Jan Forsyth’s Journey From Restaurant Owner to Senior Business Broker at LINK
Jan Forsyth’s Journey From Restaurant Owner to Senior Business Broker at LINK
After three decades running cafes & restaurants in Sydney’s Eastern Suburbs, moving into business broking was a natural next step for Jan Forsyth, a senior broker at LINK Business Brokers in Sydney.
“I was a business owner before I was a broker, and I dealt with a fellow that I used to buy and sell businesses through,” she explained. “When I got a little bit older, I thought seven days a week was a bit much. I’d always had a hobby of looking at businesses for sale, and I’d bought and sold a few myself. My broker friend suggested I try business broking, and it really suited me.”
Her background includes owning a Mexican restaurant and cafes with her sister, as well as managing franchise cafés and advising on hospitality businesses” I definitely liked working for myself, and loved business, but I didn’t want to buy into another business at that stage and was ready to try something new”. She reflected. “I knew my experience would help me to be a great broker and I’m so pleased I did.”
Joining a Larger Brokerage
After starting the journey as a business broker, Jan was approached by LINK, one of the larger franchise groups. “They reached out to me quite a few times. They wanted a couple more girls on the team, and I thought there was an opportunity to learn there especially with all the new social media, AI, and marketing. They’ve got a terrific team of people to help,” she said.
That move also introduced her to lots of fellow brokers including Sabrina, with whom she now works closely. “Sabrina and I collaborate on a lot of things.”
Collaboration, she says, is one of the highlights of her career and it’s a great option at LINK. “I’m very driven & motivated, but I like the idea of collaborating with other colleagues in the team as well. That’s a big part of what we love and it can have real benefits for the vendors as well.”
The Hospitality Perspective
Her long experience in hospitality gives her an edge when dealing with restaurants and cafes.
“On the surface, it looks straightforward, but it is tricky. Since COVID, staff shortages and other issues have made buyers nervous. Things still sell (people still want to buy in hospitality, restaurants and cafés), but you have to be wiser, smarter, and more prepared,” Jan noted.
She approaches the broker’s role as a matchmaker. “You want to find the right match. Even though you work for the vendor, you hold the hand of the buyer the whole way through. I sold one last week where an older couple sold their cafe to a young guy and his father. It was an exciting moment, the handing over of the baton.”
Moments like that highlight the emotional side of business sales.
For vendors, parting with a business can feel like parting with a family member. “It could be like a baby they’ve nurtured for 20 years,” Jan explained. “It’s very emotional for them. Even the thought of someone new changing their business can be stressful.”
And buyers often experience a mixture of enthusiasm and hesitancy. “That’s where empathy becomes just as important as communication, experience & negotiation skills. You have to understand both sides and guide them through the transition,” she continued.
Advice for Buyers
For anyone considering buying a hospitality business, her advice is clear. “Be prepared and do your homework. Dot all the I’s and cross all the T’s.
Jan sees today’s buyers as more cautious, but in a positive way. “I think COVID taught people to be more cautious & careful. They’re taking longer with due diligence and making sure the numbers and the lease stack up. That’s a good thing as it means they’re going in with their eyes open.”
Despite that caution, she still sees plenty of opportunity. “There’s a lot of optimism out there. People still want to work for themselves, and owning a business is often their dream. The key is for buyers to think carefully about what they really want. Do they want an established business? Do they want a franchise? Do they have the experience to run it?”
That’s where the broker’s guidance comes in. “Sometimes what buyers think they want and what they actually end up with are very different. If they’re new to the industry, a franchise can be a good stepping stone. If they’re experienced, they might prefer to run their own operation. Our role is to help them match their background and lifestyle with the right business.”
Women in Business Broking
Like others in the industry, Jan sees growing opportunities for women in business broking. “It is a good career for women, but you’ve got to be the right candidate. It helps if you have a business background. There’s a lot of ongoing learning & training, which I enjoy.”
Jan also acknowledges the challenges. “It’s a full-time job if you want to do it well. For women with young kids, it might not suit that stage of life. For me, my kids have just left home, so I can focus. I can work from home, go the office and travel to inspections/meetings and it works perfectly.”
Her involvement with the Women in Business Broking group, which she helped found, is another source of pride. “We’re just trying to understand where women are in business broking and what support we can give. There’s potential for more women in the industry, just as you see in real estate.”
A Mentor’s Perspective
Beyond her own deals, Jan enjoys mentoring newer brokers. “I find it really rewarding, teaching them and sharing my experience. I’ve got a couple of people I’ve helped who are now doing their own deals. They come to me less and less, and that’s a good thing. Not everyone likes that side of it, but I do.”
Ultimately, she believes the role demands many skills such as Industry Knowledge, financial literacy, negotiation skills as well as empathy, patience, and perspective. “It’s an emotional time for buyers and sellers. Sometimes it’s the biggest decision they’ll ever make. You’ve got to listen, be patient, and help them see it from the other side’s point of view. That’s what gets deals done in my opinion.”
Tags: business broker tips selling
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