Navigating the (often challenging) landscape of buying or selling a business requires more than just market knowledge. It requires a business broker who is well-versed in all areas of business buying and selling, with excellent interpersonal skills.  A winning expert is something like your partner in the journey to buy or sell. They’re able to provide guidance, insights and advice, as well as be your sounding board for concerns or queries.  

Not all business brokers are created equal, and here at Finn Business Sales, we pride ourselves on the power of our talented team. So let’s take a look at the 5 key qualities of a great business broker.

Market know-how

A successful broker will confidently help you along the path every step of the way. This starts with a deep knowledge of market trends as well as industry dynamics.

This type of knowledge goes beyond market reports and general understanding, it’s specialised and honed over years of experience. A good business broker will easily be able to tell an opportunity from a potential pitfall. They will be able to ensure you get the best price possible (whether buying or selling).  

Communication matters

A skilled business broker will smooth the path to the sale or purchase of a business with a refined set of communication skills. Brokers need to be able to ask the tough questions on behalf of their clients and convey complex information simply. This requires advanced listening and negotiation skills, with the ability to step back and look for what’s motivating either side. It all begins and ends with clear and consistent communication. This builds trust, understanding and ultimately leaves everyone with a desirable outcome.

A foundation of integrity

Integrity should be the core quality of a business broker. They adhere to a code of ethics and value while prioritising the interests of their client above all else. Their end goal should always be aligned with yours, whether that’s a timely sale or a great deal on a business that’s losing steam. Integrity from the start means a relationship of transparency with your business brokers. As we mentioned earlier, you want to feel as though your business broker is in your “corner”. Where no stupid questions can be asked, and no request too small or big to ensure you feel comfortable throughout the process.

Negotiation skills

When you get down to the ‘pointy end’ of a sale or purchase of a business, your business broker should be able to effortlessly navigate delicate conversations. Whether advocating for the best price for your family business or ensuring fair terms and a smooth handover. A great business broker won’t shy away from the tricky dance of balancing personalities and goals. 

Focused on you

Above all, a good business broker will understand the emotional investment and journey that occurs whenever you buy or sell a business. Your business broker should empathise with the ups and downs of the journey, and appreciate your process. Buying or exiting a business means a change in lifestyle and financial pressure. It’s a significant step that not all of us will take in our lives.

By remaining client-centric and focused on your needs, a winning business broker will always listen. They will strive to understand the core message and goal, while tailoring their practices to best suit their client.

When you engage someone who possesses the 5 qualities above, you’re empowering yourself with a trusted professional who will be there for you across all steps of the process. No matter what your business journey is, ensure you have the right team around you to get the result you want, and never compromise on the quality of your business broker.