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How do I become a business broker?

I am currently a real estate broker and would like to branch out into business brokerage. What are the requirements and licensing procedures? I live in Tennessee...

Phoebe Wills

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Answers (10)
William Bruce
Sunbelt Business Brokers Gulf Coast
Accredited Business Intermediary
AL

Phoebe:

Sorry, but it appears that the link to the eHow article is broken. Email me at WilliaBruce@bellsouth.net and I'll send you a copy.

Business brokerage is a great way to make a living. I've been in the profession for over 10 years and have enjoyed every minute of it.

Best wishes,

William Bruce, President
American Business Brokers Association

Nov 22, 2009
William Bruce
Sunbelt Business Brokers Gulf Coast
Accredited Business Intermediary
AL

Phoebe:

I just published an article at eHow.com entitled "How to Become a Successful Business Broker." You may find it helpful. It's at http://www.ehow.com/how_5674732_become-successful-business-broker.html.

William Bruce, President
American Business Brokers Association

Nov 22, 2009
Jessica Hadler Baines
American Business Group, LLC
President
Orange County, FL

Hello Phoebe --

I agree with Sean. The best way to start out is to check out IBBA.org and learn more about the courses offered. The IBBA fall conference is actually later this month in Reno, and DEFINITELY worth the investment to come and meet brokers and attend seminars.

This will really give you a feel and a virtual "toolbox" of what is needed to be a successful broker, and you'll be able to determine if this is a path you want to pursue. I got into the business prior to becoming a member, and I must say that the courses they offer teaches you the in's and out's like no other organisation. And they do not sell "packs" or schemes. The education I received enabled me to open up my own practice a few years ago as well.

I am also on the IBBA membership committee, so please feel free to contact me directly if you have any questions about the business. I can also give you names of other members in your area that would be happy to speak to you on the phone/email about the industry.

Good luck!

Nov 9, 2009
No User Photo

Phoebe, thank you for you question. I hope you will continue to post and receive answers to your questions "in your language". Why ANYONE who was NOT specifically named in your postings would be so DEFENSIVE or FULL OF THEMSELVES as to require AN APOLOGY from YOU for THANKING someone else for their answer is beyond me! May Good Fortune Follow while you investigate and Take YOUR Next Step in Life!

Nov 8, 2009
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The BAF Group LLC
MD

Phoebe, I never judged you; I simply pointed out how difficult it is, if you try to do both. If you don't know the business brokerage function, it would seem to be reasonable that you might not know the issues I pointed out. You said you would "...like to branch out into business brokerage..." Profiling? I don't think so. Moreover, now your story is, "I have an agent who is considering changing to business brokerage." Different slant on your earlier inquiry.

When you ask, "How do I become a business broker?" and state that you are now a real estate broker...what did you expect?

I think you are looking for someone to be critical. You may not appreciate my sense of humor, but I sure as hell did not "profile" you.

Your apology is accepted.

Oct 29, 2009
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Waterway, Inc.
Nassau County, FL

Ms. Wills. My firm offers a franchise opportunity for potential Brokers that is quite unique. If you would be interested in finding out more information, you can call me at 404-229-0724 or send me an email to info@waterwayusa.com

Oct 29, 2009
Phoebe Wills
Autumn Ridge Realty
Principal Broker
Anderson County, TN

Thank you so much, Sean Lacy, for not judging me. I received some profiling from the other guys! You gave a good answer and every professional has to learn a skill set in order to be a sucess at any profession. Everyone assumes I intend to do both real estate and business brokerage, this is not the case. I have an agent who is considering changing to business brokerage. Also, I have known some wonderful used car salesmen....

Oct 29, 2009
Sean Lacy
The Hatteras Group
New Hanover County, NC

Just print "business broker" on your cards. Unfortunately, it's really that easy given that we operate in a largely unregulated profession. While one result is that there are a lot of brokers out there that are not qualified (Bob's point), I would dispute the notion that "most" brokers fall in to that category.

The real question is how do you become a skilled and professional business broker. That starts with education. Join the IBBA and start attending the conferences, classes, and workshops. Work towards the CBI (Certified Business Intermediary) designation. Without the states requiring business brokerage specific education, it is up to the individual to differentiate themselves from the "used car salesmen" and make sure they are able to provide value for their clients. I would start by visiting Business Brokerage Press (bbpinc.com) and ordering the Complete Guide to Business Brokerage and maybe some of the other materials. Reviewing these resources will help you decide if you would even want to pursue this as a career.

Lastly, I would say that while the skill sets that make you successful in real estate can translate well to business brokerage (combined with the right training), I have seen VERY few cases where individuals have been successful practicing both at the same time.

Good luck!

Sean Lacy, CBI

Oct 29, 2009
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I give respect to Don over the vast majority of brokers. Most of the brokers seem to have no knowledge of businesses and in my eyes are equal to used car salesmen. I'm sure there are classes and certifications that brokers can obtain, but the vast majority have niether. Sorry if I offended anyone.

Oct 27, 2009
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The BAF Group LLC
MD

Mixing Real Estate with Business Brokerage is extremely difficult. It is like saying, "I am going to be a neurosurgeon, and maybe practice gynecology on the side!" Though they are both brokerage functions, and you need parts of one to do the other effectively, they are completely different specialties, have different networking, different skill sets, different listing capabilities, different sets of commission philosophies (expecially since most Business Brokers don't co-op,) and so on and so forth.

Depending upon your work background before you became a RE Broker, I would recommend you first take a ton of courses through the IBBA.

Oct 27, 2009

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