Is Business Broking the Right Career For You?

Careers, Sales, Training,  Salespeople,  Training

While accountants and financial advisors are heavily involved in business transactions, they’re not qualified to broker the sale of a business. You must be a licenced business broker in order to manage the purchase and sale of a business, from initial assessment through to final settlement.

If you’re considering a career as in business broking, here’s a few key strengths and skills that may help you succeed in the industry.

Negotiation skills

Negotiation and conflict management are a business broker’s forte. A significant part of a business broker’s role is to get a buyer and seller to mutually agree on a deal. One thing to keep in mind when negotiating the deal is to clearly understand what both parties want, and find a way that both of their priorities can be met.

Take the time to get to know the buyer and the seller. Understand their body language, and ensure they are comfortable opening up to you. In order to get somewhere with your business broking negotiations, it’s also essential to be transparent from the beginning.

“Whether you are proving a business valuation or advising owners on the sale of their business, it’s essential that you tell your clients what they need to hear. Not what they want to hear,” says Dione Mauric from Advantage Business Sales and Valuations.

Communication skills

As with most professions, communication in business broking is key.

When it comes to mergers, there’s often sensitive conversations that arise. Most of these encompass topics such as board representation and selection, as well as CEO and leadership selection.

Mauric says a clear strategy, transparency and tackling the difficult topics early can help business brokers avoid a tough conversation turning disastrous. She says that keeping a calm composure is a good start to negating unrealistic expectations.

“Sometimes you just need to be blunt – being assertive is sometimes necessary when dealing with tough parties. But always remain constructive and respectful,” says Mauric.

 

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Trustworthy and reputable

One misconception of business brokers is that they are sales agents with a different title. However, business broking is quite the opposite as they work with both the buyers and sellers of a business to negotiate a deal. When working so closely with both professional parties, trust is a skill that is often undervalued.

“If the people you are working with, including solicitors, accountants and franchisors feel as though they can trust you; the deal is more likely going to be a successful outcome for all parties,” says Dustin Slypen, Business Broker at LINK Business Brokers and 2020 REIQ Broker of the Year.

“You only get one chance to make a strong impression. Would you buy or sell a business through someone you didn’t like or trust? I’m sure the answer is no.”

Excellent With Numbers

Many business brokers have an accountancy background or an interest in accountancy, due to the nature of their work. Deciphering financial statements are an essential part of the job.

“The numbers in a sale are typically the most important part of a deal. You need to be all over the figures and this needs to be portrayed confidently right from the start,” says Slypen.

Resilience and enthusiasm

While business broking is a rewarding career choice, it is also a challenging one. To put things into perspective, it can take some businesses up to 12 months to sell.

“You will lose listings, you will have calls not returned, you will have strong offers rejected and you will have contracts fall over. The best business brokers are prepared for things not to go their way, and they take it in their stride. I recommend that budding business brokers learn to stay positive and focused, and they will reap the rewards,” says Slypen.

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Here’s what others have to say

