It is not your fault, here is 4 reasons why your business broker business is failing
Why Your Business Broker Business Is Failing
Relax, it’s not your fault that your business broker business is failing or not producing the sales you expected. But it could be if you continue to ignore the 4 reasons why and take the initiative to do something about it. That’s right, there’s 4 primary reasons and it started the moment you received your business broker license.
Except You Didn’t Realize It At The Time!
You see we all sat in a very similar class room when we tested to become brokers. If you’ll look back, you learned a great deal about the operations, contracts and what is expected of you being a business broker. However, they left out how to actually market your brokerage practice. Not a hint of how to make the phone ring with new customers, off or online. How do I know this?
Because that’s not the only thing they didn’t teach you about being a successful business broker.
In fact, there’s 4 vitally important pillows to your success. More importantly, these four pillows of your success must be followed in the following order.
- The Vision – As a business broker, or any business owner, you must know where you are in your business right now and where you want your brokerage to be.
- Customer Identification – You can’t effectively be a broker trying to help every business owner buy or sell a business. You must choose the business types you want to work with and target only them, or else you will end up with little or nothing. (Remember, you can’t be everything to everyone, PERIOD)
- Marketing – You can’t effectively market your brokerage with out 1 and 2 above. – You must set a goal of where you want to be in a market that you can dominate. (e.g. restaurants, auto repair shops, Bars/Grills and etc) and stick with them. Research the types of business your competitors are focusing on. Then either out market them or seek the over looked businesses for sale that no ones targeting. You may be surprised!
- Front-end Sales – Again, if you don’t know what to say when or if the phone rings, when to say it and who to say it to, you’ve just wasted everyone’s time including your own and will be left with little or nothing.
Did You Know That There Isn’t A Place You Can Learn About marketing Your Broker Practice Anywhere, Not That I could find and was proven anyhow!
That’s why we decided to do something that no one else had done, wanted to do, or could do. It wasn’t easy either as we had the same learning curb. We spent thousands developing a proving system that would literally double or triple an average business brokers business.
And because my name is on this training program, it had to be tested, proven and documented. We used myself and our agents as ginny pigs for my business broker business, Corporate Business Brokers, INC. After researching Florida business broker stats, here’s what my training system done.
First ….. the Industry Statistics ….
- According to BizBuySell insights report, the average closed business transaction value in Florida is $158,125. (BizBuySell/Insights)
- According to Business Brokers of Florida, there are are 1,1028 Business Broker members, and there were 1,149 business closings.(No reports available- you need to do a fair amount of “digging” to get the numbers.)
- The AVERAGE Florida Business Broker closes one deal per year at a price of $158,125. (Pitiful – absolutely pitiful – Because I know of a few “Heavy Hitters” out there that do numerous deals – which means a lot of folks don’t make anything).
How do your 2016 numbers stack up against the industry averages?
HERE’S MINE ……
In my office, one of my agents closed 7 deals over the past 2 years for a total of $5,212,187.
Broken down, this is an average 3.5 closings per year, with an average transaction amount of $744,589. (Not a bad at a 10% commission).
Here’s the Rub ….. He works an average of 6 hours a day, and never works more than 4 days per week.
Comparing apples to apples, my agent made 471.26% MORE MONEY than the average Florida business broker.
Not too shabby right? ……
Guess what …. for 2017, he already has one deal in contract at $499,000 closing April 26 and another one at $1,400,000 closing in August.
- He Doesn’t Have a Website
- He doesn’t have any Social Media Sites or exposure whatsoever.
- He’s rather reclusive and attends ZERO leads groups or networking events.
How does he do it?
I “Feed” him some of the leads I generate from “Direct Mail.”
Pretty impressive isn’t it?
Soon, I’ll be revealing the “Direct Mail Course.”
I’ll be pulling back the Curtin and sharing everything I know – right and wrong.
You’ll be able to swipe and deploy the good stuff, and you’ll get a good chuckle at some of my disasters.
I probably shouldn’t tell you this, but last year was the first year I personally took any listings, and I closed 3 deals at an average transaction value of $1,196,500.
I’m not even going to get into my numbers – because I have an advantage of being a broker and can’t be considered average.
But if I WERE to do the numbers, they would look like this ….
$1,196,500 divided by $158,125 or 756,67% more than the average.
For 2017 so far, I’m in the middle of negotiating 2 others deals at $2.5 and $3.2 million.
Both at 10%, and I have both sides.
FYI: Neither of these deals came from direct mail – they came from the Internet.
Stay Tuned ….. More To Come!
I would strongly recommend you subscriber to our free video training videos to begin your unfair advantage over your competition. I’m not sure how long I’ll give this information away so take advantage now.