Getting to Know Your Local Business Broker

Table of Contents

About Marc Phillips – You Local Business Broker

Sydney born, Marc Phillips spent six years serving the community as a New South Wales Police Officer before deciding to relocate to the UK where he pursued his passion for sales, the financial markets and the real estate industry.

Now with 15 years as a licensed agent under his belt, ten of those years in fast paced markets of the USA and the UK, Marc is an expert in business brokerage. All this expertise allows Marc to conduct business sales achieving the highest sales price for the client.

An easy going nature and professional approach allows Marc to relate and understand diverse cultures, categories and products which in turn puts his clients at ease during the sales process.

What Sets You Apart?

Our business model ensures that we are only compensated for results.

When it comes to business brokers there are countless ways in which each broker / agency structures their fees. The reason I choose to work for free unless I achieve a result is because it ensures we are result orientated as opposed to collecting a fee for simply listing a business.

To better understand what I am saying I will use a common obstacle at point of listing. Seller believes their business is worth x, but we know the business is worth less than what they are asking. Instead of simply appeasing the seller we explain why we have derived a certain price point. The market is constantly changing, and the multiple applied a business evolves based on marked conditions, location, type of business, competition and so on.

Some agencies use a compensation model that rewards them with a listing fee, initial marketing fees, monthly marketing fees and producing and information memorandum. These types of compensation models can put costs around $5 to $10k per annum with the agency making nearly half or more than that in fees after expenses.

I chose a flat listing fee or $990 which covers all initial marking fees, an information memorandum and any adjustments that need to be made over the life of the sale.

This means there is no conflict of interest and I can provide accurate information to the seller. Think about it, if you were selling would you rather a local business broker that tells you the truth and a realistic price point and time frame or one that agrees with a price point that they know is too high because they can profit from time on the market and not the actual sale?

Tell Us About Your Career and Background

Come to think of it my first sales job was when I was very young, I think I would have been about 13 when I was handed a whistle, a leather coin pouch and cart full of papers. I headed out to the busiest intersection and would run up and down the traffic stopped at the lights selling papers. That is when it all started, I was able to quickly read body language. You could tell who couldn’t be sold and you could be turned really quickly based on their body language. Not to mention the odd time I would bang on the drivers’ window and put them under pressure. It is amazing what people will buy from a child holding up traffic.

I have been involved in sales for most of my life with the exception of the time I spent in the New South Wales Police Force in my early twenties.

Interestingly I believe the time spent there was some of the most beneficial as it allowed me to develop a high-quality communication skillset that has benefited my clients in countless transactions.

From there I moved to the United Kingdom where I sold hardware door to door before moving to America where I started flipping houses and ultimately became a real estate agent.

Commission only sales has a way of shaping you into a no-nonsense type of agent. You are hungry and need to be constantly trying to put deals together. After ten years there I returned home and after a few years of real estate sales I transitioned across to Business Sales.

I am passionate about finance and have spent half my life trading stocks and futures markets, investing and flipping houses and looking for any investment advantage possible. Business Sales make sense to me, they are void of emotion for the most part and it is where I will spend the rest of my working life.

Describe a Typical Workday for You?

As a local business broker, my day primarily consist of liaising with buyers. That basically consists of educating and qualifying them so that I know they are in a position to actually buy when the opportunity arises. Knowing how much a buyer can spend and ensuring they can access capital makes the whole process of business sales that much more efficient.

What Advice Do You Give for Those Wanting to Start a Business?

I think anyone looking to start their own business should do as much research as possible. When you know what type of business and what type of role you want to play in that business ensure that you provided the best experience, service and or product. Don’t underestimate the importance of advertising and marketing and keep in mind that hiring the right people makes all the difference.

How is the Government’s Response to Covid-19 Affecting Your Business? How are You Navigating That?

The government’s response to covid 19 is something we need to live with whether we agree with it or not. I have seen the majority of businesses that I have dealt that have had their best year to date. It has resulted in innovative ideas that have cut costs and improved the bottom line.

Moving forward I see those benefits staying and business owners thinking more about how they can reach a greater audience via transitioning online. From gyms offering online training packages to restaurants running ghost kitchens at night and assimilating with online food delivery providers it has been exciting to see business owners adapt and overcome the situation.

Let’s face it, business owners are risk takers and it excites me to see them do well in a very challenging environment.

What’s Next for You?

I love what I do. I am a people person and Business Sales allows me to negotiate transactions that are exciting and beneficial to both sides of the transaction. The seller is usually moving on to larger projects or retiring and the buyer is coming in with a fresh set of eyes and new ideas. It really is interesting to watch the buyers progress and see how they make the business their own.

For me, I have a young son, so the future sees me spending more time with him on the weekends squeezing the most out of that small window of time.

After that, with any luck it will be tropical holidays and long-term treks.