We honestly believe that the best way to clear the PPE and medical device industry from all the scams and joker brokers is to contionously educate all participants. We collected 20 pieces of advice we learned the hard way during our journey in this industry, so that you don’t have to fall into these traps anymore. There are a few topics we have already adressed in previous posts, but there are constantly new things to learn about this market.

1. An SOP that requires a POF upfront is in 99% of the cases a big scam.

2. If somebody claims to be a mandate without a mandate’s letter, he is a broker without a real connection to a seller.

3. Any quantity above a million OTG is suspicious.

4. If an allocation holder is not willing to show you his contract with a factory upfront, he doesn’t have any at all.

5. Making due diligence is your best friend. If you don’t know how, contact us, we will help you.

6. Never trust anyone. No old colleague, no family friend, no so-called “big shots”. No one. Anyone can be fooled, and you can be dragged into some really shady business. Always verify every claim they make.

Being knowledgeable is the absolute core of working in such a difficult industry.

7. Stay away from products you do not understand. If you do not know the fundamentals of the product you try to sell, you only make yourself a laughingstock.

8. Always read the laws and directives of the country you work with regarding PPE and Medical Devices.

9. Past performance is not an indicator of future performance. Just because someone delivered in the past, it does not mean he cannot make mistakes in future deals.

10. Be careful with scammer lists – many companies and individuals only get there because the jealousy of other brokers.

11. Spend less time on Whatsapp: no real business is done in Whatsapp groups with 200 brokers.

12. If you forward an offer, double check if it is legit. Do not re-post anything blindly, because you make a fool out of yourself.

13. Never ever send sensitive documents to anyone without the written consent of the issuing party.

14. Do not trust NCNDAs and IMFPAs all too much. They give you very little legal protection. Remember, a good working relationship built on trust and professional respect is way more worth than any document.

15. If there are more than 2 brokers involved, it is a chain.

16. Do not lie to your clients. They will find out.

17. If you work simultaneously on dozens of deals you will lose all of them. Less is more in this business, especially when it comes to client nurturing.

18. Do not bring conspiracy theories into the business. Billions do not exist, even if someone claims that the seller is the government, or any underground syndicate.

19. If somebody backstabbed his other partners, he will do it with you too.

20. The difference between 0 and 1 is bigger than the difference between 1 and 2. Especially when it comes to commissions. Don’t be greedy.

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Last updated on 16. August 2021