From Business Owner to Broker: My Journey into the World of Business Brokerage
Throughout my working life I never aspired to being a Business Broker – I didn’t even know it was potential job opportunity! Here's how it happened, and why I am now passionate about helping other entrepreneurs make the most of their businesses—just like I did.
Selling My Business: The First Step
A few years ago, my husband and I made the decision to sell our business. It wasn't a choice we made lightly, but after much reflection and planning, we realized it was time to move on. The next step was figuring out how to sell it. Exit planning was our new ‘job’ – trying to navigate options and emotions surrounding such a change!
The answer became clear: We needed help. I asked accountants, I asked a lawyer, I googled and googled and googled! The questions kept piling up instead of being answered. Surely there must be someone out there who can give us a better idea of where to start!
Once we found a business broker - the experience was an eye-opener. The broker we worked with not only helped us understand the nuances of selling our business, but also showed us the behind-the-scenes work that went into finding the right buyer, negotiating terms, and closing the deal. It was more intricate and demanding than I had imagined, but the expertise of a broker made it all possible.
The buyers that ghosted us, the buyers who had no money (!?!), the buyers who wanted us to take all the risk in handing over our ‘baby’. The emotions ran high, and there were days I would have sold for $10 just to make it all go away!
Thankfully, we had a professional to guide us, and ensure we maximized our value in the transaction.
Why I Decided to Become a Broker
Throughout the process, I realized something: the value of a skilled broker isn’t just in the sale, but in the entire journey of business ownership. A good broker doesn’t just help you sell your business, they help you optimize its value and ensure you get the best deal possible. The benefit of having that ally fascinated me.
As a former business owner, I understood firsthand the emotional, financial, and strategic aspects of running and eventually selling a business. I felt I could provide that same level of insight to others in similar situations. I had seen how brokers operate, the challenges they face, and how much of an impact they can make on a business owner's future.
It wasn’t long before I decided to pivot my career. My history and experience in business consulting, accounting, and finance made the transition easy. I started preparing and learning from the very experts that I spent the previous two years working with, but on the other side of the fence! The world of mergers and acquisitions, business valuations, and deal-making quickly became my new passion.
The Transition to Being a Broker
Becoming a broker wasn't an overnight transformation. I quickly realized that while the knowledge of business ownership gave me an edge, being a good broker required honing my skills differently—negotiation, networking, and market analysis.
Every business is unique, and every deal requires a personalized approach. As I worked with more clients, I find myself tapping into my past experience as a business owner to better empathize with their situations and guide them through the intricacies of selling. The satisfaction of helping someone achieve their business goals is incredibly rewarding.
The Rewards of Being a Broker
The work I do now as a broker allows me to combine the lessons I learned as a business owner with the new knowledge and skills I’ve gained. I love the challenge of helping entrepreneurs achieve successful exits. It's not just about making a sale; it's about understanding the client’s needs, finding the right buyer, and making sure everything aligns for the future of both parties involved.
Perhaps the most gratifying part is seeing my clients walk away from the sale with the financial security and peace of mind they deserve. As a former business owner, I know how important it is to get the right deal, and as a broker, I get to make that happen for others.
Final Thoughts
Making the leap from business owner to broker wasn’t something I had planned, but it’s been one of the most rewarding decisions of my career. If you’re thinking about selling your business - know that it’s a journey that requires both a deep understanding of business and the willingness to embrace new challenges.
The experience of selling my business opened my eyes to an entire industry that I’m proud to be a part of. And now, as a broker, I’m able to help others write their own success stories.
If you're thinking about selling your business, I’d love to chat and share more insights.
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I hope this helps others see the potential in both selling and brokering businesses—there's more to it than just financial transactions; it's about helping people move to the next chapter in their journey.
Chantelle Jacobs Business Broker, Alberta Business Sales and Commercial Ventures