How to Become an Elite Business Broker

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An Elite Group

One of the most fulfilling and lucrative careers is being a business broker. This profession consists of an elite group of individuals. They are influential and do a lot of good. There are approximately 5,500 active business brokers globally, with around 3,200 offices. Compare this to the 3.4 million real estate agents in the United States, with about 120,000 offices. Canada has about 1,400 brokers in around 250 offices. Despite their significance, business brokers are remarkably unknown and unrecognized. Many business owners don’t know what a business broker does or that they even exist.

Path to Becoming a Broker

Few people grow up wanting to be a business broker. I certainly didn’t. I discovered this career in my late 30s. This profession has matured into a highly desirable career. It offers independence, flexibility, innovation, opportunity, potential, and great income. It requires self-motivation and a lot of knowledge.

Many business brokers have owned their own businesses or have significant business experience. They often learn the profession from other business brokers or take over from retiring brokers. However, it’s not easy money.

Many retiring owners seek something stimulating that allows them to help others. These brokers are savvy and hard-working, with diverse skills that suit the profession.

Diverse Backgrounds

Business brokers often come from various industries. Many business sellers work for the firms they sold. Others, intrigued by the profession while shopping for a business to buy, may transition into business brokerage. They see opportunities and weaknesses in the industry. Some have excellent business skills and knowledge, as well as an interest in small business.

Commercial Real Estate Agents

Commercial real estate agents need to understand business operations. They often work with brokers on lease assignments or new leases for business buyers. This gives them an inside view of the profession, which can be intriguing.

Accountants and CPAs

Accountants and CPAs understand business and financials well. They regularly consult with clients about selling their businesses. They often work with business brokers, learning about the profession in the process. Many seek new challenges beyond traditional accounting and enjoy work that gets them out from behind a desk.


Attorneys play a crucial role in the business broker process. They are familiar with the benefits of transactions facilitated by brokers. Financial and transactional motivations often draw attorneys to the profession.

Industry Specialists

Industry specialists, familiar with business sales and consolidations, may work with business broker firms that specialize in their industry. They often leverage their experience to complete mergers and acquisitions.

Franchise Sales Professionals

Franchise sales professionals, working with new or resale locations, are a subset of business brokers. Their unique perspective on franchise benefits makes them well-suited for the profession.

Lenders and Bankers

Bankers, especially SBA lenders, are well-educated about small business operations and risks. Their skills in analyzing businesses and qualifying risks are beneficial in business brokerage.

Business Coaches

Business coaches, like business brokers, are problem solvers. They understand business operations and work on a project basis. Combining coaching with brokerage allows them to position and sell clients’ businesses.

Family Business Owners

Entrepreneurial families provide valuable insights into business benefits and challenges. Those growing up in family businesses are well-suited for business ownership and brokerage.

Military Personnel

Retiring military personnel make great business buyers and brokers. Their structured background and quality education through the military help them succeed in business brokerage.

Success in the Profession

Who are the most successful in the profession? There is no definitive answer. Each individual brings unique skills, experiences, and motivations. However, successful brokers share common traits: skill, innovation, hard work, and understanding people. They know which deals to avoid and when to say no.

Why Become a Business Broker?

Becoming a business broker offers unique opportunities. Unlike careers in law or accounting, there is no familial pressure to become a broker. People enter this profession because they want to and are excited about it. Business brokers make a significant impact by helping business owners sell their businesses. Many owners don’t know how to sell their business and might close down or become ill before selling. A skilled broker offers a lot to the world.

The Life of a Business Broker

A business broker needs a wide range of skills and must work hard. They become trusted advisors and problem solvers, building meaningful relationships with clients. There is no upper income limit; it depends on your talent and effort. Once established, a broker can continue this profession until retirement. A full-time commitment is essential for success. The flexible lifestyle of a broker is appealing. Face-to-face meetings are an important part of the process and bring satisfaction.

Join the Legacy Venture Group

Legacy Venture Group would love to help build a team around you. We are committed to ethics and continuous learning. If you want to join an organization that cares about people, please reach out to us. We’d be glad to connect with you and point you in the right direction.

These professionals serve a great cause as business brokers and M&A Advisors. They are there when business owners start to realize the won’t run their businesses forever. Smart business owners start to ask early on the following questions:

Can I sell my business?

How do I sell my business?

Do I need a business broker (a Legacy Tampa Business Broker, i.e..) to sell my business?

How do I keep the sale of my business confidential yet find the right person who wants to buy a business like mine?

What is my business worth?

Where do I get a good business valuation?

And more

Asking yourself “When should I sell my business?”

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