Finding success as a business broker in the new and digital age will largely depend on your ability to adapt quickly to change. The truth is, times are rapidly changing and the "old school" habits that business brokers have used in the past simply won't cut it anymore.
For most, change is uncomfortable, but, for those who want to be successful, it is necessary and very important.
More often than not, I am finding that my broker and agent clients are stuck in the past with their outdated methods for conducting business and have set themselves up for failure by not transitioning their business practices into a "new school" style of conducting business not only to sell more listings but to obtain more of them on a regular basis throughout the year.
"Old School" Broker Habits:
- Direct Mail - Mass Letters & Postcards
- Telemarketing To Business Owners
- In Person Networking Groups
- Spending Too Much Time On The Phone With Non-Producing Leads
- Reading Newspapers & Trade Publications For Information, Leads, Etc.
For example, direct mail is no longer an effective way to build business and find clients, and reading newspapers and trade publications for new information and leads has largely been recognized as an old school technique that is no longer efficient by today’s standards. These methods are only costing you valuable time and money, which could be saved by going digital and getting online to conduct business. In today’s market, the turnover rate amongst business brokers is higher than ever, and that is because a lot of brokers are not able to make the jump and utilize newer technology and methods for gaining new listings and selling more businesses consistently. Rather than spending time on the phone, telemarketing, networking, and talking to people all day long, time would better be spent online (see suggestions below).
"New School" Broker Habits:
- Have An Active Online Presence
- Utilize Social Media Marketing
- Produce Ongoing Well-Crafted Content - Blogs, Articles, Discussions, Comments, Replies
- Update Your Blog On A Consistent Basis (Weekly At Minimum)
- Present A Live Workshop Or Online Webinar Regularly
- Professionally Optimize Your Listings/Postings Online For Maximum Exposure
The number one way for business brokers to take advantage of "new school" broker methods is to get online! Finding clients, communicating with business owner/sellers and buyers, sharing your listings, and getting your name out to the world to gain business has never been more effective than using the internet to do business (think about where all business owners - i.e. potential clients and business buyers spend a good portion of their time!)
Why Should You Take Advantage Of "New School" Broker Habits?
"New School" Brokers Are Making 50% More Money Annually Than "Old School" Brokers
"New School" Brokers Are 70% More Successful Than Their "Old School" Competition
If you want to be a successful business broker in the "new school" era, then you need four things: an optimized website for your broker business, ongoing and well-written online content, social media profiles to share your content, and professionally optimized business for sale & business wanted to buy postings (for qualified buyers & to attract potential business sellers). The fact of the matter is that people (i.e. potential clients and buyers) spend all day on the internet. Whether they are online to actively get information, or are simply scrolling through social media to kill time throughout their day, people will spend countless hours every day on the internet. By having an active online presence, you are improving your odds of getting discovered by potential clients. The better brokers and agents are utilizing these techniques - if you want to stay competitive (and possibly in business) you need to be utilizing these strategies now.
Over two-thirds of all Americans are on Facebook and roughly 75% of those users check it every day. On the contrary, under one-quarter (only 23%) of all people read the newspaper, a trend that is continuing to decline every year. The primary resource for people to find information is now the internet. So, why, when people are searching for your services online, would you not want your name and website to appear at the top of the list, giving people instant access to all of your pertinent business details and giving you new clients without needing to do any work? Or, if people are spending multiple hours every day on social media, then wouldn’t you want your advertisements and listings to appear directly on their phone and computer screens? Remember, content is king, so the more content you can produce and share on your website, social media and even BizBen in the Discussions and Blog section, the more you will be able to get your business out there and start to truly build your business.
Lastly, the way you craft your listings/postings (businesses-for-sale, business wanted-to-buy) online has never been more important. Things such as grammar and spelling are two crucial aspects of your listings that may be the difference between selling a business and not getting a second look from potential serious buyers. More often than not, broker clients struggle with grammar and spelling, two problems that will have a drastic impact on one’s credibility.
In my experience working with brokers and agents over the last several years, I have found what does and doesn’t work in marketing small business resources and have helped numerous clients keep up with the ever-changing online marketing trends. With a steep learning curve, I have seen business brokers who were unable to take the leap by learning “new school” methods for marketing their services, and those brokers didn’t stay in business for more than a year. Keeping up with the latest trends and marketing methods is the best way to stay ahead of competition and earn more money, more efficiently.
About The Author: Jordan Green with JRG Communications is a full-service marketing communications company specializing in assisting business brokers, agents, and resources in getting more clients (sellers) & selling more businesses more quickly through optimized content & marketing. JRG assists with full-service niche social media marketing services, custom website design & implementation, content creation services, along with professional writing services that include regular press releases (and mentions), articles (discussions and blog posts) about the nuances of buying and selling small businesses. JRG also assists with optimizing and posting listings for brokers and agents on business-for-sale online platforms. For more information, phone Jordan direct at (866) 620-2752.
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Helen Yoo: Escrow & Bulk Sale Services - Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
|Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area
Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.
|Diane Boudreau-Tschetter: Escrow And Bulk Sale Services
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Mark Chatow, Esq.: Legal Services For Buying, Selling Businesses
Mark has a broad range of small business purchase & sale experience from analyzing potential acquisition targets to successfully guiding buyers and sellers through the purchase & sale of small businesses. Mark can assist with contracts, negotiations, legal matters, etc. Reach Mark at 949-478-8393.
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
|Jordan Green, JRG Communications - Marketing Services For Brokers, Agents
A marketing communications company assisting business brokers & agents. Services include: social media management, custom website creation & design, content creation services, optimizing & posting listings on business-for-sale websites, custom articles & blog post creation. Call 866-620-2752.
|Hasan Abdullah, Esq. E-2, Immigration Legal Assistance
I have over 10 years experience with E-2's and immigration issues. E-2's approved for as little as $10,000. Let me assist you with E-2 visa strategies when buying and selling a small to mid-sized California business. Mention BizBen.com for a FREE consultation when phoning me direct at 510-500-1155.
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