I recently saw a listing on Rightmove for a restaurant business for sale in the Essex area. I wanted to enquire about it as we had someone registered with us that was looking to a similar sort of business opportunity and I wanted to get more information. As you know I do not recommend trying to sell a going concern business via a traditional estate agent anyway and their answers to my questions really summed up why!
When I asked how much the annual rent was for the property, the response was that the agent did not have that information on their details!
When I asked how long was left on the lease, the response was that she was not sure and would need to check with the owner!
When I asked for some headline figures for the business such as the turnover, the response was that the owner had not told them that information.
How can you possibly list a business for sale without having the very basic information?? Unfortunately most agents just think that they should list the property/business on Rightmove and it will sell itself. In the majority of cases that just does not happen for the reasons above. The agents don;t know the right information to get from the owner and ultimately they will have no idea on what the asking price should be so I have no idea where the asking price of £120k came from.
If you are looking to sell a business in Essex please make sure you only use a specialised business agent.