What Every Business Broker Needs to Know: 2024 Recap
The business brokerage landscape in 2024 was defined by the rise of AI, the growing recognition of the profession, and the increasing importance of technology in streamlining workflows. Brokers who embraced these advancements unlocked new efficiencies, served more clients, and positioned themselves for long-term success in a rapidly evolving industry.
George Wellmer
George Wellmer

What I Learned From Presenting to Thousands of Business Brokers This Year


This year, Tupelo had the privilege of presenting on Technology and AI for Business Brokers at several key conferences, including:


  • IBBA
  • TABB
  • BBF (twice)
  • CABB
  • OBABA/NOBA
  • CABI


After thousands of conversations, one thing is clear: the industry is evolving fast, and brokers who embrace these changes are setting themselves up for success. Here's what stood out most:


1. AI Is Here to Stay


AI isn't a passing trend—it's transforming how brokers work. It started with tools like ChatGPT and other Large Language Models (LLMs) that made drafting emails, CIMs, and marketing materials nearly instantaneous. What used to take hours can now be done in seconds. But the AI stack has expanded well beyond just copywriting.


AI Tools Making Waves for Brokers:

  • Clay: For lead sourcing.
  • Apollo: Lead sourcing and outreach.
  • Perplexity: Data collection.
  • ChatGPT: Drafting, editing copy, reviewing financial statements and legal documentation.
  • Tupelo: Financial statement spreading, valuations, marketing material generation.


Emerging tools like OpenMarket—which scrape Google Maps and cross-reference websites to identify business owners—are also worth watching.


Tupelo is preparing to launch a lead-sourcing feature that will redefine origination strategies.

Sneak peek video


Things to Watch Out For:

  • Resellers: Many niche tools are just resold versions of broader software, often at inflated prices. Always research whether a tool is built on something else—it likely comes with limitations and extra costs.
  • Data Security: Not all tech is built for business brokers, and some companies monetize your data. Be cautious about what you sign up for.


2. The Game Is Changing


Those brokers who embrace technology will find themselves with an unprecedented advantage: the ability to support far more business owners without compromising the quality of their work. Think about the manual and repetitive tasks that consumes a broker's time today: digging through spreadsheets, drafting endless emails, spreading financials, preparing marketing materials, following up with leads. Technology handles these tasks at scale. The hours spent on manual legwork shrink to minutes, freeing brokers to focus on the high-value work—building relationships, closing deals, and guiding business owners through one of the most important transitions of their lives.


Business brokerage is becoming a recognized profession. Influencers, ETAs, search funds, and the "silver tsunami" of retiring business owners have all helped make "business broker" a term more people know. While we're not mainstream yet, the industry is moving in the right direction.


What does this mean for brokers?


  1. Business owners increasingly understand what brokers do.
  2. Business owners are coming to the table more prepared.


As the industry gains in popularity, new brokers are entering the space and are gaining traction rapidly. These new brokers generally have a different skillset than legacy brokers. There are two primary differences:


  1. Technology forward: new firms are searching for technology to adopt to give them a leg up.
  2. Team: these firms operate like companies, meaning their teams are actually teams and they have designed roles and responsibilities. This means they have roles for (1) outreach, (2) valuations, (3) marketing, and (4) transaction management and closing; this is stark difference to firms operating with the everyman for themselves mentality.


3. Old Tricks Still Work


Relationships remain a cornerstone of success. While technology is powerful, it can't replace the doors that relationships unlock. Accountants, fractional CFOs, insurance agents, lawyers, real estate professionals, and other COIs (centers of influence) are still critical sources of referrals.


Networking Tip: Build a newsletter for your COIs. Include:

  • Industry updates.
  • Highlighted listings.
  • Recent successes.
  • Transaction multiples.
  • Case studies.


Provide value, stay top of mind, and let your network know what you’re up to!


Bonus Tip on direct mail: check out the company Lob. They’ve brought many of the benefits of email marketing to direct mail.


