere and much respected in the area where he lived.
As I walked him through the opportunities and costs associated with starting and building a business in the business brokerage industry, he became more and more excited about his prospects for joining my team. At last he had found something that interested him, where he could make money and start right away.
Now at that time, I required all new brokers to attend a day of training in New York City. Hearing this scared the daylights out of Leo.
New York City? No way, he said.
I explained to Leo that a trip to NYC would be incredibly productive and why it was so important, and I assured him he’d be safe and have a wonderful time. Leo made the decision to enter my program, and he came to New York for a few days.
What prompted Leo to come aboard?
Two things…one, he liked me. And two, he knew a person who wanted to sell a small seasonal business nearby, a road-side root beer drive-in. This possible first deal was exciting and motivated him.
Having reviewed all the NAIBB tools and agreements carefully and received critical startup consultation, Leo returned home with confidence. He contacted the people who owned the drive-in and then sent them a letter and tip sheet outlining “what a seller should be prepared to tell a buyer.” The owners called him back. Leo met with them, and they immediately signed a Business Seller Agreement giving Leo 10% of the selling price in return for finding a suitable buyer.
I then directed Leo to place an ad in the regional Sunday newspaper to read as follows: The Best Business-for-Sale situations are NOT advertised!Contact: Wondrash and Associates, Business Brokers.
Leo received eight calls from people wondering what the best business-for-sale situations were in his area.
One party in particular loved the seasonal drive-in, and made an immediate offer of $175,000. The offer was accepted three days later, and the deal closed within one week.
Leo picked up his check for $17,500 and set a record in my business broker training groups for fastest closing of a sale. That record still stands today.
From the day of the listing agreement, this closing took all of three weeks. But while it’s still the fasted deal I’ve seen in my career, it’s just one of many.
I’ve talked to hundreds of people over the years, many of whom immediately see the potential in business brokerage. Are you next?
If you communicate well and are organized and determined, if you are comfortable talking with successful business owners and people who are looking for opportunities, and if you’re serious about owning your own business, I’d like to talk with you. Let me show you how you can take my system and build a great business, one that will make you the center of business buying and selling in your own community.
Establish a business of your very own, and wake up every day to the tremendous potential the business brokerage industry provides. Just go to www.bebizbroker.com to get started now!
All the best,
October 19, 2018