[EP 303] Inside the Minds of 3 Top Business Brokers

Introduction [00:00:00]:
Ladies and gentlemen, good evening. Are you ready?

Introduction [00:00:03]:
Okay, here we go. You’re listening to the Deal Room Podcast. Join us as we bring you the inside scoop on business sales and acquisitions. Get across trends in the area and hear the industry’s best recount their real-life tips, traps and experiences. Now, here’s your host, Joanna Oakey.

Joanna Oakey [00:00:24]:
Hi, it’s Joanna Oakey here and welcome back.

Joanna Oakey [00:00:27]:
Welcome to the Deal Room Podcast, a podcast proudly brought to you by our commercial legal practice, Aspect Legal. Now, in this episode, I’m joined by three extraordinary women who’ve made history — Sally Stuart, Nouha Mohtadi and Sabrina Xia — the top three business brokers across LINK Business Brokers nationally in 2024. It really was a standout moment for the industry, seeing three women sweep the national rankings in a space that has long been male-dominated.

In this episode we talk openly about what it’s taken to get there and what it’s really like to be a high-performing woman in a still male-dominated environment. We also touch on Women in Business Broking, or WIB for short — a growing community designed to support, connect and empower women in this industry. So in this episode we explore the reality of being a woman in business broking and how the industry is slowly catching up.

Joanna Oakey [00:01:29]:
Why flexibility and autonomy can make this a great career for women if you’re ready for the risks, and the role that initiatives like Women in Business Broking play in creating visibility and connection. So if you’ve ever wondered what it’s like behind the scenes, this episode is for you. I will say that’s it — thank you and hello to you, Sally, Sabrina and Nouha. So good to have you on the Deal Room Podcast today.

Joanna Oakey [00:01:57]:
Thanks.

Joanna Oakey [00:02:00]:
So good to have you with us — really, what an exciting achievement. The first time that three women have taken out first, second and third in the LINK Australia national awards! And I think it’s even more notable for the fact that really, this is an industry that for so many years has had a lot more men as brokers. So I just think it’s a really exciting point — a mark of a shift in business broking in terms of gender representation. What do you guys think?

Joanna Oakey [00:02:44]:
Girl.

Joanna Oakey [00:02:44]:
I’m using “guys” as a very general term.

Nouha Mohtadi [00:02:48]:
It’s still male-dominated. I think out of over a hundred brokers Australia-wide, there might be about ten women.

Joanna Oakey [00:02:55]:
Yeah, in LINK you mean — a hundred brokers in LINK.

Joanna Oakey [00:02:58]:
Yeah, yeah, yeah.

Joanna Oakey [00:03:00]:
Ten women — isn’t that interesting? So ten out of a hundred.

Nouha Mohtadi [00:03:05]:
I’m guessing, but approximately Australia-wide maybe even less. But yeah, it’s still a male-dominated industry.

Joanna Oakey [00:03:14]:
What do you think that is? Do we have any perspectives on why?

Sally Stuart [00:03:21]:
I think it’s changing. When I joined — I’ve been a broker now for 11 years — there were a lot of older men. There’s been that generational change, so we’ve seen a lot retiring. The baby-boomer tsunami has paved the way for others to step up. I think women see other women doing it. When you see that someone else can do it — and this is what’s happened with Sabrina and me — we’ve been years in the Sydney office, and a lot of women have followed. Collegiately, I think women are a lot more supportive.

Sally Stuart [00:04:18]:
Yeah, we all support each other.

Sabrina Xia [00:04:33]:
Yes. I also feel because the male brokers traditionally are more associated with risk-taking. When we deal with businesses, there’s risk — and being a broker is selling risk, basically. Also, as a business broker, you don’t have a 9-to-5 security. You’re paid based on success, so you don’t have stable income — which can stop a lot of women from pursuing this career. It’s not everyone’s cup of tea; it’s quite challenging and takes guts. It can take a long time to establish yourself.

Even when I joined LINK, the majority were male. When we went to AIBB conferences years ago, they were male-dominated. Even in the US today, it’s still mostly men. But now we see more women joining. I think women can inspire more women to become brokers.

Joanna Oakey [00:06:11]:
That’s a good point — women within the industry encouraging more women to come in. And you mentioned barriers — lumpy income, lack of security. But on the flip side, business broking can be a fantastically flexible opportunity for women seeking that flexibility. What are those things, do you think, that make it attractive?

Sally Stuart [00:06:58]:
This morning I woke up at four o’clock — I read, had my protein, did some domestic duties, jumped into the office, went to the chiropractor, bought bacon necks and dog bones, came back, worked, did the dry cleaning. You can fit in all your jobs. I’m not a mum, so I know people have it tougher, but I do have responsibilities — my mum’s in aged care nearby, so I can visit her easily. It’s flexible: you can work weekends, take half-days, skip Mondays.

