Question:
How do I know if BBN is a legitimate organization to
associate with? I would like to know if Business Broker
Network is worth paying the fee. I am very interested in
this organization and have a solid management skill set.
I have spent the last two years advising and consulting
several companies. I have an MBA from the Peter F.
Drucker graduate school of management. In my process of
redesigning myself and moving forward I came across BBN.
It appears to fit right in to my overall strategy in
life. Can you give me some resources to find out more
about this group? The ramp up period, the costs, and the
validity of this group.
1. Yes, Business Brokers Network is a legitimate
organization. Most of the members stand head and
shoulders above the pack of other business brokers. The
best way to get information is to call them and ask your
questions. You should also call several of the members
in your area and ask about their backgrounds and
experience with BBN. The website is
www.bbnbrokers.com
From: Lou Pereira:
lou@herold-lambert.com
2. Having been with BBN for eight years, I believe I
have some insight here. There are BBN brokers all over
the country, so in terms of research, you will have
plenty of first hand opportunities to query current
affiliates. Just start making calls! I do not know a
business broker who is shy about stating their opinions.
Many people call me every week about getting into
business brokerage, and/or BBN. These are two separate
questions. I will never assess for someone else whether
they will make a success of business brokerage, because
it is a tough business, and not everyone can handle
self-employment high and lows, and persevere through the
start up stage that ANY small business will have---
including a new business brokerage. You will be in
business for yourself, so if this will be the first
time, and possibly the first time you will be in a
commissioned-based business, those are issues you need
to address with yourself and your significant others. We
tell most people to give themselves 1 year, at least, to
break into the business. You will need to get listings,
and then you will need to sell them. How long this will
take depends upon your market, the amount of businesses
that are worth selling/buying there, the amount of
competition for those listings and YOU-- your
persistence, your salesmanship, your abilities. If you
give it your all for a year, you should be over the
starving stage. If you are among those who manage a
significant sale more quickly, wonderful! But if not,
you will not be beating yourself up every day if you
allow yourself a start up and learning stage. Get
educated and build your networks during this time.
Now, if you have made that decision to commit to
business brokerage, I believe that it is very tough to
do it all alone. You will need some support. At minimum,
you will need basic training, basic forms, and ongoing
opportunities for continuing professional development.
BBN provides these things to you. You will have
challenges in your new business that will NOT be new to
the staff and other affiliates at BBN. It is NOT a
franchise-- they will not dictate to you how to run your
business, or ask for your P & L's, but they will provide
a "backbone" to give structure to the "new you" that you
are re-inventing.
What's more, I believe the greatest value in BBN is the
other affiliates, and the high degree of mutual support
that we provide to one another. You will find that most
business brokers are independent, self-reliant
individuals. Still, we all need moral and
problem-solving support in our day to day businesses.
BBN provides a structure in which you can have this
without having all these other people as your employees,
your bosses, your business partners. You have the
opportunities to co-broker with other brokers who (for
the most part) are intelligent, successful business
people who have the same expectations as you do about
what kind of information needs to be provided in a
business for sale transaction. You have a wonderful
range of resources in affiliates with backgrounds in
various industries to answer questions when you are
doing research for a buyers and/or sellers.
In all the years I have been with BBN, I have yet to see
another nationwide organization that provides that right
degree of support that you will need as a new (or even
"old") business broker, with the caliber of
professionals I am proud to call my fellow affiliates.
Good luck with your decision, and I hope to have the
opportunity to get to know you and work with you on a
deal in the future.
Kathryne Pusch
BBN Atlanta, ConsultKAP, Inc.
kap@consultkap.com
3. I am a BBN broker and feel it has been very
worthwhile. I, too, am an MBA and have had many years of
experience in the corp. finance/marketing/strategic
planning/sales areas. I decided to make a career change
and this is the easiest, fastest way to do it. Their
business model helped me jumpstart my business. My first
mailing generated a lead that I allowed me to sell a
business valuation, obtain a listing and sell the
business (thereby collecting a commission). They
definitely handheld me through this since I was the only
employee of my firm and had no where else to turn, being
so new to the industry. As you know, they supply forms,
direct marketing materials and best of all, support and
advice. I also networked with other BBN brokers and some
of them are my closest colleagues, three years after
starting this venture. This instant network of support
was given freely simply because I was a fellow BBN
broker. BBN’s advice and counsel is only a phone call
away and I used it many times. The BBN brokers and BBN
staff helped me shape the business model that I am most
comfortable with. This is a tough business to get
started in and most of us have our own companies and are
therefore solo in this endeavor. I highly recommend this
approach to get started, after several years, you will
have had enough experience that you won’t lean on them
but they are still there. The other options for starting
out are to join an existing firm. I, personally, wanted
my independence and to be master of my own destiny. I
also highly recommend that you join the local or
regional broker association in your area. We in Dallas
have TABB and it is a great source of information and
networking. Good luck to you and welcome aboard.
Lucy M. Higgins
The Higgins Group, Inc.
4. I am a member of BBN. I am also a business consultant
and have been for many years.
BBN is proving to be a valuable asset to me in my very
new career as a broker. The key people have hands-on
experience in the field and are always as close as the
phone when you need guidance.
Before joining BBN, I called about 25 of their members
as part of my diligence process. There were a couple who
appeared negative, but the overwhelming majority spoke
highly of the group, particularly of its key
broker-relations exec.
BBN provides a sort-of "professional" edge to the
business of brokerage. I think the focus is on
personalizing the relationship with the seller and truly
guiding the overall sale process. Some broker
organizations come across to me as about one-level above
the proverbial "used car salesperson." BBN has a
materially more professional connotation.
Ultimately, I joined BBN, but also joined IBBA
(International Business Brokers Association). BBN
provides excellent, focused training on specific
components of the brokerage process, access to its own
MLS-like, private listing system, and access to
excellent advice for the cost of a phone call. IBBA
membership, provides access to a world of training and
educational opportunities. The two organizations are an
excellent tandem, and I recommend both highly.
Ed Walper, President
The Walper Group,
www.thewalpergroup.com
5. Our group is an affiliate of BBN and we have 4
brokers. We are always looking for more to add in
Central California. But overall, BBN is one of the few
groups that provides the template for success in the
business broker field. I love this profession-it has
many advantages.
Regarding ramp up period 9-12mo. before first closing
Cost is fair considering you get it back plus more after
the first closing.
Success rate is 50%
No matter what state you are in join the state
association and get active immediately and go to all the
meetings. Call some BBN Affiliates- BBN should give you
some names
Jeff Hoops
The Haley Group
jeff@thehaleygroup.com
www.thehaleygroup.com
