The Law of 3's - Choosing the Right Kind of Broker
Deciding if you want a hard worker, someone who challenges you or the ultimate networker – why not have a hybrid?
It’s easy enough to say, “I want to buy or sell a business.” Just eight simple words, and what seems like the oldest transaction in the world. You have what I want, or I have what you want, so let’s make a deal.
But what comes next is the most important step. The decision to buy or sell is tough enough in itself. After everything is weighed, good against bad, finding the right person to help you achieve your goal is choosing between getting the best price or settling for what comes your way.
When deciding on a broker, you’ll generally come across one of three typical approaches: the “hard worker,” the “challenger,” or the “relationship builder.” All have great qualities, but all are ineffective on their own. Let’s take a quick look at all three and see which one might be the best to have in your corner, given the option.
We all know the guy or gal who devotes him or herself to the sale, doing whatever it is to make you happy and to ensure that a deal is made. The question is, what kind of deal? It’s a matter of knowing how to work smarter instead of harder. His work ethic is an admirable trait, but not always in your best interest. He’s so busy trying to close that he can kill a deal and miss an opportunity by not guiding you to the best choice. Essentially, you’re dealing with a people pleaser. He’ll only present to you what you expect to see, and won’t think beyond that to find a new avenue of business that could perhaps be a more lucrative investment. His goal is persistence even unto the bitter end. He’ll will kick that horse long after it’s dead.
The challenger is the person arm wrestling you and defeating you again and again until you knock his knuckles to the table. He’ll push you to your potential and make you use muscles you didn’t know you have. He’s the polar opposite of the Hard Worker, thinking and seeing above and beyond what you thought was possible. This guy is the protein powder of the brokerage world, appealing to you with growth but in the end his ideas are overreaching and sometimes overkill. The Challenger may be the ultimate eye-opener, but he’s overwhelming and can’t always deliver. In the end, he thrives on the strength of an argument.
Here we have the ultimate networker. He or she is going to stick with you through thick and thin. You’ll be so familiar and so comfortable with then that theirs is the first name that pops into your head. This is a great skill to have and is the bread and butter of business. Connections are what make many deals, but someone focused solely on being a Relationship Builder is not always the best advocate. Someone who is great at making and keeping connections, won’t always help at the deal table. A lengthy relationship doesn’t automatically mean you’ll get your money’s worth. They have the tendency to let the relationship drive a transaction above all else. To them, the dialogue is more important than the strength of the deal.
So, here we are having examined each one and found that perhaps none of them are overly satisfactory. On their own they might appeal to polar personalities, but most of us fall in the middle and want more than what each can give. All three have their strengths and weaknesses, leaving you wondering which is the best option. Is it possible to get all three? The simple answer is sure, if you know where to look. The best answer is absolutely, and this is what you’ll get with The Firm. We bring buyers and sellers to the table, having worked hard to meet their needs and market their business. We challenge them to see the potential in a company they may have overlooked and we coach them until they build their vision. With each associate at The Firm, you’ll get the ultimate hybrid of these three. If you’ve ever thought about selling your business, get it valued sooner rather than later. Knowing your company’s worth is half the battle, and our 20-point system is a proven process to get you your best return on investment. If you’re looking to buy, take advantage of The Firm’s connections in financing and community building. We set you up for success.
Take a breath, pick up the reigns, and forge ahead. It’s time to make your mark.
- Summer Intern 2017 - Ameya Shelby
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