Using a Business Transfer Agency to Sell your Business
"Making the decision to sell your business could possibly be the biggest change you will ever make so it is important to prepare yourself and your business for the process ahead," says Derek Burgoyne, Director of Sales for Scottish brokers, Bruce & Co.
"It is likely that, although you have substantial experience in running your business, you may not have had any experience in selling it; that is why it makes sense to enlist the help and guidance of the experts."
He continues, "By appointing a reputable business broker to handle your business sale, you will ensure that you get the best price and that the sale process is as smooth as possible."
First things first!
The benefits of appointing a good business broker to handle the business sale are extensive so it is important to get it right; choose an experienced broker, and don't just base the decision upon which one is the cheapest as they can end up costing more in the long run. Derek adds, "It is wise to choose a broker that is a member of an industry governing body such as the NAEA or ICBA as this will ensure that professional standards and guidelines are met."
Chris Rowlands, Chief Executive of Kings Business Transfer, agrees. "Do a little background research and speak to people within the business to get a feel for how they work; this will ensure that you appoint the right business broker for you."
He continues, "Once you have appointed a broker, they will arrange with you a convenient time to conduct a market appraisal. This is the most important aspect of the whole sale process as an accurate market appraisal will ensure a quick and often problem free sale.
A good broker will be familiar with your local area; at Kings Business Transfer, our Business Managers possess an in depth knowledge of their appointed region. You can be sure that you will be appointed someone who understands the locality in which you work, and knows the demographics of the area. It is these factors, together with a knowledge of the industry itself, that help to arrive at a realistic asking price for your business."
Based around the requirements of the vendor, the appointed broker will discuss a suitable way to market the business; where to advertise and how to reach those interested buyers. "At Kings, we have a department totally dedicated to matching new businesses against our 'Hot Buyers'; this often saves time and gives a speedy sale," says Chris.
Dave Fergus, Chief Executive of Redwoods Dowling Kerr adds, "At Redwoods Dowling Kerr (RDK), we possess a large database of potential purchasers looking to secure the right business as it comes on to the market; this is ideal for those business owners who are looking for a confidential sale with little or no advertising."
He concludes, "Once a marketing plan is agreed, it is over to your broker to professionally conduct the sale. At RDK an individually assigned negotiator will work closely with the vendor to achieve the best price, in the shortest possible time in the most discrete manner. We have consistently applied this approach for over 25 years to take the stress out of the sale, permit our clients to get on with running their businesses and so achieve outstanding results."
For further information about selling your business within England & Wales contact:
Kings Business Transfer: 0161 764 6000
Redwoods Dowling Kerr: 0845 223 2048
For Scotland, please contact Bruce & Co: 0131 477 6060.
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