- We value your business based on our assessment and its profitability together with our knowledge of what the market will pay for a business in your category. We will then explain how we have arrived at this valuation.
- Once we have all the relevant details of the business (full financials/plant & equipment list/ copy of the lease/staff details etc), we receive your authority to sell the business and then produce a full Business Profile of the business, which is then checked and verified by you.
- We put your business to the market through newspaper advertising, searching our database for existing buyers, and placing details of your business on six of the top performing websites.
- Before revealing the full details of your business to a potential buyer, we obtain a signed and binding ‘Confidentiality Agreement’ stating that any information given to the buyer is only to be divulged to their accountant, financial advisor or solicitor, and that they will not contact you or your staff directly.
- We do a full presentation of the business to the buyer and establish that the buyer has the financial ability to actually complete the purchase. We qualify the buyer before we bring them to your business and we arrange a meeting for them with our finance brokers.
- We arrange an inspection of your business with the buyer, who naturally is always accompanied by us at the time of the inspection. This meeting is crucial and you will obviously need to be present for this meeting and be prepared to answer a broad range of questions from the buyer.
- Following the meeting, the buyer will then either go to contract and sign a full agreement to purchase your business or they will move on to something else. This could take several days or even weeks for the buyer to make a decision, due to them seeking advice from their accountant, lender and solicitors.
- Once the contract terms and conditions are all agreed to, the contract is signed by all parties and it then becomes binding on both sides, the deposit is paid into our trust account, and the buyer then conducts their “due diligence”, obtains finance approval if needed, and satisfies themselves that they are happy with the premises lease. Once any other conditions are met, the contract then becomes “unconditional” and we then proceed to final settlement.
- One day prior to settlement, a stock-take is completed with the buyer present, at your premises. The final figure is re-laid to your solicitor and bank.
- At settlement, the funds for the sale are paid to your bank account via your solicitor and it’s at this point that you no longer own the business. The new owner officially takes over the running of the business and you complete any training that may be part of the transition period. Once all your contractual obligations are met, you are now free to move on with your life!
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