The way that you broker your business as well as the professionals that you have brokering your business during critical points in your business life cycle will determine your overall success in the world of business. Here are the basics of what you need to know about business brokering.
Why do the most talented athletes going for the big contracts in pro sports need sports agents? Shouldn’t their talent on the field be able to take them all the way to the top – after all, this talent is self evident? The answer is a bit counterintuitive, but the earlier you understand it, the more money you will make in business.
No matter how talented you are as an individual athlete, there are other individuals who are just as talented as you. Even if you are the most talented on the field, you may not fit into the systems that require athletes of your caliber. In this case, you need a sports agent to explain to decision-makers exactly how your talents can be used for the betterment of a larger system. This is the same function that a business broker performs for your business, especially when it comes to explaining your business to a buyer that may not be familiar with your industry.
If you are doing your job as a business owner, then you really do not have a lot of time to reach out to take care of business administration tasks. This is especially true if you are trying to sell your business. During this critical juncture, you should be spending all of your time internally making sure that the books are straight and everything is set for a transition in leadership.
While you are making sure everything internally is good, your business broker is the one reaching out to make sure that the wider world appreciates your efforts. This is virtually impossible for one person to do. Your business broker can also bring people to you more quickly than you could bring to yourself.
Yes, you may be able to explain the nuances of your business to someone in your industry more completely. However, these kinds of conversations do not often translate at the executive level. This is where you need a business broker to build those outside relationships with vendors or potential sellers. Many business owners have to get over the ego that disallows for an outside presence to become the industry expert.
No matter what stage of business you are in, you can always benefit from a dedicated and experienced business broker. If you are at a critical point in your business life cycle, the experts at Murphy Business would love to help you past that point. Please get in touch with us by phone at (727) 725-7090 or simply fill out the easy form that is on our website directly.