Why I Went From Owner to Business Broker
Why I Went From Owner to Business Broker
I have always been around businesses, especially since I come from a family that is heavily involved in the hospitality industry. My family has operated roadhouses and a petrol superstation with restaurants attached to them. The superstation I was a part of was located in the countryside and experienced high traffic rates daily. I would be surprised to see about 50 buses stop at the superstation daily, each carrying up to 50 passengers!
After moving back to Melbourne, I started being involved in buying, operating and then selling various businesses. I have operated restaurants, pizza shops, sandwich bars and other takeaway establishments, which are too many to count. Once I had enough hospitality experience, I decided it was time to test my skills in the food service distribution sector.
Money, lifestyle flexibility and authority are all motivating factors for why people want to own a business. While I was also motivated by those three factors, I found that what lit my spark was my hunger for a challenge.
Owning a business is challenging as there is a high risk-to-reward ratio. If everything goes well, then you will reap financial benefits. On the other hand, if everything goes wrong – after you placed all your hopes and resources on the business – you could lose everything.
As a business broker, I came to understand how important it is to have been on both sides of the counter because you will know how everything works. As a vendor, I have come to understand the most important aspects of the business for purchasers and how to highlight them. As a purchaser, I know how to digest everything a vendor tells me and call bluffs when I encounter them.
My experience gives me confidence in approaching each business sale, knowing that I can broker a deal that will leave all parties satisfied. The stellar industry reputation that I have also built enables me to encourage purchasers to trust that I am providing all the information they need to make an informed decision on their transaction.
Tags: business broker growth selling success entrepreneurs small business
About the author
Gerry Morelli
Gerry Morelli can be aptly described as a cornerstone of LINK Melbourne, earning his place as one of its "MVPs" (Most Valued Players). Gerry seamlessl ...