The truth about business brokers

This week we discuss business brokers, as I speak with Rob Goddard about what it entails to be a business broker and why first-time buyers should avoid using them. Rob also discusses how to maximise your exit value. 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 (0345) 2412494 or email him at [email protected]. If you would like to take the next step to learn the best ways of buying a business, without risking your own cash, you can access my free training at: https://www.dealmakersvideo.co.uk Watch my Webinar Training Video: https://www.dealmakerspodcast.co.uk You can also request a free copy of my book at: https://www.thedealmakersacademy.com/free-book-giveaway/ If you want to jump straight to my live Zoom FastTrack course, please go to: https://www.thedealmakersacademy.com/fast  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