Business transfer agents, also known as business brokers, act as intermediaries between private businesses’ seller and buyer. They assist both sides in reaching an agreement in the process of sale and purchase of a business.
What is a business broker?
Business brokers or business transfer agents, or intermediaries represent job roles where the main task is to assist buyers and sellers of privately held businesses in the buying and selling process. Business brokers handle business valuations, marketing, prospect interviews, negotiation, due diligence, etc.
In the USA, each state has a special requirement for business brokers.
How to Become a Business Broker in Florida?
If you want to be a business broker in Florida, you need to have a real estate broker license. The task of acquiring this license may take 2-5 years, as per the procedure you opt for. The first step for a future business broker is completing a Florida Real Estate Sales Associate pre-licensing course at an accredited and state-approved real estate school.
Glimpse through the detailed criteria and steps to follow to become a business broker in Florida:
Age and Educational Criteria
The minimum age limit for a business broker is 18 years. Further, you need to complete a GED or high school diploma to apply for the relevant license.
Secure the Sales Associate License
Before obtaining a business broker license, you need to have a sales associate license. For getting the sales associate license, you are required to complete and pass the related pre-license education course. The duration of this course is 63 hours. Thereafter, you have to clear the state exam to obtain the license. For more details, you may check the website resources of the course providers.
The application for a sales associate course and license is submitted to Florida’s DBPR (Department of Business and Professional Regulation). The approximate fees for the course and exam are estimated at $105, as per the statistics of April 2010.
You are required to retain this license for the initial two years of a total of five years before applying for the broker license. To maintain your license’s active status, you need to get through a 45-hour post-license education course before the expiry of your license. Later on, you have to submit a fee for the renewal of the license.
Procure the Broker License
Similar to the associate license, a broker license is acquired by clearing the relevant course exam. The state-approved pre-license education course for brokers can be completed in 72 hours. The application for a business broker license and the related course exam is also submitted at DBPR, Florida.
After your application is approved, you will know about the exam location and dates from the department only. You must get the minimum passing marks in the exam for securing the license. Further, you have to maintain your license’s active status by completing the mandatory 60-hour post-license course before the expiry of the license. Thereon, you can submit the renewable fee and application for the same.
If you have a degree qualification of a four-year course in real estate, you do not have to follow the above-mentioned process. All you need to do is apply for the broker license and complete the post-license course if required.