The day-to-day agenda of a business broker is always different. From a bird’s eye view, typically, a business broker spends their time meeting with buyers and sellers working to discuss business acquisition opportunities and business exit strategy. It also involves a good amount of networking and prospecting activities to build a quality pipeline of business. This is often why those who have been previous business owners, or in high-level B2B sales roles do well-becoming business brokers.
A closer look at a business broker’s day highlights the high level of human interaction involved and the great volume of detail-oriented work required to move transactions along. Since business brokers mainly represent sellers, they spend a lot of their time finding, calling, and meeting with buyers to identify a match for one of their business listings and keeping their sellers up to date. These buyer interactions involve reviewing the buyer’s business acquisition preferences and pre-qualifying them for a business purchase. Once a buyer is ready to move forward with a purchase, the business broker will facilitate the process from submitting the offer, and conducting due diligence, to coordinating external financing and conducting closing activities.
While a business broker is attending to their buyers, they are always working to acquire new business listings for sale, which involves commitment to a revolving group of projects like marketing campaigns, cultivating relationships with referral partners, and generally being active in the community from chambers of commerce to networking forums, to industry events and non-profit involvement. Each business broker can really align this aspect of their job to their working style, the types of business listings they are trying to attain, and their personal business goals, which is one reason why professionals choose to become business brokers.
All of the tasks touched on so far have been very individually oriented, but there is also a high degree of teamwork and collaboration that occurs within Transworld. Transworld business brokers and admin staff work together on a weekly basis to discuss progress, share expertise, brainstorm together, and work on company-wide projects. There is also a good level of community between Transworld offices, where team members can outsource knowledge, and locate resources. When you become a business broker, you are not working alone. You gain the benefits of essentially running your own business, but with the resources and connections of a large firm.
Ultimately, becoming a business broker can be a challenging career move, yet at the same time highly rewarding. Transactions have a lot of moving parts, so staying focused and organized is incredibly important. But the commitment and hard work are rewarding because at the end of the day business brokers provide a valuable resource to small businesses and entrepreneurs across Colorado. If a career as a business broker sounds like the final career you’ve been searching for, submit an application to join our team today.
