Franchise brokers are the intermediaries between a franchisee and a franchisor. What they do is they help potential franchise owners fit their skill sets, interests and budget to a business that’s worth the investment. Once the deal is sealed, the broker then scores a commission after successfully connecting a franchise business with a new buyer.
This may seem like a simple process but thriving in the brokerage industry requires a set of qualities that are present in only the best of sales professionals. Here are some of them:
Exceptional Character Judgment
It is a must for entrepreneurs to deal with people throughout their entire career but a successful franchise broker forms a successful business partnership by evaluating personalities. They act as a middleman between two parties – it is their job to know if one is a perfect match for the other.
Franchise brokers have the responsibility of referring a franchisee to a franchisor, and vice versa. And during the discovery process, a strong list of business contacts is essential. This expands the options for their clients in searching the most viable business partner.
Superior Understanding of Opportunities and Risks
Sometimes, all a franchisee needs is a little push. Franchise brokers guide potential franchisees in taking calculated risks when they’re too afraid to make a calculated move.
Franchisors can also be a little doubtful about their sales, especially when they don’t have the skills to market their own franchise. What franchise brokers do is they attract franchisees to the business and help owners sell in confidence.
Certifications, Experience and Outstanding Track Record
Since franchise brokers are going to assist their clients with site selection, financing and other important elements of a business launch, they need credibility in that role. Brokers will easily gain the trust of their clients if they back up their expertise with certifications and success stories.
Just note that a commendable record of accomplishment is something that is acquired over time. As long as you’re securing transactions right now, you’re well on your way there.
Transworld is one of the biggest franchise broker firms in the world. Enter the business brokerage field with us today.