Russell McVey on the BBNA and How Broking Has Changed in the Last 20 years
Russell McVey on the BBNA and How Broking Has Changed in the Last 20 years
After more than 20 years in business broking, Russell McVey has seen the industry change dramatically.
Technology has transformed the way businesses are bought and sold. Buyer expectations have shifted. Economic cycles have reshaped the market. Yet one thing hasn't changed. Brokers continue to play a critical role in helping business owners and buyers achieve successful outcomes.
Today, Russell is best known as the founder of Business Brokers Network Australia (BBNA), a nationwide network of brokers operating across multiple states and industries. But BBNA began with a simple idea: there had to be a better way for brokers to work and for business owners to receive the service they deserved.
The Moment That Changed Everything
More than 20 years ago, Russell was working for a large business brokerage in Brisbane.
At the time, he was managing a substantial portfolio of businesses and achieving strong results. Yet despite the effort involved in generating listings, managing buyers, and negotiating sales, a significant portion of his commissions and fees disappeared into the brokerage structure.
The experience left him questioning whether the traditional model was really serving brokers as well as it could.
Rather than accepting the status quo, Russell chose a different path.
When he left the brokerage, three fellow brokers joined him. Together, they formed what would become Business Brokers Network Australia.
One of those original brokers remains part of the organisation today, more than two decades later.
“It was built to be a brokerage that I would have been happy working with,” Russell says.
That philosophy would become the foundation for everything that followed.
The Effect of Technology on Business Broking
When he entered the industry, newspaper advertising was still a major source of buyer enquiries. Business for sale websites were in their infancy, and digital marketing was only beginning to emerge.
Today, buyers have access to thousands of business listings at the click of a button.
That abundance of information has created both opportunities and challenges.
On the one hand, buyers can search businesses across Australia without leaving home. On the other hand, finding the right opportunity can often feel like searching for a needle in a haystack.
Russell explained,” One of the industry’s ongoing challenges is helping buyers identify businesses that genuinely match their goals, experience, and financial capacity.”
Too often, buyers spend countless hours reviewing listings that are either unsuitable or provide insufficient information to make an informed decision.
As buyer expectations become more sophisticated, the industry must adapt accordingly.
“The days of vague descriptions and generic marketing are disappearing,” he says. “Modern buyers want meaningful information. They want to understand the numbers, opportunities, risks, and realities of ownership before they commit to the next stage of the process.”
The Importance of Realistic Expectations
One of the most important parts of a broker’s role is helping business owners understand the true market value of their business.
It can also be one of the most difficult conversations.
Many owners have invested years, sometimes decades, building their businesses. Naturally, they place enormous emotional value on what they have created. Unfortunately, the market doesn’t always share that view.
Russell has encountered countless situations where owners hoped to achieve a particular sale price that simply wasn’t supported by the business’s financial performance.
In some cases, he has worked closely with owners to improve profitability and increase value before bringing the business to market.
That process can deliver impressive results.
After implementing improvements and seeing stronger profits, some discover they would rather keep the business than sell it. While that outcome may not lead to a commission, Russell views it as a positive.
Ultimately, he believes good business broking is about helping owners make informed decisions, whether that leads to a sale.
A Tougher Environment for Buyers
The challenges facing buyers today are very different from those of previous generations.
Interest rates, lending requirements, and rising living costs have all changed the dynamics of business acquisition. Many buyers now need significantly stronger financial credentials before lenders will support a purchase.
At the same time, buyers are increasingly focused on businesses with strong, sustainable earnings. Russell explained, “A generation ago, an owner-operator might have happily purchased a small hospitality business producing a modest income. Today, those economics are often far less attractive.”
Wages, operating costs, and compliance requirements have all increased, placing pressure on profitability across many sectors. As a result, buyers are becoming more selective.
They are looking for businesses with proven systems, reliable financial performance, and clear opportunities for future growth. According to Russell, this shift has changed the types of businesses that attract the strongest demand.
What Buyers Want
While every buyer has unique objectives, Russell agrees that certain categories consistently perform well.
He continued, “Small industrial businesses that service tradies, all the businesses that service hospitality in the tourist areas. Small businesses that really understand their immediate area and service it. But they’ve got to be taking over a million dollars a year to be worthwhile.”
“Businesses with strong, established customer relationships or recurring revenue streams continue to be popular. But businesses needing specialised technical knowledge may suffer from a smaller pool of buyers,” Russell noted.
Buyers increasingly seek businesses that provide genuine commercial value rather than relying solely on lifestyle appeal.
The question is no longer whether a business looks attractive on paper. It is whether it can generate sufficient income to justify the investment, or satisfy a lender, and provide a worthwhile return for the new owner.
That focus on fundamentals has become one of the defining characteristics of today’s market.
Technology’s Growing Role
Like many industries, business broking is now experiencing the impact of artificial intelligence.
Russell believes the technology’s greatest potential lies not in replacing brokers but in enhancing their effectiveness. The more information available about buyers, sellers, and businesses, the more effectively technology can assist in identifying suitable matches.
This is an area where Russell sees significant opportunities for the future.
Rather than requiring buyers to sift through thousands of listings, technology may increasingly help identify businesses aligned with their experience, financial position, and objectives.
Likewise, sellers may benefit from more qualified enquiries and better-targeted buyer introductions.
For brokers, the result could be a more efficient process and stronger outcomes for all parties involved.
Future Full of Opportunity
After more than 20 years in the industry, Russell remains as passionate about business broking as ever.
He recognises that the profession faces new challenges, including changing buyer demographics, increasing compliance obligations, and rapid technological change.
Yet he also sees enormous opportunity.
Business ownership continues to appeal to ambitious Australians seeking greater control over their future. At the same time, thousands of business owners will eventually need succession and exit strategies.
Bringing those two groups together has always been the core purpose of business broking.
The methods may evolve, and the tools may become more sophisticated, but the objective remains unchanged.
For Russell McVey, the future of business broking lies in combining experience, expertise, and technology to deliver better outcomes for brokers, buyers, and sellers alike.
After two decades of industry evolution, that mission remains very much a work in progress.
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