Great training course was very informative. I feel I gained lots of knowledge and there is a lot of support from the REIQ team online, via phone and in person and am looking forward to starting my career in the real estate industry!
Laura Stills
Laura Stills
08:14 22 Oct 20
I found the REIQ Real Estate Licence Online Training Course was very good, easy to access, with brilliant course materials to read and assignments that really checked on your understanding of the details of every aspect of real estate practise. I enjoyed the course even though it took a few months due to working full time and found the support of the trainers and assessors very helpful and encouraging. Thanks REIQ Training team for helping me through!
Lindy Lear
Lindy Lear
10:47 18 Oct 20
Gerry MacKenzie
Gerry MacKenzie
06:53 12 Oct 20
Good course. Materials and tools given to finish the course easily. Was no problem to finish. Support is there if needed it.
Jade Dodds
Jade Dodds
09:11 09 Oct 20
I would like to share with you our experience that we have recently had through the REIQ Professional Development Team.We have had an awesome start to 2020 thanks to the great service provided by the REIQ Professional Development Team. Congratulations to Liz who started and finished her Certificate of Registration Course with the REIQ in December 2019. She loved the training, particularly the fact the trainers are experienced and still walk the talk and are active in real estate. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. We are thrilled, from start to finish with the course and application to Fair Trading she had her Certificate of Registration within 5 weeks. Really impressed with the training, help and support team REIQ gave Liz and the quick processing time by the Office of Fair Trading.We also regularly use the Property Management Support Service and General Agency Advice Service and believe it offers great value for our membership. The PMSS team provide practical advice by practising property management professionals who can relate to the everyday challenges property managers face.Keep up the good work Team REIQ,
RE/MAX Ignite
RE/MAX Ignite
05:56 21 Jan 20
I cannot recommend REIQ enough. The training, environment & staff were beyond my expectations. A special mention for Rachael who is a trainer at REIQ. Rachael knows her stuff. Her knowledge of the industry and style of delivery helped me get across the line and score my dream job.
Paul Conway
Paul Conway
05:11 15 Jan 20
I wasnt sure that I would get through the Agents and Licence course with everything I had on, made an attempt a year ago with another provider that went totally pear shaped but the REIQ course is structured in a way that made sense. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. If you've ever wanted a career in Real Estate this is where you get started!
Lynette Nitson
Lynette Nitson
01:48 13 Jan 20
Great staff that are always helpful.
Kensington Ràpoza
Kensington Ràpoza
11:20 28 Dec 19
Great friendly environment
David Priest
David Priest
22:47 19 Nov 19
Very impressed with the trainers that I have had for the past 3 days. Each individual trainer was very helpful and made sure that everyone in the class understood everything before we progressed through the modules.
Shannon Goldsworthy
Shannon Goldsworthy
04:34 23 Oct 19
Recently completed my Licence course and thoroughly enjoyed the in-class tutorials taught by highly professional trainers with many years of industry experiences. The student support that is available every Tuesday is an extremely helpful resource, again with very experienced trainers to ensure you get the right advice the first time. REIQ has really structured the entire full Licence course end to end thoughtfully, especially when you’re new to this industry. Highly recommended!
Julian Phua
Julian Phua
07:01 02 Oct 19
Recently I completed the Real Estate Licensing course at REIQ and was blown away by the help and support provided by Ms. Connie McKee who is a trainer at REIQ. Connie is very professional and has years of knowledge and work experience in the Real Estate Industry.I am glad I chose REIQ as my pathway into the Real Estate Industry.
Kaizan Irani
Kaizan Irani
00:23 30 May 19
Helpful staff. Useful networking events and training videos.
Eagle Real Estate
Eagle Real Estate
02:27 25 Jul 18
Just done two days interactive training with Melissa Sullivan. Sensational! Such a great presenter and electric delivery of material. Quick paced and hands-on!Very glad to have been in this class!!! Awesome
Miles Griffiths
Miles Griffiths
07:01 26 Jun 18
Jason Bond
Jason Bond
10:29 19 Jun 18
Welcoming and friendly staff, always available to support their members. The Property Management Support Team is particularly helpful. Well worth the subscription fees just to have access to advice from these experienced practitioners.
Laura Valenti
Laura Valenti
21:29 16 Jun 18
Haydn Denovan
Haydn Denovan
02:51 20 Mar 18
Jacqui McKeering
Jacqui McKeering
02:01 08 Mar 18
Proud to be a member of such a prestigious organisation. Thank You for the support 🏡
Jamie Smith
Jamie Smith
07:28 07 Mar 18
Blake Richard
Blake Richard
01:34 05 Mar 18
Tina Nenadic
Tina Nenadic
12:57 02 Mar 18
Michelle Wright
Michelle Wright
04:07 26 Feb 18
Rob Honeycombe
Rob Honeycombe
21:51 16 Dec 17
Annette Jeffs
Annette Jeffs
14:43 23 Nov 17
Adam Milton
Adam Milton
01:52 22 Nov 17
Katie Cotton
Katie Cotton
10:04 31 Oct 17
Liam Hanlon
Liam Hanlon
12:06 05 Sep 17
Had Melissa Sullivan conducting the sales registration course for the past two days I have to say I think this woman is inspiring she kept the class focused and engaged throughout the two days. I dont normally complete surveys but felt that I wanted to share that this lady has inspired me to give sales ago and I never thought i would say that as i have been a PM and honestly never thought I could see myself as a sales agent... Thanks Mel for such a great two days
Karen Riddell
Karen Riddell
07:04 03 Aug 17

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