Transforming  Business Brokerage How To Be The One  They Choose Glen J. Cooper, CBI, CBA, BVAL President, Maine Business B...
Questions are Alive. Answers are Dead. <ul><li>What’s Wrong? Does It Need Transforming? </li></ul><ul><li>What Can We Do T...
What’s Wrong? Does It Need Transforming? <ul><li>Brokers/Agents are frustrated!  60% fail in first 9 months? </li></ul><ul...
Brokers are Frustrated! <ul><li>Not Enough Money </li></ul><ul><li>No Predictability </li></ul><ul><li>No Standard Methods...
Sellers are Frustrated! <ul><li>Don’t Know How to Sell </li></ul><ul><li>Don’t Know When to Sell </li></ul><ul><li>Don’t K...
Buyers are Frustrated! <ul><li>Don’t Know How to Buy </li></ul><ul><li>Don’t Know When to Buy </li></ul><ul><li>Don’t Know...
What Can We Do? <ul><li>We  CAN’T  solve problems </li></ul><ul><li>We  CAN  address the frustrations  by transforming the...
Six Transforming Steps <ul><li>Choose Our Market </li></ul><ul><li>Develop Our Promise </li></ul><ul><li>Create Systems to...
<ul><li>Segment the Market </li></ul><ul><li>Focus Our Attention on Our Intention </li></ul><ul><li>Assess Our Own Strengt...
Develop Our Promise <ul><li>What Frustrates Our Market? </li></ul><ul><li>What Would We Like to Promise? </li></ul><ul><li...
Create Systems  to Generate Leads <ul><li>What Does the Firm Need to Do? </li></ul><ul><li>What Does the Agent Need to Do?...
Create Systems to  Convert Leads to Listings <ul><li>1 st  Contact Agenda </li></ul><ul><li>1 st  Meeting Agenda </li></ul...
Create Systems to  Convert Listings to Sales <ul><li>Valuation Systems </li></ul><ul><li>Confidentiality Systems </li></ul...
Create Systems  to Deliver Our Promise <ul><li>Primary Aim & Mission Statement </li></ul><ul><li>Goals, Objectives, Strate...
What Do We  Need to Learn? <ul><li>Michael Gerber’s Entrepreneurial Myth </li></ul><ul><li>Working “On” vs. Working “In” <...
Michael Gerber’s Entrepreneurial Myth <ul><li>The Easy Book: “The E-Myth Revisited” </li></ul><ul><li>The Big Book: “E-Myt...
Working “On”  vs. Working “In” <ul><li>Purpose of Our Business </li></ul><ul><li>Entrepreneurs, Managers & Technicians </l...
The “System”  Is the Solution <ul><li>No Matter What Size Business </li></ul><ul><li>Gerber’s LensCrafters ®  Example </li...
Each Other’s Stories  <ul><li>How We Define Our Market </li></ul><ul><li>What’s Our Big Idea? </li></ul><ul><li>What Are O...
What’s Easy; What’s Not <ul><li>Understanding the Message: Easy </li></ul><ul><li>Innovation: Easy </li></ul><ul><li>Quant...
Who Are We Becoming? <ul><li>What’s Our Primary Aim? </li></ul><ul><li>What’s Our Mission? </li></ul><ul><li>What’s the Wo...
What’s Our Primary Aim? <ul><li>The Purpose of Our Business  Is Our Primary Aim. </li></ul><ul><li>Are We Adding or Creati...
What’s Our Mission? <ul><li>Our Promise Is Our Mission. </li></ul><ul><li>Does Our Promise Touch Us? </li></ul><ul><ul><li...
What’s the Work? <ul><li>Adapting & Taking the Six Steps </li></ul><ul><li>Defining & Redefining Our Markets </li></ul><ul...
Where’s the Money? <ul><li>How Many Clients Do We Need? </li></ul><ul><li>How Many Client Presentations? </li></ul><ul><li...
What Will Our  Practice Look Like  When It’s Finished? <ul><li>● Visionary, ethical, effective, efficient </li></ul><ul><l...
 
 
 
 
 
 
 
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Glen Cooper Business Brokerage Workshop 10 01 07

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Inside view of business brokerage, originally presented to the International Business Brokers Association (IBBA) in 2007 accompanied by text available by request.

Features application of &quot;E-Myth&quot; concepts to management of a professional practice for business brokers.

