Business brokers are highly demanded specialists with a diverse set of skills. With an average salary being about $125,000 per year, many people are thinking about giving this career a chance.
In reality, to become a business broker, you need much more than plans and passion. These experts spend years learning the ropes. Business brokers are accountants, marketing specialists, legal advisors, and salesmen, all in one package. That’s why their expertise is in such high demand.
To become a business broker, you need to have sufficient experience in many areas, including finances and marketing. Here are a few things to consider when looking at a career as a business broker.
Pros of Becoming a Business Broker
If you have the right experience to become a business broker, the advantages of doing it include:
· Flexibility – a business broker gets to decide which projects to take and which to leave. You can have a flexible schedule that allows you to take care of other tasks. Many business brokers have other jobs or hobbies that they enjoy.
· No office expenses – business brokers don’t need to rent or buy office space. They can run the entire gig out of their own homes. You can meet with clients on their turf while doing all research and paperwork on your home computer. In case, being a business broker isn’t a full-time job for you, you don’t need to worry about monthly lease payments.
· Rewarding work – selling a business is a complicated yet highly rewarding task. Once the deal goes through, you don’t just get paid. You help your client get what they deserve. This can be a truly amazing feeling.
· Scalability – once you start earning a reputation as a business broker, you can consider expanding your business. You don’t always have to handle all aspects of selling a company on your own. With time, you can hire a team to help you do it. If you decide to take a break, it’s always easy to scale down.
· Choosing clients – when you are just starting out, you may have to jump on every opportunity that comes your way. However, with time, you’ll have a chance to choose your clients, making your work comfortable and even more rewarding.
· New experience – while you already have tremendous experience in many aspects of marketing and selling a business, as a broker you get to make new connections and hone your skills.
· Huge potential – according to the Orlando business broker, as you work hard and earn an impeccable reputation, you are bound to gain access to high-volume deals. Business broker firms have endless earning potential.
Overall, becoming a business broker has a variety of benefits. If you stay on track, you can open your own brokerage company and help it grow.
Cons of Becoming a Business Broker
While successful business brokers reap substantial rewards from their work, there are some disadvantages to choosing this career path.
· Fierce competition – this high-paying job comes with tremendous competition. There are often more business brokers than business owners who want to sell companies. In most cases, business owners choose the most experienced brokers. So startups have to wait a long while before joining the game.
· Inconsistency – even when you earn your reputation as a stellar business broker, you may not get consistent work. The business market fluctuates depending on the country’s economics*. So at one point in time, it may be heavily over or under saturated. During these periods, you may need to rely on other sources of income.
· Stress – selling a business is stressful work that comes with a lot of responsibility. Many people who choose this career path find it hard to handle the stress.
Overall, a career as a business broker comes with certain risks that you must consider when weighing your options.
* About 10,000 companies are sold in the United States every year. When the COVID-19 pandemic struck, the numbers plummeted.
A business broker is an exciting, challenging, and diverse career path with high earning potential. However, fierce competition, stress, and inconsistency may move you to consider other opportunities.
If you have sufficient experience to become a business broker, the career is definitely worth a try. With time, you will understand whether you are cut out for it.