Making a career change is a scary thing, but a lot of times, it’s necessary in order for you to make more money. Your options and industries are unlimited in terms of where you can pivot as long as you’re open and willing to learn.
One successful role to transition into is that of a business broker. There’s plenty of money to be made, but what exactly does a business broker salary look like?
Keep reading to find out how much they can rake in on each sale.
What Is a Business Broker?
Before delving into the salary, let’s first get an understanding of what they do.
Business brokers help people buy and sell a business by providing guidance, finding buyers, and closing deals. They use their expertise to make sales and get paid a commission.
How Do They Get Paid?
Their payment terms are outlined in the contract between them and their client. Typically it involves a consulting and commission fee. They also receive a partial payment upfront from the seller and the remainder once the deal is closed.
There are times when brokers work together to make sales or when two separate brokers managed the same deal at different times. In each case, the brokers would split the profit.
How Much Can They Make?
The amount of money that brokers can make is going to vary. There’s really no ceiling on what they can take home because with more experience comes bigger and more lucrative opportunities.
Industries also play a part in the take-home amount. Technology business brokers have an opportunity to make more money because of the size and infrastructure of the buildings that they sell.
There’s no limit to what you can make as a broker but there are levels. For example, main level brokers may charge ten to twelve percent commission on buildings that only sell for up to $1 million. While Lower level brokers charge what is called double Lehman, and middle-market brokers charge one to four percent commission on buildings that are worth about $25 million or more.
It may seem like the lower level brokers charge more than higher levels but that’s not the case. Since high-level brokers sell more expensive properties, their commission is going to be much larger at a lower percentage.
Earn Big With a Business Broker Salary
Becoming a business broker can allow you to build skills that you may not have had the opportunity to develop in previous roles and earn a lot of money while doing so.
A business broker salary can grant you a comfortable life and the sky truly is the limit for how much you can make in this career path. As long as you have the drive, are willing to learn, and continuously strive to improve within the industry, you can end up with a successful career as a business loan broker.
There’s no one specific number for how much you can make because the opportunities are endless!
Want more articles on business and career advice? Then check out the rest of our website!