Welcome back to Becoming a Better Business Broker in 30 Days!
This concise series title describes exactly what we hope you get out of it - becoming a broker that can close more deals with less work.
Yesterday we did a deep dive on Roll-Over Equity, make sure to check it out.
In this 30-day journey, we've focused on Becoming a Better Business Broker. But it leaves out an important question - what is the end goal of becoming a better broker?
Is it as simple as making more money? Or is it more nuanced, like making the same (or more) money but by working fewer hours? For most brokers, the latter is optimal.
Our industry does a terrible job of talking about what work-life balance can look like as a broker. As it is one of the best careers for work-life balance - if you do it right. Unfortunately, too many of us get caught up in the hamster wheel of 'the next deal' to fully find balance.
In this article, we will expose the 'secret life' of top-performing brokers and how you can achieve the optimal ratio of closing deals and Hawaiian vacations 🌴
How to Make $1,700/hour
Here's the misconception about work-life balance - it doesn't mean working as few hours as possible. Rather, it's about working as efficiently as possible, so you can work as much as you want.
Becoming a Better Business Broker is all about efficiency. How can we close more deals with less work.
Don't forget: clients pay us for success, not how many hours we work. To prove it, is a client picking Option A or Option B?
Okay, admittedly we made it a bit obvious by circling the correct option - but you get the point. But the client isn't the only winner here - the Broker on the right is making nearly $1,700 per hour vs $475/hour on the left.
We can only imagine how the bus ride home felt 😬
How do you avoid becoming the broker on the left? Well, here's a secret, the difference between the 2 brokers isn't their unique superpowers of business brokering. No, it's a byproduct of their systems & expertise.
Here's how to refine your systems to become the $1,700/hour Broker.
The Cold Hard Truth: Your Current Schedule Sucks
Yeah we went there.
But it's okay, this is a Business Brokerage safe place, cause we've all been there. Especially if any of the following describe you:
- You are constantly losing track of leads (or realizing mid-call that you've already spoken to this prospect before).
- You're flying around trying to send out NDAs, write CIMs, edit listings on BizBuySell, and schedule Buyer-Seller meetings.
- Due diligence is disorganized and always feels like a Herculean task
Okay, okay, we'll stop triggering you. The only reason we bring all these things up is that your week doesn't have to resemble the below:
First, let's break down the tasks eating up a majority of a Broker's week:
- Valuation: setting the initial asking price for a Seller Prospect without hours of Excel sheet jiu-jitsu (est. 5 hours)
- CIM Writing: creating a CIM that is detailed without it becoming a never-ending rabbit-hole project (est. 12 hours)
- Advertising: sending out new deals to Buyer listings and keeping listings up-to-date on marketplaces like BizBuySell (est. 1 hour).
- Client Management: this one is a doozy 🥴 from gathering documents or simply trying to schedule them for an appointment - this can eat up your time fast (est. 20 hours).
- Buyer Leads: without automation this one is brutal. The endless stream of email leads from marketplaces, trying to stay on top of NDAs, following up with these leads, it's an endless mountain where you feel you are constantly falling (est. 8 hours).
- Due Diligence: building a data room, trying to organize a Seller's documents, communicating the Buyer and Seller's deal professionals - someone better get us an Advil cause we already have a tension headache 😵💫 (est. 20 hours).
Now before you go saying, "Well I don't spend that much time on those tasks" remember the above are generalizations based on our experience. Each of the time allocations above may vary depending on your existing systems.
Regardless, your new week, using DealBuilder, could look like the following:
How do you make this week a reality? By leveraging technology, setting client boundaries, and embracing periods between deals.
1) Leveraging Technology
One of the keys to closing more deals with less work is leveraging technology. Automate routine tasks, use CRM systems to manage client interactions and embrace virtual meeting tools to save travel time.
While we are extremely biased, our favorite recommendation is the 1-2 punch of DealBuilder and Deal Studio. Brokers tend to love our seamless integration as it allows them to streamline every step in the deal-making process - from onboarding to due diligence.
Here's a breakdown of your new week:
- Valuation: quickly pull BVR DealStat comps and generate MPSP Reports using DealBuilder's valuation tool (est. 1 hour)
- CIM Writing: write the first draft of a CBR or CIM in minutes using DealBuilder AI. After, spend a little more time editing and getting client approval (est. 2 hours).
- Advertising: allow DealBuilder to write your Blind Profile/Deal Teaser to send it out to your segmented buyer list using the powerful email capabilities of Deal Studio's platform (est. 1 hour).
- Client Management: combine DealBuilder's onboarding tools with Deal Studio's pipeline tracking to always know the status of both Buyers and Sellers (est. 5 hours).
- Buyer Leads: auto-respond to BizBuySell and DealBuilder Marketplace inquiries using Deal Studio's powerful NDA tool (est. 30 minutes).
- Due Diligence: coming soon 👀 DealBuilder is releasing a new virtual data room specifically designed for Mainstreet Brokers (est. 6 hours).
If you simply can't wait to see the platform for yourself, you can book a demo here (although we recommend still reading the rest of the article).
2) Setting Client Boundaries
Top brokers know the importance of setting boundaries. This might mean putting your phone on Do Not Disturb* after a certain hour. Even better, as we covered in Day 3 - become more selective about the clients you take on. Boundaries protect your time and energy, ensuring you're not spread too thin.
*Pro Tip: did you know that you can set Do Not Disturb for specific phone contacts? Use this information at your discretion 😂
3) The Power of Delegation
This one is for the Brokers in the back:
BUILD YOUR DEAL TEAM.
We won't re-write what we wrote on Day 14, however, considering hiring a Virtual Assistant, Marketing Specialist, and Deal Associate to supplement your workload.
This will allow you to spend your time (remember, you're making $1,700/hour now 😉) on high-value tasks like deal structuring, overcoming deal hurdles, and/or client relationship building. Allow the team to execute the highly repeatable tasks that comprise the Deal Assembly Line.
4) Embracing the Slow Times
Okay, we just unlocked 150 hours per deal for you - now what? 😅
If there are only so many rounds of golf you can enjoy before snapping your driver over your knee - you may need to stay busy.
We've found the best way to sign bigger + better clients is coming from a place of relaxation. When you're not rushed (or panicked for your next commission) this energy is felt by a potential prospect.
As such, spend downtime meeting with new people or catching up with accountants or other centres of influence (COIs) in your network with zero expectation of a referral. This often is the best time to start prospecting.
Conclusion: The Balanced Broker
Achieving work-life balance is not only about enhancing your personal life; it's about becoming a more effective, resilient broker. By defining your priorities, leveraging technology, setting boundaries, delegating, and embracing the slow times, you can enjoy the fruits of your labor without sacrificing your well-being.
As we wrap up today's article, remember that the journey to becoming a better business broker is not just about closing more deals; it's about creating a life that allows you to thrive both professionally and personally. Here's to finding your perfect balance and enjoying those Hawaiian vacations 🌴.
Stay tuned for Day 26, where we get out of this new-age work-life balance topic and back to Boomer basics* - Optimizing Business Brokerage Profit.
If you want to learn more about automating your business brokerage with DealBuilder, please visit our site or book a demo here.
*No offence to our Baby Boomer Brokers, one of our Co-Founders fits this demographic so we thought this was a fair shot 😂
