Why Its Important to Improve your Systems and Digitalize Your Business Brokerage in 2024

by Tony Arena 4th of February, 2024

Why Its Important to Improve your Systems and Digitalize Your Business Brokerage in 2024

If you don’t turn your business brokerage into a “systemised digital” business brokerage in 2024 you won’t have one to worry about in 2025. These topics span a large spectrum, so let’s look at each part in turn.

DIGITAL

Social Media.

The business broker should be the thought leader in the small business arena. Most business owners are ignorant about some areas of their business. However the area where they are most deficient is in the value of their business, how to improve it and how to sell it. The business broker is the expert in this field and should be leading the way in educating the small business owners about what their business is worth and how to get it ready for sale. This will be through the digital platforms.

Content.

To be a thought leader you need to disseminate your thoughts to those you would propose to lead. The world has been crying out “Use Video!” for the last five years. Now is the time to make that a professional video. If people stop and watch and even click on the video, then your chances of being shown regularly on the platform skyrocket. It doesn’t stop at video, however. Blogs, white papers, interviews, testimonials and any content that proves you are the thought leader will be used regularly.

Communication.

Like all business owners, business brokers were forced to communicate via video conferencing tools during Covid. Some did it better than others. The challenge for 2024 is to revert to at least some measure of personal communication. This is easier when the client is around the corner, but we will need to get out of our comfort zone, get in the car or on the bus and visit our potential client. On the other side of the coin, if we are forced into remote communication, professional business brokers will do better via Teams, Zoom, Google meet or other tool. The leading brokers in 2024 will have better backgrounds, improved audio, increased use of tools like whiteboards and online presentations/videos to complement the presentation.

The Sale Process:

Digitisation comes to the fore in the sale process. The modern broker will have online data rooms, online document execution, due diligence, and even contract exchange under the control of digital processes.

SYSTEMS

Franchising has been around in Australia since the late 60s, with the advent of petroleum, automotive and later, fast-food systems. However, systemisation has not yet fully arrived in the business broking industry. The business broker of 2024 will have mastered systemisation. The broking company will not list a business that they don’t have a buyer for, and will not list the business for sale unless the listing price is reasonable and achievable. It sounds like a pipe dream, however it is being lived out right now in the offices of the modern day business broker.

A smart CRM system, Intelligent use of AI and data analytics, combined with a strong team of humans on the ground, will deliver this result for leaders in the field of business broking in 2024.

THE FUTURE:

2024 will see the death of the big box business “revolving door” brokerages. You will no longer see large firms hiring people who have no understanding of the game and expecting them to learn on the job, usually at the cost of their clients. You will, however, see the growth of large offices with specialist support teams, enabling the key negotiator to complete deals. These offices will be broken up into their component parts, with each of the support team members knowing exactly what their role is in making sales happen.

SUMMARY:

You don’t go to a doctor and just “hope” you will be cured. Same with your dentist, your lawyer, your accountant. You expect that with their learning and experience, they will deliver the result you are entitled to. The business owner of 2024 should similarly expect this of their business broker. Nothing less should be expected. Nothing less should be delivered.

Tags: business owner small business tips