Miami is an entrepreneur’s paradise. In 2019, Miami was named as the number one city for small business growth. Buying and selling businesses requires tremendous time and resources to properly position yourself for success. Business brokers provide support to business owners and prospective buyers, professional guidance in the negotiation and execution of the sale, and assure state law compliance. Becoming a business broker may be a lucrative avenue for entrepreneurs to manage their own business transactions.
Do you need a license to be a broker in Florida?
Yes, business brokers in Florida must be licensed. In Florida, state law defines “real estate” to include any business enterprises or business opportunities. Real estate brokers are defined as a “person who, for another… sells… business enterprises or business opportunities or any real property.” Although there is no such thing as a “business broker’s” license, prospective business brokers must first obtain a Florida real estate license because the sale of a business is considered “real estate.”
Any person eighteen years or older with a valid U.S. social security number and a high school diploma or its equivalent may obtain a Florida state real estate license. To begin the real estate sales associate licensing process, candidates must first complete a 63 hour pre-licensing course. This may be completed through an in-person or online approved education program. Following completion, candidates must undergo a criminal background check and fingerprinting. Then, a person may sit for the Florida Real Estate Exam. The Florida state exam is offered daily and may be completed online.
How long does it take to get a license?
On average, it takes about 2-5 months to successfully complete all Florida real estate licensing requirements. The costs necessary to obtain a real estate license range from $350-700.
If a person wishes to become a real estate broker, a person who is permitted to oversee agents, their real estate sales associate license must be registered as active for at least two years during the preceding five years beforehand. A prospective real estate broker must also complete 60 educational hours and file a broker license application. The cost of an application is about $90.
Do you need to be associated with a brokerage firm?
Business brokers in Florida must hold their real estate license with a brokerage of their choice. Selecting a broker is an important consideration for a broker and should look towards supportive firms that will set them up for success.
What else should a prospective business broker do?
Once you have chosen your brokerage firm and have hung your license there, it would be advantageous to apply for a membership with the Business Brokers of Florida (BBF). After obtaining an agent number through the BBF, business brokers are able to view the BBF MLS listing system. In order to post business listings to the BBF MLS, new members are required to undergo a brief 2-day training course.