The flip side is, we don’t get a wage. As independent contractors, we manage our own money. There’s no guarantee of income, and that can make things tricky.

Sally Stuart [00:08:07]:
I paid my house off — that was my goal three years ago — and it gives me flexibility to travel or take breaks while still working remotely. Every holiday I’ve ever been on, I’ve worked. People don’t know where you are in the world — Nouha and Sabrina do the same. You can do this anywhere in the world, which is fabulous.

Sabrina Xia [00:08:34]:
Yes, though you need to manage time zones and sleep! I remember when I started, my valuation course was at 1 a.m. US time, and I couldn’t skip or I’d lose certification. It was tough. But that’s one of the beauties — you can work as long as you want. Many brokers keep going into their 70s or 80s. There’s no forced retirement; it’s your choice.

Joanna Oakey [00:09:43]:
And Nouha, did you have anything else from your perspective?

Nouha Mohtadi [00:09:49]:
It’s got advantages and disadvantages. Yes, you have autonomy and flexibility, but it means working odd hours — evenings, weekends — when needed to close a deal. There’s no stop button. If there is, it’s maybe for half a day.

Joanna Oakey [00:10:17]:
That’s great — lots of positives but also cautions. And before we leave this concept of women in business broking — have any of you felt pressure or pride being the only woman in the room, perhaps expected to represent all women?

Sally Stuart [00:11:01]:
Do you want to have a crack at that one, Nouha? You’ve got some amazing experience.

Nouha Mohtadi [00:11:06]:
Yes, quite often. But once you start talking from a level of expertise and intelligence, that gets shut down. Some old-school vendors aren’t used to seeing women, and some male purchasers underestimate us. They sometimes try to go around us. We do have to work harder to close a deal.

Joanna Oakey [00:11:49]:
So what’s your advice for women in the industry — especially newer or younger ones?

Nouha Mohtadi [00:13:04]:
I was lucky; I had experience owning 13 businesses before becoming a broker. But for someone in their early 20s starting out — don’t join an agency without strong leadership, training and professional support. Otherwise, you may not last a year. Start by shadowing the best brokers, self-educate, listen to podcasts, read, and understand different business verticals.

Joanna Oakey [00:14:05]:
Love it. Sabrina, how about you?

Sabrina Xia [00:14:08]:
I completely agree. Coming from a business-owner background before broking helped a lot. You face financial challenges early — can you survive 12–24 months before success comes? So I wouldn’t suggest someone fresh from university become a broker right away. You need life experience, people skills, and maturity — you’re advising business owners and buyers who rely on you.

Joanna Oakey [00:15:51]:
Sal, anything else to add?

Sally Stuart [00:15:56]:
I agree with both ladies. Before I started selling doctors’ practices, I’d supported them from a recruitment perspective for 10 years — that deep industry knowledge was invaluable. It would be tough for someone with little work or business experience.

I grew up in a family business — from the lounge room to the shop — saw what my parents went through every day. Being a great business broker reflects your life. You grow your skills, confidence, and ability to have difficult conversations.

Sally Stuart [00:17:47]:
And one word we haven’t used enough — grit and resilience. Yesterday I lost a $6.5 million sale I’d worked on for two years. You just keep going. Learn from it. I do 20 videos a year on what I’ve learned from each sale. If you can learn, it’s never wasted.

You also need to love yourself enough to keep perspective. If every lost deal destroys you, this might not be the industry for you.

Joanna Oakey [00:19:34]:
Well, that’s it for this episode of the Deal Room Podcast. We hope you’re now primed for your next deal with these pointers and have enjoyed these fascinating insights.

If you’d like more information about this topic, head over to our website at thedealroompodcast.com, where you can download a transcript of this episode and access contact details or other information mentioned today. You can also book in directly with our legal eagles at Aspect Legal if you’d like to discuss buying or selling a business.

Don’t forget to subscribe to the Deal Room Podcast on your favourite player, and please leave us a review or rating — every review helps our team produce more valuable content for you.

Joanna Oakey [00:20:48]:
Thanks again for listening in. You’ve been listening to Joanna Oakey and the Deal Room Podcast, proudly brought to you by Aspect Legal.

Joanna Oakey [00:21:03]:
See you next time, ladies and gentlemen.

Joanna Oakey [00:21:06]:
That will conclude this evening’s entertainment. Thanks for listening to the Deal Room Podcast. To find out more about this and other episodes, check out the Show Notes or head over to thedealroompodcast.com.