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What does a typical day of a business broker entail?

I'm a high school senior looking to pursue a career in business and finance, and I eventually want to become independently employed and have heard briefly about becoming a business broker. Now, I do understand that many brokers work under a firm, though some can be "free agents". I enjoy contract and business law and hope that this job would include a variety of these areas. What are some advantages? What kind of businesses do you work with? What are some tedious tasks in your opinion? Would you recommend this career field? #business #corporate-finance

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Jim’s Answer

A business broker is typically a professional with prior business experience, either as an owner of a business or as an executive at a larger company. Most brokers are those in a position to transition to a second career advising business owners who are ready to exit their companies after many years. Ideally, the seller is someone who is retiring or stepping down from a business they no longer are interested in operating. The company should be profitable, not solely dependent on the owner, has trained staff, contracts with vendors and customers and most importantly great financial records that are reviewed or audited by a certified accountant.


If you are interested in this profession you will work your way up to it and your path can be varied. Whether you own a business first, work in investment banking for a bank or broker, go into law, management or sales all of these will you give work experience. You are smart to consider a path to do what you think you will enjoy doing every day. It's not something most people achieve in life.
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Steve’s Answer

As a Business Broker you will make contact with many business owners and potential buyers of business over time. Good to purchase and maintain an excellent CRM (Customer Relationship Management) tool to keep track of your CLIENTS on both sides of the transaction. As you progress into college, be sure to take several courses in marketing, management/operations, finance and phycology. It will be important to display EQ (emotional intelligence) when you interact with your clients. Knowledge is power, so get the knowledge and never advise anyone with an un-truth. Maintain high integrity at all times, even when no one is looking. Love what you do and always remember two rules - 1) The client is always right, and 2) if the client is ever wrong, re-read rule #1. Happy selling!!
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