My Life as a Business Broker & Why I Left the Industry | David C. Barnett

What's it like to be a business broker? Why did I leave the industry?
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I love hearing from you so please leave a comment or question below. I might even use your question in my next video!
About ME: My name is David C. Barnett. I am a consultant and I work with entrepreneurs around the world to buy, sell, and organize their small to medium sized businesses. As a former business broker, I have seen many people do bad deals and lose their life savings as a result. So, I made it my mission to start this channel to help educate people on ways to invest smarter and to ask questions, so they don’t get trapped into doing bad deals.

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#businessbroker #smallbusiness #mergersandacquisitions #smallbiz #entrepreneurship #acquisition #entrepreneur #investing #investors #business #SMB

[jdjewellpa]

Been there almost the exact same situation as a small business owner you have my utmost respect David for putting that out there. And more importantly for turning things around thank you for all your videos

[Blakpepa]

Thank you so much for your honesty. I was in a similar field and had to get out of it full time for the same reason. You can go several months with no income and your bills cannot wait so many months so get paid! It's a nice secondary revenue stream but when you work months to get a deal going and you have multiple ready to close in your pipeline and they all fall apart at the same time...it is killer.

[mbbroker]

I really appreciate your honest story. A lot of people in the brokerage industry are going or went through the same thing. Thank you.

[shark]

Thanks for the video, Dave. I am a new BB associate and enjoyed both the good things you had to say about the position as well as the reality as to why it doesn't fit a lot of people due to the financial ups and downs. Great story. Thank you.

[miriambrown]

An honest account of one's life. Thank you for your sincerity. Very rare

[FB-wbvs]

Thank you David for the insight. I really appreciate it.

[dhoussen]

I was wondering what happened, Thanks for sharing Dave...

[vitoracacio]

Thanks a lot for sharing that, David! Those issues are definetely worth considering when assessing these types of carreer options. I appreciate the honesty!

[ThatBeachDude]

I’m literally laughing during this video. It is unfortunately very relatable. Unfortunately in my business (real estate) everything you are talking about is literally something I could say is precisely identical. Another thing people don’t realize is that many people don’t see that jumping into a new profession from these jobs is as difficult as saying that you have been unemployed for well over a decade. The marriage and fatherhood stress between paychecks becomes very stressful as well. Some of these details are so far beyond our control.

[JoeBlindtesteur_]

I am very impressed by your sincerety

[lexm]

Should've built a bigger pipeline. You wouldn't have had any ups and downs during your sales cycles. Also, most Sunbelts don't co broker limiting your ability to get deals done. Being an Elite Business Broker is one of the most rewarding careers in existence and one where you can do a lot of good for the entrepreneurial community. Your story illustrates lack of a pipeline and experience, spending money on deals before they're done. Your experience was horrible but with proper training you probably would've done well. You weren't getting landlords and franchisors and other entities involved early enough.

[polarisschool]

David - thanks for sharing. I have bought and sold a couple of my own businesses and wondered about doing it full-time. It's easy to be swayed by the big dollar amounts but like you, the uncertainty and uncontrollable aspects to BB is not a great foundation for me. It would be a case of "I'm passionate about being in business, but not passionate about the business I'm in"

[businessbrokersconsultants]

Great Video, David. It explains exactly why it's so difficult to succeed in this industry. For over 26 years Business Brokers & Consultants has been helping buyers and sellers successfully exit and acquire their businesses- And IT IS NO EASY JOB! We are not a franchise, like the Sunbelt office you owned. We are independent. Our Principals and small team work directly with local clients from our Metro-Louisville offices in Kentucky. And, we don't charge any retainers or other up-front fees, like you mentioned. So, next time someone wonders at our success fee structure, I am going to share your video.

[PUTheHUEinHUMAN]

So appreciate this video and candid feedback. Not enough honest reviews without the PR hype on the web. Thank you and God bless.

[jayu]

I just started as an assistant to a business broker. We are struggling to find sellers. we are literally cold calling 40-50 people daily which is very draining and can be discouraging. We also do drop letters door-to-door 1-2 times a week. How do you build a bigger pipelines? how do you have a life in this business where you can never have saftey or reliable income?

[gregkells]

Hi David. Thanks for sharing. Having worked with you through your years as a business broker I can confirm that you were excited and thoroughly enjoyed helping business buyers and sellers to achieve their goals and you were very good at it. Unfortunately marriage breakdown makes it very difficult to maintain the optimism, enthusiasm, and self confidence required to be successful and the inconsistency in earnings does not help. Over the past 17 years with Sunbelt Business Brokers I have witnessed 4 marital breakdowns of Business Brokers (with the number of Sunbelt Business Brokers in Canada this is in fact well below the norm) and only one of these has continued their career as a business broker. The others have had to withdraw from such a demanding occupation to something less stressful that provided a more consistent income however every one of them still misses the excitement and the sense of satisfaction that the got through helping business owners to sell and helping now entrepreneurs to acquire a business that was right for them on the right terms.

[asudchiman]

Great stuff. I would like to learn more about your current business model.

[alijavahery]

Thank you for your honesty and not trying to just put out a video. I wish more people would post about their failure or trials so others can learn rather the constant annoying nonesense of self promotion and gathering more subscribers. Keep it up.

[ankitm]

Great video. What are the most viable exit options for business brokers?

[Mav]

What if my main business is owning franchises and acquiring businesses myself, but I wanted to add business broker as another revenue stream?