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Business Broking – Industry or Profession? This question is debated frequently in our small industry.I am firmly of the opinion that ours is an industry and that our primary function is to sell businesses on behalf of our clients – to assist them to exit their company and maximise the price they achieve. Unfortunately, the word salesperson has an image problem – perhaps that’s why so many call themselves ‘consultants’ or ‘associates’? But we are all in sales. We sell our products, our services, our ideas, our knowledge or our experience. Sales is the foundation of success. Whether we are accountants, lawyers, business brokers or café proprietors we will be rewarded in proportion to the value of what we sell. Generally universities do not teach ‘sales’ as they do law and commerce, engineering and theology. Even MBA courses focus on strategy and marketing – although these are only precursors to the “sale” which produces the revenue and profits necessary for the survival of a business. This recognition that business broking is an industry should not be read as a criticism of the performance of experienced brokers. There has been a huge increase in the level of professionalism in the last 40 years – in appraisal expertise, marketing knowledge and negotiating skills. Engaging an experienced business broker to market your business is a wise decision. He or she will add value to the process and work in conjunction with the owner’s professional advisors to achieve the owners goals and objectives. This leaves the owner to do what he does best – get on with running the business and maintaining turnover. Good salespeople are problem solvers for both buyers and sellers of businesses. They can be a great information resource, great marketers and really nice people but if they don’t close the sale they have not satisfied their client’s expectations. |
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