The truth about business brokers

The word brokering conjure images of old-school business people in three-piece suits, standing on street corners calling out to passersby. It is not uncommon for new business buyers to consider visiting a business broker to help in the first acquisition. Join me in this episode as I speak to Rob Goddard, a business broker, where he talks about what it entails to be a business broker and why first-time buyers should not use them. Rob also shares some interesting facts about how serious investors carry out their activities. Tune in for more details about business acquisition!

Key Highlights

[01:28] Rob’s first business to sell

[04:20] What it entails to be a business broker

[07:31] How competitive tension drives up the price of a business

[11:32] Rob’s opinion on people's priorities changing as they continue with the negotiation process

[17:00] Why it is not always about money!

[19:00] Why first-time buyers should not use brokers

[21:05] What serious investors do

[28:48] How to maximize one's exit value

[30:19] The benefit of employing people rather than working for yourself

[33:58] The only number that matters for a seller

[35:46] Connect with Rob on LinkedIn

Notable Quotes

• The highest bidder isn't necessarily the best bidder; it might be number two or three because there's a bit of fit.
• So, if you're a top buyer, a tip for any buyers listening to this is to understand what the hot buttons are for the person you're in front of and what matters to them most.
• Competitive tension can drive up prices.
• There are always two multiples; I've always taught this as two multiples on any deal. There are multiple sellers and buyers multiples; they're often not the same number.
• Think about the exit before you've bought a business and sunk any time and money into it after the best time to think about your exits before you've bought one.

Resources

If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy John Andrews. You can phone his office at +03452412494 or email him at johnandrews.deallawyer@jmw.co.uk

To join the Fasttrack Program, you can connect with Jonathan Jay at

Website:https://www.thedealmakersacademy.com/

LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/

Youtube:https://www.youtube.com/c/TheDealmakersAcademy or get the

Webinar Training Video onwww.dealmakerspodcast.co.uk

Connect with Rob Goddard on

LinkedIn: https://www.linkedin.com/in/robgoddard/?originalSubdomain=uk