BizBuySell’s Broker Growth Summit 2023
On October 3rd, BizBuySell hosted its annual Broker Growth Summit, a flagship event that brings together industry leaders, experienced brokers, and business-for-sale marketplace professionals. The presenters at this year's event shared valuable insights, strategies, and tools to empower business brokers in reaching their goals. The Magnolia Firm's Christine McDannell, Horizon Business Brokers' Dustin Zeher, and Walker Advisory Services' Monty Walker were among the featured presenters who shared their expertise with business brokers at the event hosted by BizBuySell's Bob House and Doug Whitmire. At the Broker Growth Summit, business brokers gained insights on leveraging AI-assisted technology and creative deal-making to flourish in the face of rising interest rates and sustain a thriving business for sale marketplace.
Christine McDannell, founder of The Magnolia Firm, stressed the importance of AI and automation for business brokers in her presentation: “How to Use AI & Automation to Blast Past Other Business Brokers”. The Magnolia Firm recognizes the significance of the Silver Tsunami and has adapted its services to cater to a wide clientele. In addition to providing guidance to retiring Baby Boomers exiting their businesses, they also assist young entrepreneurs who are looking to sell their initial ventures and explore new avenues of investment. To reach Millennial and Gen Z business owners, being technologically savvy is essential. Christine advises business brokers to revamp their systems with a range of digital technologies, incorporating AI and personalized automations, to enhance efficiency. This approach not only improves productivity but also ensures clients experience a seamless journey throughout the business sale process.
Dustin Zeher, the principal broker at Horizon Business Brokers, delivered his top five recommendations for both novice and seasoned business brokers. Dustin echoed the sentiment that technology plays a pivotal role in creating a positive client experience and emphasized the significance of implementing top-notch CRM software, empowering brokers to streamline operations and allocate more time towards creating impactful strategies and procedures. He also highlighted the importance of forming a skilled support team, including a variety of roles such as virtual assistants, business development managers, marketing directors, and closing coordinators, to streamline operations. To stay informed about industry trends, Dustin suggests participating in industry associations and taking advantage of their continuing educational programs. His recommendations encompass a comprehensive approach, covering networking, effective marketing, and time management—all important elements that contribute to the success of a business broker.
Monty Walker, CPA and owner of Walker Advisory Services, provided an insightful analysis of the current economic landscape, particularly in light of rising interest rates and their impact on business transactions. Monty explained that interest rate fluctuations have had a relatively modest effect on the number of transactions, but are playing a central role in projecting cash flow and future expenses for buyers. Current economic trends are also influencing working capital negotiations, leading to increased intensity and longer due diligence periods, as financial institutions prolong loan approval processes. Creative deal making is essential these days for closing a business sale. As business brokers craft innovative deals to navigate higher interest rates; earnouts, seller financing, rollover equity, and contingent notes are becoming more commonplace. Despite these challenges, Monty emphasized that the business-for-sale marketplace remains highly active, and now is a great time to buy and sell a business.
In addition to these presentations, BizBuySell showcased their latest updates, offering new features and enhancements designed to connect business brokers with owners looking to sell their businesses. With an improved Broker Directory and a new Broker Match initiative that connects business owners looking for assistance in selling with brokers who can help, Bob House and Doug Whitmire shared best practices for brokers to maximize the benefits provided with their BrokerWorks account. BizBuySell is committed to ensuring business brokers feel confident that their clients are getting the best service available to help ensure a smooth and successful business transaction.