While your income will depend on your efforts, your professionalism, your willingness to follow the system we lay out in our operations manual and other intangibles, in a recent industry survey, 41% of brokerage owners reported earning commissions of between $100,000 and $200,000. Additionally, 26% reported earning commissions up to $600,000.
Why do sellers sell?
Businesses are for sale for many reasons. Divorce, poor health and boredom are just a few. When a business owner decides to sell, working with a professional Worldwide Business Brokers gives them the following:
- An existing database of buyers
- A professional marketing program
- Help in valuing and pricing their business
- Help with negotiations with buyers
- Help with the contracts
- Confidentiality
- And much more
What do business brokers charge?
Our offices charge a percentage of the business' selling price as a commission. This percentage can vary but is generally around 10%. If you sell a $500,000 business, the commission would be $50,000.
Who buys a business?
People from all walks of life are looking to buy a business. Many of these are first time entrepreneurs trying to take control of their own future and provide for their families. Middle managers being "downsized," corporate executives tired of the rat race, laid off technology workers, recent college graduates who are discovering how tight the job market is; There are millions of people looking for a business right now!
What's it like being a business broker?
Business brokerage is a very exciting, very professional career. We advise people regarding the value of what is arguably their most valuable asset and we work closely with their other professional advisors – attorneys, accountants, bankers – to affect one of the most significant milestones of their lives. Everyday we deal with different businesses, different people, different situations, different needs and expectations. It is an excellent career choice if you'd like to avoid the same old routine day in and day out.
How much can I make?
This depends entirely on you. How closely will you follow the Operations Manual? How much training will you retain? Most importantly, how much effort will you make? If you sell a business for $1,000,000 you earn a commission of $100,000. And if you hire others to be brokers in your Worldwide Business Brokers office, you receive a portion of the commissions on their sales, as well.
Do I need a license?
In most states you do not need a license. However, there are a dozen or so states where a license is required. Want to know if yours is one? Click here to email us. We'll let you know.
Do business brokers suffer in a down economy?
When the economy slows or falls into recession, many thousands of people find themselves laid off and the job market is FAR too tight to absorb them all. Many of these folks received a severance package that, combined with their savings and some financing, will enable them to buy a business. These people need to provide for their families. They are motivated. They MUST find a business in order to support themselves.
What is the investment?
A Worldwide Business Brokers licensed office can be set up for as little as $20,000 - including all fees - depending on your area, circumstances and whether you possess the basic equipment normally found in any small office; computer, contact management software, fax machine (or software, phone, etc). We generally advise a Licensee to be prepared to invest between $25,000 and $40,000.
What do I need?
The basics to start with: phone, fax, computer, and office supplies, plus office space of between 500 and 1200 square feet.
What does your training program cover?
During your one-week intensive training you will learn:
- How to set up your office and keep it running smoothly and efficiently
- How to recruit brokers to work for you
- How to qualify clients
- How to use our forms
- Our Sales techniques
- How to get listings
- How to close deals
- How to prospect
- How to qualify buyers
- How to work with buyers
- Creative financing
- Negotiation skills
- How to handle contracts
- How to advertise listings
So what's next?
Fill out our preliminary application. There is no obligation whatsoever by doing so. It just gives us an idea of who you are so we can better assess if there might be a good fit for you on our team. We hope to hear from you soon!