Business brokerage is an exciting and rewarding profession. It provides the opportunity to help people sell the businesses that they have worked hard to build. It also allows you to help people achieve the dream of owning their own business.
The business brokerage business allows you to be an independent business person with an income potential that is open-ended, and it offers an excellent lifestyle. However, it also requires hard work, discipline, the ability to work with people, a desire to help them — all coupled with a willingness to learn.
Size of the business broker market
There are over 23 million businesses in the United States. At any given time, an estimated 10% (over 2 million!) of those businesses will change hands annually.
As the baby boomers age, more and businesses will need to be sold and there are not enough professionals to handle the demand!
Benefits of becoming a business broker
The Business Brokering Career offers the following benefits:
- Regular business hours
- Better quality of life
- Setting your own appointments
- Flexibility of choosing a home-based or office location
- Multiple sources of income
- Being your own boss
- No inventory or employees
- No travel necessary
- High income potential for hard work
The average sales price of a small business ranges from $200,000 to $300,000. The average commission is between 10-12% of the sales price of a business.
Below is a list of transactions that our Murphy Business Brokers have completed, with their corresponding selling prices and commissions earned.
Main Street Brokerage (Completed Sales)
*In some cases the commissions were split with another broker.
Keys to success
The key to success in business brokering is to partner up with a firm that can provide the proper training and ongoing support to help you obtain listings and close these business transactions.
Murphy Business of Northeast Florida has an extensive online training program as well as live training to ensure your success in business brokerage in the shortest transaction cycle possible. We also have documented the best practices to create a high closing ratio for our brokers.
Why become a business broker with Murphy Business Northeast Florida?
When you become a broker with Murphy Business we offer:
- Generous splits with an escalating commission structure, the more you sell the more you make.
- 80 hour online training plus 4-day comprehensive training course and annual training conference
- Mentor program/On-going training and support from local top producing broker who wrote the training course on how to be a broker
- A turn-key operation- everything necessary to start Business Brokering: Forms, marketing materials, agreements and contracts essential to conduct business
- Instant credibility being affiliated with a local successful broker and high integrity organization
- Telemarketing services
- Access to our network of nationwide broker network.
- Advantages of economy of scale; less overhead expenses vs. being an Independent Broker
- Customized marketing plan for a quick start
- Complete broker’s back office system including
- Personal website access and personal email address
- On-going marketing and advertising of your businesses for sale on hundreds of websites and the Multiple Listing website (BBF)
- Digital marketing package provided with website, social media and more done for you!
- Knowledge Base with extensive process and system information to achieve quick success
- Automated systems to increase your efficiency and sales results
- Exclusive rights to all leads from BYOB TV show (airing March 2017)
- Systems and programs to shorten your learning curve
Requirements to be a business broker with Murphy Business of Northeast Florida
Desired Skills & Experience
- Exceptional character and integrity
- Desire to be an independent business owner – take initiative
- Access to liquid capital for investment in a proven business model
- Planning and organization skills and leverages technology for efficiency
- Demonstrated knowledge in the areas of sales, marketing, business operations, and relationship management
- Drive to achieve business objectives and goals
- Focus on client’s needs to exceed expectations
- Strong communication and negotiation skills; high level of professionalism
- Resilience to focused after disappointments
- Keen problem solving ability
- Ability to build long-term relationships within the community
- Continuous learning
- Ability to not require immediate income
Start up costs include your training, corporate fee, obtaining your real estate license, insurance, and initial marketing. Estimated Initial cash investment is $6,500.