Q. What is Business Broker?
A. Business Brokers help business owners find buyers for their businesses and help buyers find a business to purchase.
Q. Will I receive adequate training?
A You will receive first class training on how to meet with buyers and business owners, value a business and assist both parties by being the intermediary and advisor through First Choice online training (First Choice University).
Q. How do we do this?
A. Our training will provide you with in depth information on how to meet business owners and value their business. The buyers will find you through our massive advertising on business sales web sites. (e.g.BizBuySell.com)
Q. Do I need a special license?
A. In Nevada you will need a real estate license from the state plus a Business Broker permit. However, we do NOT sell houses, we are not Realtors.
Q. How do I get paid?
A. We charge a Business Owner up to 12 ½ % based on the selling price or $15,000 minimum fee (whichever is higher), which we collect when the business is transferred to the new owner. The agent starts at a 50% split of the fee, and it goes up from there.
Q. Who is First Choice Business Brokers?
A. We have been in business since 1994. We are a National Business Brokerage Franchise with 107 offices in 34 states. We are headquartered in Las Vegas. Our site is FCBB.com
Q. Is this a salaried position?
A. Business brokerage is a commission profession. However, you can expect to earn $80,000.00 to $100,000 your first year if you follow our training and our system. This is NOT a job; it is a career. We have agents earning not six but seven figure income.
Q. How is Business brokerage affected by the economy or Covid?
A.s.
Q. Is this an overcrowded profession, in other words is there a lot of competition?
A. There are very few Business Brokers in the US. Our national organization (IBBA) has approximately 2,000 members Worldwide. There are only 4,000 full time Business Brokers in the entire US. However, there are over 30 million small businesses in the US. In Las Vegas where our corporate offices is located, there are only 35 full time business brokers.
Q. How is the current economy affecting Business Sales?
A. Almost no effect since business transfers are not related to the economy or residential sales. Our business transactions were strong and remain strong during and after these periods. One word could answer this question, Booming. We have seen more buyers in these last few years who want to join in the economic growth of the US. Business owners are looking to sell to move onto other business opportunities. Baby Boomers are ready for retirement so the opportunity in business brokerage has never been greater.
First Choice has always found that the Buyers are always looking to take advantage of growing industries. According to Fox Business Report, Business transactions were up over 40% over previous years. Now is certainly the time to enter our profession. Buyers are still looking to buy, and sellers still want to sell.
Q. What is the preferred background of a successful agent?
A. Professional sales background, prior business owners, tax prep agents, accountants, insurance agents, commercial agents, advertising sales, mortgage lenders, Realtors, just to name a few. You must be willing to take our training and work with sellers to understand why they want to sell their business plus work with buyers to assist them in becoming self-employed.
Q. Do I need to be an accountant or have an accounting background?
A. Although we do have quite a few former accountants in our group, an accounting background is NOT required.
Q. When is most of the work performed?
A. Most of our meetings with buyers and sellers take place during regular working hours during the week. Our offices are open Mon-Fri 8.30 to 5 pm. We are not open evenings, weekends, or holidays.
Q. Are you offering a sales position where I am constantly looking for leads?
A. Not at all, our training will show you how, after 90 days, you will be working with buyers and sellers who are not only repeat clientele, but also with clients who will refer other clients to you.
Q. What else is required?
A. You absolutely must be able to present yourself in a professional manner to clients.
Q. Can I keep my other job while getting licensed (Nevada is a license required state), and receiving training?
A. We understand that this may be necessary, and we will work with qualified candidates.
Q. What else should I know?
A. We have agents in our Las Vegas office who have been with us for 27 years. We suggest that you talk to them.
Q How do I get started?
A Contact our office at 702 368-2500 and ask for Jeff Nyman regarding this ad. Please see our web site www.FCBB.com for more details about First Choice.
Q. What else do I need to know?
A. We are growing and need professionals who want to earn high six figures. Contact our office at 702 368 2500 to see if you qualify.
