Jeffrey D. Nyman of First Choice Business Brokers
Jeffrey D. Nyman born in London, England is the Chief Executive Officer (CEO), Chief Financial Officer (CFO) and co-founder of FCBB. Since 1994, First Choice (formerly Nevada First), has sold over 1,000 companies for an aggregate transaction value in excess of $250 million USD.
Franchise Expo: Tell us about the First Choice Business Brokers concept.
Jeffrey Nyman: Business Brokers assist small to medium “main street” business owners in finding a buyer for their business and also assist buyers in locating a suitable business opportunity. A Business Broker is NOT a typical salesman, he or she is more of an intermediator, facilitator and negotiator between the buyer and the seller. For the successful business sale transaction, the common fee paid to the business broker is 10% to 15% of the purchase price.
FE: How and when did you become involved with First Choice Business Brokers?
JN: My wife Linda and I were involved in consulting and helping entrepreneurs open up mailbox stores in the early 90’s. In 1994 we started a small 2 person business brokerage office in Las Vegas and after hiring our first agent in 1996 and building the office, we quickly grew to be the largest business brokerage company in Nevada and have remained as such. We became a franchise in 2006 sharing our knowledge and experience with others.
FE: What was your background prior to joining First Choice Business Broker?
JN: Accounting, Finance, Life Insurance, Banking and Executive search.
FE:What are some of the advantages in being a First Choice Business Broker franchisee?
JN: Professionalism, Mon –Fri work week, no inventory, scalable business model by hiring agents, amazing income.
FE: Who is your ideal franchisee?
JN: A prior business owner, a professional salesperson, a semi retired executive, CPA’s, loan officers, someone who can see the opportunity and enjoys facilitating a win-win transaction between parties. Someone who is used to making a sizable income that wants to leverage their skills and experience.
FE: Tell us a little about the Business Brokerage Market?
JN: There are 27 million small to medium sized business just in the US and there are only approximately 4,000 brokers/agents brokering businesses. Amazingly there are only about 400 women brokers/agents.
FE: What are some of the greatest lessons you’ve learned in growing this franchise?
JN: There are many, but realizing that we can’t want the person’s success more than they do.
FE: Do you have a mentor and is their someone you use for inspiration?
JN: We have found ourselves inspired by the small businesses we work with. We are constantly inspired by their tenacity to achieve the American Dream of business ownership and reap the benefits.
FE: What advice do you have for someone looking to acquire a Franchise?
JN:Everyone talks about support, however because FCBB resells many franchises (Yogurt, mail box stores, pizza, sandwich, hamburger franchises), we hear many stories of the non-existent support from the franchisor. I suggest that a potential franchisee ask the current franchisees about how much support they are receiving from their franchisor. A potential franchisee should find out what is expected of them on a day to day basis i.e. cooking burgers, making sandwiches or working in a professional environment.
FE: In your opinion, why do you think that First Choice Business Brokers would be a great opportunity for someone?
JN: At First Choice Business Brokers we list and sell many types of businesses. Being a business broker affords us the opportunity to see the pitfalls of many other businesses. First Choice University offers detailed training and yes support plus the latest methods of attracting buyers and sellers. We evolve with the market and help our offices keep up with the trends. First Choice franchisees are so well supported that they often feel like “branch offices” rather than on their own. The systems provided are proprietary and specific to First Choice procedures that have been developed over the last 20 years.
There are so many advantages of becoming a First Choice Business Broker franchise where the franchisee can list and market businesses or hire commissioned agents to work under the franchise (no limit on the number of agents) or have a mix of self-involvement and agents. FCBB trains the agents for the Franchisee and conducts continuing education webinars at no cost to the franchisee or their agents. There is no travel required, usually a franchisee works in a 20 to 30 mile radius of their home plus they can become involved in the profession working from a home office. As the business grows, the franchisee will want an executive suite or a fully operational office. Our Las Vegas office manages 25 agents with just 1 ½ clerical staff. So there is no large commitment for staffing. Between First Choice’s monthly continuing education calls and monthly franchise owner calls, on- going update communications and annual conferences we’ve become a close knit community for those that participate. It isn’t a coincidence that those that communicate and participate are the most successful franchisees.