Q: CAN I SELL A BUSINESS MYSELF?
A: Of course you can. You may have customers, suppliers, contacts that have expressed an interest in buying your business previously and these might be a good starting point however we would always recommend using an agent to market the business, find the right buyer and stay in control of the buying process.
Q: I WANT TO SELL MY BUSINESS BUT DO IT DISCREETLY AT FIRST. IS THIS POSSIBLE?
A: Absolutely. We often work with business owners that initially do not want their staff or customers to know that the business is for sale as it could affect their trade levels. Over a long period of time, poor trade levels can impact on the value of the business. When the business is confidentially for sale we ask all applicants to sign Non Disclosure Agreements before we release detailed information.
Q: HOW DO YOU VALUE A BUSINESS?
A: There are many different factors involved in how we value a business depending on whether it is freehold or leasehold, the sector it is in, location, accounting records, length of trading history, property value etc, etc. Valuing a business is not as straight forward exercise and usually we would come away from the valuation meeting and conduct further research before coming back to you with our written valuation report.
Q: DO YOU CHARGE ANY UPFRONT MARKETING FEES?
A: No. There are many agents that charge clients an upfront Marketing or Administration fee. We do not charge any marketing fees and only get paid on completion of the deal. In some cases we will ask for deposit to be paid if we are acting on a joint agency basis however we are happy to discuss this with you during our valuation appointment.
Q: CAN YOU RECOMMEND ANY SOLICITORS THAT WE CAN USE TO SELL OUR BUSINESS?
A: We prefer to provide you with contact details of solicitors we have worked with before on behalf of other clients rather than to provide specific recommendations. It is important to have a good solicitor acting for you that is experienced with business sales and purchases rather than just a normal conveyancing solicitor.
Q: I HAVE SEEN A TERM CALLED SAV. WHAT DOES THIS MEAN?
A: SAV = Stock at Valuation. With many of the businesses that we sell there is an element of stock that is held by the business at any point during its operating life. The stock is paid for in addition to the price of the business and the stock is valued on the day of completion (generally by an independent stock taker). The general level of stock is something that is agreed during the deal so that buyer and seller know roughly what levels of stock will be sold on handover.
Q: WHERE WOULD MY BUSINESS BE ADVERTISED?
A: We ensure that your business is advertised in the right place to find a buyer looking for a going concern. We have accounts on national websites dedicated to selling business and people looking for business opportunities. We also advertise on our own websites as well as social media sites such as Facebook & Twitter. We do also advertise locally and this is another method to putting your business in front of the right people.
Q: I DON’T OWN THE BUILDING THAT MY BUSINESS IS BASED IN. CAN I SELL MY BUSINESS TO ANYONE?
A: No. In this circumstance, you would be selling the actual business entity and not the building. You will normally be assigning the lease that you have to occupy the premises and that assignment will need the approval of your landlord. It may be possible for the landlord to offer the buyer a new lease as part of the deal and this is a point that can be considered when necessary..