If it has ever crossed your mind to own a business brokerage, you may now be wondering if it makes good sense for you. Completely aside from the fact that Murphy Business provides all the tools you need to start off right, you want to know if owning a business brokerage fits your personality, your aspirations, and your lifestyle.
Of course, from our perspective as a successful franchisor, the easy answer is yes to all three! Many people have discovered that a Murphy business brokerage is the perfect fit for them. But interestingly, they do share a few common traits that make them ideal candidates to own a business brokerage. Would you make an ideal candidate? What are your chances of being successful and happy when you own a business brokerage? Your chances are excellent if you have the following three traits:
1) You Know Business
Since you will be in charge of the day-to-day operations and functions of the business, previous experience as a manager or in self-employment is helpful. This business mindset will give you a head start as a business broker. You will definitely be running your own show as a Murphy Business broker!
An understanding of sales and finance is helpful, too. Those who have developed sales and finance knowledge during their tenure in management tend to excel as business brokers. You will be pulling together all of the pieces of the buying and selling puzzle, which includes matching the right parties and assembling the right paperwork. In doing so, you will wear many hats – you will be part salesperson, part finance analyst, part accountant, and part contracts administrator. It’s all in your capable hands.
2) You Can Build Relationships
Buying and selling a business are not overnight transactions; it takes time. And that over time, you will be building relationships – which is the bedrock for success when you own a business brokerage.
You will be interacting with all kinds of people at many stages of the sales cycle, so it is essential to be comfortable interacting with different personality types. From making cold calls to following up on prospects and eventually closing deals, you will be meeting with other business people. As you do so, they will be sharing confidential information with you.
Potential buyers and sellers will be revealing their personal finances, opening their business books, and sharing other aspects of their business history with you, so establishing and maintaining a sense of mutual trust is essential. Once that trust is established, clients will be more open to discussing their needs and wants and you will be in a better position to fulfill them and close transactions in their favor.
3) You Enjoy Learning New Things
Believe it or not, you need no prior business brokerage experience or expertise to own a business brokerage and be good at it. What you do need, however, is a willingness to learn. Since you will be an intermediary between buyers and sellers, you will need to understand “both sides of the fence.” And since you will be serving primarily in a consultative capacity, you need specialized knowledge to be able to move deals forward.
At Murphy Business, we help you learn the business. During your training, we will provide an array of resources that give you an in-depth understanding of the industry along with the processes and procedures you need to run the franchise. The practical advice and support from our in-house experts who have “been there, done that” is always available to you.
Find Out More about How to Own a Business Brokerage
There is a huge appetite for business buying and selling right now. Across the U.S. and Canada, about half of the 30 million or so businesses are expected to sell in the next ten years. When you own a business brokerage with Murphy Business by your side, you will be in the driver’s seat for an exciting ride to a wonderful future.
Call Murphy Business now at 727-725-7090 to learn more about what it takes to own a business brokerage.
*The franchising information contained in this article is not intended as an offer to sell a franchise or the solicitation of an offer to buy a franchise. An offer can only be made by a prospectus, which in certain cases, must first be filed with the applicable state regulatory agency. Such filing does not constitute approval by the respective state regulatory agency. Earnings information is provided in summary form. Details are in Item 19 of our Franchise Disclosure Document. You should conduct due diligence and review the Franchise Disclosure Document carefully regarding the franchise offering.