The concepts in this book are for the startup real estate brokerage, the midsized brokerage, and the buyout of an existing brokerage. This book is beneficial for the real estate license holder, the associate broker who is contemplating owning or managing a real estate brokerage, and the veteran broker who is looking to invest. It discusses ethical and legal business practices, analyzing the market and competition, managing risk, recruitment and growth opportunities. This book is organized around the two main functions of a real estate broker: recruiting new and experienced salespeople and retaining great talent. New to this second edition includes more detailed planning brokerage operations, case studies involving ethics, characteristics of a buyer’s and seller’s market as it relates to the real estate industry, and a focus on business insurance and risk analysis.