This presentation offers a core structure for how we run our company here in Maine. -Glen

Published in: Business, Real Estate
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Glen Cooper Business Brokerage Workshop 10 01 07

  1. 1. Transforming Business Brokerage How To Be The One They Choose Glen 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
  2. 2. Questions are Alive. Answers are Dead. <ul><li>What’s Wrong? Does It Need Transforming? </li></ul><ul><li>What Can We Do To Transform It? </li></ul><ul><li>What Do We Need to Learn? </li></ul><ul><li>Who Are We Becoming? </li></ul>
  3. 3. What’s Wrong? Does It Need Transforming? <ul><li>Brokers/Agents are frustrated! 60% fail in first 9 months? </li></ul><ul><li>Seller Clients are frustrated! Only 20% actually sell? </li></ul><ul><li>Buyer Prospects are frustrated! Only 2% ever buy? </li></ul>
  4. 4. Brokers are Frustrated! <ul><li>Not Enough Money </li></ul><ul><li>No Predictability </li></ul><ul><li>No Standard Methods </li></ul><ul><li>Not Much Training </li></ul><ul><li>No Respect </li></ul>
  5. 5. Sellers are Frustrated! <ul><li>Don’t Know How to Sell </li></ul><ul><li>Don’t Know When to Sell </li></ul><ul><li>Don’t Know What It’s Worth </li></ul><ul><li>Fear of Broker </li></ul><ul><li>Fear of Confidentiality Breach </li></ul>
  6. 6. Buyers are Frustrated! <ul><li>Don’t Know How to Buy </li></ul><ul><li>Don’t Know When to Buy </li></ul><ul><li>Don’t Know What It’s Worth </li></ul><ul><li>Fear of Broker </li></ul><ul><li>Fear of Making Mistake </li></ul>
  7. 7. What Can We Do? <ul><li>We CAN’T solve problems </li></ul><ul><li>We CAN address the frustrations by transforming the process </li></ul><ul><li>- Transforming the process creates hope </li></ul><ul><li>- Hope leads to right action </li></ul><ul><li>- Right action leads to empowerment </li></ul><ul><li>- Empowerment relieves frustrations </li></ul>
  8. 8. Six Transforming Steps <ul><li>Choose Our Market </li></ul><ul><li>Develop Our Promise </li></ul><ul><li>Create Systems to Generate Leads </li></ul><ul><li>Create Systems to Convert Leads to Listings </li></ul><ul><li>Create Systems to Convert Listings to Sales </li></ul><ul><li>Create Systems to Deliver Our Promise </li></ul>
  9. 9. <ul><li>Segment the Market </li></ul><ul><li>Focus Our Attention on Our Intention </li></ul><ul><li>Assess Our Own Strengths </li></ul><ul><li>Assess Market Perceptions </li></ul><ul><li>Run With Our Strengths </li></ul>Choose Our Market
  10. 10. Develop Our Promise <ul><li>What Frustrates Our Market? </li></ul><ul><li>What Would We Like to Promise? </li></ul><ul><li>What Dare We Promise? </li></ul><ul><li>How Will We Experience It? </li></ul><ul><li>How Can We Deliver It? </li></ul>
  11. 11. Create Systems to Generate Leads <ul><li>What Does the Firm Need to Do? </li></ul><ul><li>What Does the Agent Need to Do? </li></ul><ul><li>Who’s Making Initial Contact? </li></ul><ul><li>Who’s Following Up? </li></ul><ul><li>What Works and What Doesn’t? </li></ul>
  12. 12. Create Systems to Convert Leads to Listings <ul><li>1 st Contact Agenda </li></ul><ul><li>1 st Meeting Agenda </li></ul><ul><li>2 nd Meeting Agenda </li></ul><ul><li>Listing Presentations </li></ul><ul><li>What Works & What Doesn’t? </li></ul>
  13. 13. Create Systems to Convert Listings to Sales <ul><li>Valuation Systems </li></ul><ul><li>Confidentiality Systems </li></ul><ul><li>Marketing Systems </li></ul><ul><li>Screening & Qualifying Systems </li></ul><ul><li>Negotiating & Closing Systems </li></ul>
