The idea of perfection can be hard to live up to
It is not too often in life that we find exactly what we are looking for; whether it is the perfect spouse or the perfect home to call your own. It is no different when looking for a business to buy, and many brokers would be happy to tell you just how frustrating it can get for everyone involved in the transaction. Most businesses that are for sale in the marketplace are going to have some issues, that may in fact be the exact reasons why the current owner is looking to move on. Your job as a broker is to identify any potential issues so that both parties are privy to as much information as is possible. From there they can then make an educated decision whether or not to proceed. Is that going to cost you some deals? Absolutely, there are going to be instances in which you end up investing month’s worth of work only to have to pull the plug at the last minute. Whether it was a previously unknown lien against the business, the discovery of some financial inconsistencies, or the inability to obtain a lease on prefered terms; this is an inevitability that each business broker is going to have to deal with at some time or another. The key is to learn to take it with grace, to earn some goodwill from the situation if nothing else by showing the client that you have their best interest at heart. Desperation will cause people to do some pretty horrible things, so it is important to recognize when and if you are becoming overwhelmed by this emotion. It is much easier to make the right decision when we feel financially safe and stable; any notable employers will tell you how important it is to make sure that their top performers are earning a healthy living. Otherwise, you may find that your agents motivations are not always the purest. Building a strong system of checks and balances within the brokerage can be a great failsafe, and establishing an internal network that will help support and teach new agents how to handle the stress is invaluable.