How to Handle Your First Broker Call (Without Blowing It)

Broker calls aren't just about getting information. They're a test.

A test to see if you know what you're doing. A test to see if you're a serious buyer. A test to see if they should give you access to the seller and the deal.

Most first-time buyers fail this test because they don't realize brokers are qualifying them just as much as they're qualifying the business.

If you don't stand out, you'll get ignored.

Today, I'm breaking down what should happen on your first broker call for a new deal, how to make sure you get taken seriously, and the approach that has helped my team and clients successfully navigate broker conversations.

"My Win? My First Bad Broker Call."

It's a rite of passage for anyone on our deal team: learning how to handle broker calls.

At best? Brokers are helpful and want to get you the information you need to make a good decision.

At worst? They'll stonewall you, cut you off, or ghost you. (Or even threaten you!)

You'll have moments that make you question why you're even here.

At the end of every week, my entire team jumps on a call to share wins and thank yous to other team members. I'll never forget when one of our deal team members shared one of my favorite 'Wins' to date.

After his first week on broker calls, he showed up to the meeting and said:

"My win was that I had my first bad broker call!"

He got laid into by a broker, and instead of breaking (which many people understandably would) he embraced it. He expected it. And he saw it as an opportunity to get better.

Not many people will celebrate being dressed down, and it's something I think we can all learn from. Seeing these experiences as a win, because they help us learn how to get better results next time.

Why does this matter to you? If you're serious about buying a business, you too will have your share of tough broker calls. Decide now that your first bad one counts as a win.

To date, my team has spent hundreds of hours in broker conversations and thousands of hours vetting deals. And that doesn't even include the hundreds of calls we've coached our clients through.

We spend the first month or two helping our clients 'get their reps in' so that these conversations go well and put them at the front of the line as the ideal buyer the broker wants to work with.

Here's our insights and tips to help you master setting the relationship off on the right foot.

The Brutal Reality of Broker Calls

There's a ton of competition for good deals.

Brokers get 200+ inquiries on Day 1 of listing a good business.

Many of them don't have CRMs. They're overwhelmed with inquiries. And they don't have time for first-time buyers who don't know what they're doing.

If the business is solid, you're competing against at least 3 to 5 serious LOI offers.

After all, many of these brokers will not get paid until the deal closes. They've spent months, if not years, working with the seller to put it to market and guide them on the process.

So ask yourself: why would a broker risk their commission on someone who doesn't know what they're doing, hasn't prepared, and doesn't know how to build rapport with them or the seller?

They won't.

That's why preparing for broker calls is non-negotiable if you want to stand out as the ideal buyer.

How to Approach the First Broker Call

We give our clients personalized 1:1 strategy planning for each broker call, but here's a framework you'll want to follow for your first one.

Many brokers are old school. They prefer phone calls over email. If you show up polished, prepared, and personable, you're already ahead.

Review ALL the materials in advance, list out your questions, and make sure you're not asking things that are already outlined in the CIM.

Start by building rapport. Brokers are people first. Get them talking about their experience, the seller's motivation, who the ideal buyer is, and the business itself before you start drilling into deal breakers. This warms them up and gives them the impression you care about more than just numbers.

Introduce yourself strategically. Don't launch into a generic "deal box" spiel like every other buyer. Instead, connect yourself to THIS business. Ask if they'd like to hear about your background, then hit key points: why this business interests you, how your experience translates, and your financing ability. Keep it short but compelling.

Get clarity on the business. Focus on glaring issues first. Major financial trends, owner involvement, key risks, anything you perceive as a deal breaker. The nitty-gritty details can come in later calls. Your first goal is to confirm whether this business is worth pursuing before diving deeper. But don't antagonize them. Say: "I noticed x, could you tell me more about that since you're closest to this?"

Understand how they priced the business. You're not negotiating yet, just gathering intel. Ask: how was the valuation determined? Is this the seller's number, or what the broker expects it to sell for? Handled well, this question builds rapport and trust, and can reveal critical insights.

Gauge the competition. How many buyers are in the mix? Are there LOIs already? You need to know where you stand so you can move fast if necessary.

Understand their process. What's the timeline? What do they need from you to introduce you to the seller? Never leave a call without knowing the next step.

Ask the magic question. Before wrapping up, ask: "Are there any aspects of this business or deal that we haven't covered that I should know about?"

This is where brokers often spill key insights. Things they haven't told others but will share because by this point, they like you and see you as a potential buyer.

What NOT to Do on Your First Broker Call

Don't ask about seller financing. Bringing it up on the first call makes you look inexperienced. Brokers hear this as: "I don't have the money to buy this business." Save this conversation for later, when you've built credibility.

Don't start negotiating price before meeting the seller. You're gathering information, not making an offer. Asking for a price cut too early will likely get you a no if you've not taken the time to establish a relationship with the seller and have justification for doing so.

Don't pretend like you know more than you do. Brokers can smell BS a mile away. If you don't know something, ask smart questions instead of trying to fake it. Transparency builds trust. Acting like a know-it-all does the opposite.

Don't hide details about yourself. Thinking you can "game" the call by keeping details vague? Bad move. Brokers want to know who you are, your experience, and how you're financing this deal. If you're a first-time buyer, own it, but make it clear you've done the work to understand the process. If you're cagey, they'll assume you're not qualified and move on.

Don't name-drop business-buying influencer masterminds. More and more brokers are instantly disqualifying buyers who mention online business-buying masterminds. Why? Because these groups are coaching buyers to spam bad offers, waste broker time, and retrade deals. If you're serious, let your professionalism and preparation speak for itself.

The Real Goal of the First Call

Your first broker call isn't about proving how much you know. It's about proving you're a buyer worth their time.

It's about laying the foundation for a relationship, gauging if you like the deal enough to move forward, and getting a greenlight to move to the next step. Because if this turns into your ideal business, you'll spend months interacting with that broker, who will be a key player in getting it closed.

And if you don't nail it?

Well . . . welcome to ghost town.

This is for education only and isn't financial, legal, or tax advice. Talk to your own lender and advisors about your specific deal.