Why Women Should be Thinking About a Career as a Business Broker
Women are missing out on great opportunities in the business broking industry due to its apparent links to Real Estate and unfortunate male dominance says the Queensland Chair of the AIBB (Australian Institute of Business Brokers) – Kevin Lovewell.
“Despite lifestyle and income opportunities offered in the business broking industry, women are hesitant to consider this as their re-entry to the workforce because of its appearance as a boys club,” said Business Broker and Director of Negotia Group Kevin Lovewell.
“Business brokers enjoy flexibility, being able to work the hours they want and operate from a home office rather than travel to one,” said Mr Lovewell.
“Yet female entrepreneurs and those seeking to re-enter the workforce see business brokers as a profession that is hard to enter, (and is) still men only.”
According to ABS, women made up almost half the paid workforce in Australia in 2020, compared to around 30% in 1966. In addition to participating in paid work at much greater levels than in the past, women are also working longer. With cost of living increasing many women feel the need to work and balance family. As Lovewell highlights, women can be very successful business brokers, its a career that they may not have considered;
“There are women I know with the education, skills and talent to dominate in this profession; the industry needs to show them an easier path to enter this industry.”
There has been a 46% increase in the number of women business owners over the past two decades. With 34% (or 668,670) of businesses having a female business owner. There are many talented women who understand business, how to manage a team, how to balance cash flow, how to run profitable enterprises and so on. Engaging more women in the business broking industry could be very beneficial for business owners and everyone involved in the process.
One of the challenges that the business broker profession faces is its comparison to real estate agents.
“Despite the fact that business brokers are governed by the Property Agents Act, and a Real Estate licence or Certificate is required to practice as a broker, the proximity of business broking to real estate sales are simply not as close as women believe.”
“A broker must be across all the business fundamentals like accounting, IR, commercial law, negotiating, market data; research and analysis… none of which property agents need concern themselves with.”
“Women still see broking as a subset of selling real estate – with all the problems present in that industry.”
The recent Real Estate Industry Australia (REIA) National Awards for Excellence saw a dramatic increase in the number of women taking out the top awards.
REIA President, Hayden Groves said 2022 has proven to be the year for women who took out 10 of the 13 individual awards.
“It was encouraging to see many more female participants in the 2022 NAFE with 45 women finalists which was a staggering 60% increase on last year.” Hayden Grove
With this female success in the Real Estate industry, we look forward to seeing more women choosing to become business brokers and assist people in the process of buying a business and selling a business.
The business broker environment is shifting, there has been an increase in female business brokers over the years, but Lowell highlights the need for agencies to support women to enter this profession.
“There are not enough brokers already, we are a growth industry, so it seems obvious to me that Business Broking firms should be making better use of women and should be offering better support and mentoring.”
He called for broking firms to change their recruitment and selection criteria by offering
- Qualified trainers: Ensure anyone entering the industry is trained by those with extensive experience and are equipped at passing on their skills and knowledge.
- Mentoring: Importance needs to be placed on mentoring and support to keep those who’ve entered the industry instead of risking them becoming disillusioned and unhappy.
- Flexibility: There is no reason why working conditions can’t be flexible.
“The industry desperately needs to find ways to encourage women to consider business broking as a career as it would suit many mothers who want a career but need flexibility around the children.”
Business Owner Steph Balkin agrees and says, when she wanted to sell a business, all enquiries were fielded by men.
“I was surprised, with more new Australian businesses like mine being started by women – we are significantly beating those started by male counterparts in technology, lifestyle and service enterprises – it is about time women saw broking as a way to financial freedom and a career in helping other business owners.”
About the author
CEO Bsale Australia
Vanessa is the current manager and CEO of Bsale Australia. Over the past 11 years as a business owner, she understands what it takes to grow a ...