4. Virtual Assistants (“VAs”) and admins can unlock efficiencies


Virtual assistants and admins are the secret weapon of the modern broker. They handle the repetitive, time-consuming tasks that keep deals moving but don’t require your direct involvement. From managing email follow-ups to organizing documents and building marketing materials, VAs free brokers to focus on what they do best: closing deals. We’ve seen VAs contribute across nearly every facet of business brokering, helping firms grow, support more clients, and ultimately close more transactions.


Pro Tip: Unsure how to fully leverage VAs? Start with these high-impact areas:

  1. Lead Sourcing and Research Assign your VA a daily goal to research a specific number of companies in a target vertical. They can source key business and owner data, gather background information, and even draft personalized outreach emails. This allows you to scale your prospecting efforts without sacrificing quality.
  2. Digital Content Creation A strong digital presence is more critical than ever. Collaborate with your VA to create blogs, LinkedIn posts, and other content. You can brainstorm the topics you want to be known for, work together on outlines, and let your VA handle the polishing and graphic creation. They can ensure your message is professional and engaging.
  3. Seller Interviews Use a VA to conduct preliminary seller interviews and gather key details about the business before you step in. They can summarize findings, leaving you with the high-level information you need to evaluate the opportunity.
  4. Buyer Vetting Delegate buyer screening to your VA to filter serious prospects from tire-kickers. They can review inquiries, assess initial qualifications, and ensure only qualified buyers move forward in the process.
  5. Monthly Reporting Whether it’s tracking your firm’s KPIs, summarizing pipeline activity, or generating progress reports for your clients, VAs can prepare detailed, professional-grade reporting to keep everything on track and transparent.


5. Technology needs to be easy to use with excellent customer support


Every single meeting we have at Tupelo seems to start the same way:


Broker: “I’m not a tech guy. I need something that’s easy to use.”


This sentiment is universal among brokers, and for good reason. If a software solution isn’t easy to use, it simply won’t get used. The fact is generic CRMs have a shockingly low weekly active user rate of around 13%. This means most brokers who adopt generic solutions are setting themselves up for frustration, wasted time and money, and underwhelming results.


The solution? Find technology that’s built specifically for brokers, not just a repurposed tool designed for some other industry. The right software will understand the nuances of your work, offer features tailored to your needs, and come with excellent customer support to ensure you and your team are set up for success.


6. BizBuySell + Marketplaces


BizBuySell continues to dominate as the go-to marketplace for connecting business buyers and sellers. While new platforms frequently enter the scene, few stick around long enough to gain traction. For now, BizBuySell remains the most reliable hub for brokers to list and market businesses.


That said, relying solely on a single platform limits your reach. The best way to diversify buyer demand is by leveraging your existing CRM and email marketing tools. A proactive, data-driven approach can help you showcase listings to a broader and more targeted audience, creating more opportunities for successful deals.


Pro Tips for Diversifying Buyer Interest:

  1. Leverage Your CRM: Use your CRM to identify and reach out to business owners within the same or adjacent industries as your listing. This accomplishes two key goals:
    • It positions your listing as a potential strategic acquisition opportunity for those owners.
    • It signals to them that you’re an expert in their industry, potentially making you their first call when they decide to sell.
  2. Segment Your Outreach: Tailor your email campaigns based on the buyer profiles in your database. Highlight specific benefits of the listing—such as geographic expansion or operational synergies—that align with the recipient’s interests.
  3. Optimize Your Listings for Visibility: Ensure your listings on BizBuySell and other marketplaces are optimized with clear, compelling descriptions, professional visuals, and precise financial details. Buyers skim listings quickly; your goal is to stand out immediately.
  4. Expand to Niche Marketplaces: If your listing caters to a specific industry, look for smaller, niche marketplaces or trade publications where your audience might be. These platforms may have lower volume but higher relevance.


By blending traditional marketplace dominance with strategic outreach through your CRM, you’ll create a more comprehensive buyer strategy that maximizes exposure and enhances your reputation.