Tyler G. Hicks, the president of International Wealth Success Inc., is the author of many wealth building publications, including the Financial Broker/ Finder/ Business Broker/ Business Consultant Kit. Here are some of his insights about finder fees.
1. What does a finder do?
A finder brings together a need and a source for an individual or company. For example, an oil company might require real estate (with a certain motor vehicle traffic volume) for the purpose of operating a service station. The finder locates this real estate for the oil company and earns a finder’s fee for this service.
Another example is finding a suitable lender for a loan; this is the most common finder fee situation.
2. How are finder fees calculated?
The starting point is five percent of the amount of the find, whether it is for loans, property, et cetera. Of course, finder’s fees are negotiable and can sometimes be only two or three percent of some finds.
3. Is finding better suited as a full-time or part-time business?
Finder fees are more often a secondary, supplementary, on-the-side source of income earned in conjunction with some other...
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