Transforming Business BrokerageHow To Be The One

They ChooseGlen J. Cooper, CBI, CBA, BVAL

President, Maine Business Brokers

217 Commercial Street, Suite 401 • Post Office Box 7346

Portland, Maine 04112-7346

www.MaineBusinessBrokers.com

tel: 207-775-1957 • fax: 207-775-6573

Questions are Alive. Answers are Dead.

• What’s Wrong? Does It Need

Transforming?

• What Can We Do To Transform It?

• What Do We Need to Learn?

• Who Are We Becoming?

What’s Wrong? Does It Need Transforming?

• Brokers/Agents are frustrated!

60% fail in first 9 months?

• Seller Clients are frustrated!

Only 20% actually sell?

• Buyer Prospects are frustrated!

Only 2% ever buy?

Brokers are Frustrated!

• Not Enough Money

• No Predictability

• No Standard Methods

• Not Much Training

• No Respect

Sellers are Frustrated!

• Don’t Know How to Sell

• Don’t Know When to Sell

• Don’t Know What It’s Worth

• Fear of Broker

• Fear of Confidentiality Breach

Buyers are Frustrated!

• Don’t Know How to Buy

• Don’t Know When to Buy

• Don’t Know What It’s Worth

• Fear of Broker

• Fear of Making Mistake

What Can We Do?

• We CAN’T solve problems

• We CAN address the frustrations

by transforming the process

- Transforming the process creates hope

- Hope leads to right action

- Right action leads to empowerment

- Empowerment relieves frustrations

Six Transforming Steps

• Choose Our Market

• Develop Our Promise

• Create Systems to Generate Leads

• Create Systems to Convert Leads to

Listings

• Create Systems to Convert Listings to Sales

• Create Systems to Deliver Our Promise

• Segment the Market

• Focus Our Attention on Our

Intention

• Assess Our Own Strengths

• Assess Market Perceptions

• Run With Our Strengths

Choose Our Market

Develop Our Promise

• What Frustrates Our Market?

• What Would We Like to Promise?

• What Dare We Promise?

• How Will We Experience It?

• How Can We Deliver It?

Create Systems to Generate Leads

• What Does the Firm Need to Do?

• What Does the Agent Need to

Do?

• Who’s Making Initial Contact?

• Who’s Following Up?

• What Works and What Doesn’t?

Create Systems to Convert Leads to Listings

• 1st Contact Agenda

• 1st Meeting Agenda

• 2nd Meeting Agenda

• Listing Presentations

• What Works & What Doesn’t?

Create Systems to Convert Listings to Sales

• Valuation Systems

• Confidentiality Systems

• Marketing Systems

• Screening & Qualifying Systems

• Negotiating & Closing Systems

Create Systems to Deliver Our Promise

• Primary Aim & Mission Statement

• Goals, Objectives, Strategies &

Tactics

• Standards of Operation

• Policies & Procedures

• Training & Recruiting

What Do We Need to Learn?

• Michael Gerber’s Entrepreneurial

Myth

• Working “On” vs. Working “In”

• The “System” Is the Solution

• Each Other’s Stories

• What’s Easy; What’s Not

Michael Gerber’sEntrepreneurial Myth

• The Easy Book: “The E-Myth Revisited”

• The Big Book: “E-Myth Mastery”

• The Best Audio: “The E-Myth Seminar”

• The Website: “E-Myth.com”

• Why I Recommend Gerber as a Source

Working “On” vs. Working “In”

• Purpose of Our Business

• Entrepreneurs, Managers &

Technicians

• The Viewpoint We Need

• The Skills We Need

• 7 Areas of Focus

The “System” Is the Solution

• No Matter What Size Business

• Gerber’s LensCrafters® Example

• Gerber’s FedEx® Example

• Gerber’s McDonald’s® Example

• Business Brokerage Systems

Each Other’s Stories

• How We Define Our Market

• What’s Our Big Idea?

• What Are Our Best Systems?

• What We Think Is Still Wrong

• What We’re Doing About It

What’s Easy; What’s Not

• Understanding the Message:

Easy

• Innovation: Easy

• Quantification: Hard

• Orchestration: Harder

• Documentation: Hardest

Who Are We Becoming?

• What’s Our Primary Aim?

• What’s Our Mission?

• What’s the Work?

• Where’s the Money?

• What Will Our Business Brokerage

Practice Look Like When It’s

Finished?

What’s Our Primary Aim?

• The Purpose of Our Business

Is Our Primary Aim.

• Are We Adding or Creating Value?

• Are We Constantly Improving?

• What Are Our Unifying Principles?

What’s Our Mission?

• Our Promise Is Our Mission.

• Does Our Promise Touch Us?

– So we can proclaim it , live it and

enjoy being with people who share it

• Does Our Promise Touch Others?

– So they will join us, refer to us and find

compelling reasons to do business with us.

What’s the Work?

• Adapting & Taking the Six Steps

• Defining & Redefining Our Markets

• Telling & Retelling Our Story

• Working & Reworking Our Systems

• Educating & Re-educating Ourselves

Where’s the Money?

• How Many Clients Do We Need?

• How Many Client Presentations?

• How Many Appointments?

• How Many Leads?

• The Money Is In Following Our

Systems!

What Will Our Practice Look Like When It’s Finished?● Visionary, ethical, effective, efficient

● School for stretching, testing, enlarging

● Money making machine

● Fun place to go to work

● Broker of choice for the market we choose