  14. 14. Create Systems to Deliver Our Promise <ul><li>Primary Aim & Mission Statement </li></ul><ul><li>Goals, Objectives, Strategies & Tactics </li></ul><ul><li>Standards of Operation </li></ul><ul><li>Policies & Procedures </li></ul><ul><li>Training & Recruiting </li></ul>
  15. 15. What Do We Need to Learn? <ul><li>Michael Gerber’s Entrepreneurial Myth </li></ul><ul><li>Working “On” vs. Working “In” </li></ul><ul><li>The “System” Is the Solution </li></ul><ul><li>Each Other’s Stories </li></ul><ul><li>What’s Easy; What’s Not </li></ul>
  16. 16. Michael Gerber’s Entrepreneurial Myth <ul><li>The Easy Book: “The E-Myth Revisited” </li></ul><ul><li>The Big Book: “E-Myth Mastery” </li></ul><ul><li>The Best Audio: “The E-Myth Seminar” </li></ul><ul><li>The Website: “E-Myth.com” </li></ul><ul><li>Why I Recommend Gerber as a Source </li></ul>
  17. 17. Working “On” vs. Working “In” <ul><li>Purpose of Our Business </li></ul><ul><li>Entrepreneurs, Managers & Technicians </li></ul><ul><li>The Viewpoint We Need </li></ul><ul><li>The Skills We Need </li></ul><ul><li>7 Areas of Focus </li></ul>
  18. 18. The “System” Is the Solution <ul><li>No Matter What Size Business </li></ul><ul><li>Gerber’s LensCrafters ® Example </li></ul><ul><li>Gerber’s FedEx ® Example </li></ul><ul><li>Gerber’s McDonald’s ® Example </li></ul><ul><li>Business Brokerage Systems </li></ul>
  19. 19. Each Other’s Stories <ul><li>How We Define Our Market </li></ul><ul><li>What’s Our Big Idea? </li></ul><ul><li>What Are Our Best Systems? </li></ul><ul><li>What We Think Is Still Wrong </li></ul><ul><li>What We’re Doing About It </li></ul>
  20. 20. What’s Easy; What’s Not <ul><li>Understanding the Message: Easy </li></ul><ul><li>Innovation: Easy </li></ul><ul><li>Quantification: Hard </li></ul><ul><li>Orchestration: Harder </li></ul><ul><li>Documentation: Hardest </li></ul>
  21. 21. Who Are We Becoming? <ul><li>What’s Our Primary Aim? </li></ul><ul><li>What’s Our Mission? </li></ul><ul><li>What’s the Work? </li></ul><ul><li>Where’s the Money? </li></ul><ul><li>What Will Our Business Brokerage Practice Look Like When It’s Finished? </li></ul>
  22. 22. What’s Our Primary Aim? <ul><li>The Purpose of Our Business Is Our Primary Aim. </li></ul><ul><li>Are We Adding or Creating Value? </li></ul><ul><li>Are We Constantly Improving? </li></ul><ul><li>What Are Our Unifying Principles? </li></ul>
  23. 23. What’s Our Mission? <ul><li>Our Promise Is Our Mission. </li></ul><ul><li>Does Our Promise Touch Us? </li></ul><ul><ul><li>So we can proclaim it , live it and enjoy being with people who share it </li></ul></ul><ul><li>Does Our Promise Touch Others? </li></ul><ul><ul><li>So they will join us, refer to us and find compelling reasons to do business with us. </li></ul></ul>
  24. 24. What’s the Work? <ul><li>Adapting & Taking the Six Steps </li></ul><ul><li>Defining & Redefining Our Markets </li></ul><ul><li>Telling & Retelling Our Story </li></ul><ul><li>Working & Reworking Our Systems </li></ul><ul><li>Educating & Re-educating Ourselves </li></ul>
  25. 25. Where’s the Money? <ul><li>How Many Clients Do We Need? </li></ul><ul><li>How Many Client Presentations? </li></ul><ul><li>How Many Appointments? </li></ul><ul><li>How Many Leads? </li></ul><ul><li>The Money Is In Following Our Systems! </li></ul>
  26. 26. What Will Our Practice Look Like When It’s Finished? <ul><li>● Visionary, ethical, effective, efficient </li></ul><ul><li>● School for stretching, testing, enlarging </li></ul><ul><li>● Money making machine </li></ul><ul><li>● Fun place to go to work </li></ul><ul><li>● Broker of choice for the market we choose </li></ul>

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