Peggy Kragh purchased her first Murphy Business franchise a little over a decade ago, in the fall of 2007. Since then, Peggy has found remarkable success as a professional business broker. Based out of Whitefish, Montana, Peggy is a three-time member of the Murphy Business Million Dollar Club and was named the #1 Murphy Business Office in 2015.
Recently, we spoke with Peggy about her decision to become a professional business broker, how she found success as part of the Murphy Business network, and her advice for prospective Murphy Business franchisees. Here’s what she had to say.
What Made You Decide to Become a Professional Business Broker?
Peggy’s decision to become a professional business broker started when she came across a Murphy Business ad in the newspaper. Eager for a change of pace in her career, she quickly became interested in the Murphy Business franchise opportunity.
“I have a finance background and I had worked as a customs broker, but I had never heard of a professional business broker,” Peggy says. “Then I saw the ad in the newspaper, and I went to look at the website, and it seemed like a good fit for me.”
Peggy got in touch with the regional manager for her area and soon realized that life as a professional business broker was an appealing career choice based on her experience and skill set. She also felt that Murphy Business would be an ideal fit, given the quality of people in the organization.
“I contacted the regional manager and he came up to meet with me and my husband, and we just hit it off. He had twenty years of experience as a business broker, and the company was new to franchising, but they already had three or four people in Montana and they were really accessible.”
Peggy made calls to other professional business brokers within the Murphy Business network, hearing nothing but great things. Less than a month after learning what a professional business broker was, she decided to become one herself.
“I asked our regional manager: ‘What’s the hardest thing about this business?’ He told me that the hardest aspect is getting people to the place where they’re ready to make a decision about buying or selling a business. And right then, I made a decision. It just felt like a really great fit.”
What Was Your First Year Like as a Murphy Business Broker?
After purchasing her franchise, Peggy spent the next few months wrapping up her other work engagements and preparing her new business. In January 2008, she participated in the Murphy training program in Clearwater, FL.
Peggy then received a list of initial prospects from the Murphy Business lead generation program. She spent the next several weeks preparing to contact these business owners. That preparation paid off in a big way, with Peggy’s business taking off in just a few months.
“I didn’t start the direct mail program until March of 2008. By July, I already had seven listings, and I sold my first business in August.”
Peggy says that her early success is largely credited to the guidance of her regional manager.
“Once I got back from training, I was able to call my regional manager literally every day. Every little step was kind of a new beginning, so having that regional assistance was really valuable.”
She also notes the importance of Murphy’s lead generation system and marketing resources.
“I hadn’t been in the brokerage business. The companies I had worked for were international companies, so I wasn’t involved with business owners in the community. I was not a chamber member. I had no networking experience in the community. So nobody could say that I had an advantage because my clients knew me. They got the letter, they saw the quality of it, and they saw that I was local.”
“The tools that Murphy offered were really effective. Once I got started, I rarely got asked how long I’d been doing this.”
Despite the challenges of a major recession, Peggy started her business on a strong note. She then built on that success in the following year.
“2009 was a very good year for me. I sold 6 or 7 businesses that year. And that was a year that the SBA wasn’t even lending. We just had to adjust our approach.”
What Advice Would You Give to Prospective Business Brokers?
Over the past decade, Peggy has become one of the most successful business brokers in the Murphy Business network. She now owns three franchise territories in Montana and boasts a sell-through rate above 80%.
With her experience, Peggy has become a mentor to other professional business brokers in the Murphy Business network.
“I have other brokers who call me to this day for advice, and I’m not their regional manager. But they see that level of success, and I know how valuable that guidance can be, so I’m more than willing to help.”
When asked what advice she would give to someone thinking of becoming a professional business broker and joining the Murphy Business network, Peggy says that it’s a question she’s answered many times.
“I have people come to me all the time, asking if they should pursue this investment. I wholeheartedly emphasize that they should — if that’s their background and if that’s their skill set.”
She adds that becoming a professional business broker offers more than financial rewards.
“It’s not an easy business, and it can be a very emotional process for sellers. But it’s very rewarding to see a seller get full value for their business and to see that business flourish after a sale.”
Think you’re ready to become a professional business broker as part of the Murphy Business network? Call (727) 725-7090 or click here for more information about the Murphy Business franchise opportunity.