This is a great question, as you are probably wondering how can we charge just $2990+GST when selling through a broker costs tens of thousands of dollars?
One aspect is that we don’t have the expenses – We pass our savings on to you.
You no longer need to be listed with a local office to get sold. Its a common misconception that having a local broker is important when selling. Remember, all your buyers need from your sale representative is your information in a clear format and quickly, and their questions answered when asked.
Most buyers prefer not to meet a broker, as they know the brokers opinion is bias to getting the business sold (even more so when there is a commission at stake).
So we don’t have the costs that come with having business brokerage offices all over Australia allowing us to save on the physical office expenses, and pass this saving onto you.
We provide a national business sale system that give your business all of the tools and experience needed to get your business sold, plus we do the heavy lifting for your sale too.
We answer all of your buyer enquiries, and execute the entire sale process from our Head Quarters located at The Innovation Centre on The Sunshine Coast.
Your buyers book in appointments with us via our website, and these are scheduled on the phone or Skype instantly, getting their questions answered faster, allowing them to make a decision quickly.
Buyers love the speed and accessibility, and our clients love the cost saving.
The second aspect is simple – there is no reason that selling your business should cost you tens of thousands of dollars.
It simply doesnt need to.
Most buyers are now looking online at businesses for sale and simply want information and answers fast.
With modern systems and applications we are able to provide them everything they need from one office FAST which means there’s no need to pay any commissions on sale.
Investing into the best marketing for your business, making sure it is professionally represented, and having experienced representatives deal with your enquiries is important to getting a good result.
Buyers want information fast, and their questions answered quickly. They need your business information quickly, and in a clear format.
That is the service we provide to your buyers.
Gone is the need to have a local representative to meet for 2 hour coffee conversations with all of your buyers. Its simply old school and slows down your result.
The buyers don’t like it, and its no longer necessary.
Our Complete Package provides extensive advertising, plus we prepare a Business Profile document to explain your business to buyers clearly and how to make an offer on your business, and we deal with your enquiries for you until they are qualified and ready to talk to you and make an offer.
No it isnt, and it will save you from a $15,000+ invoice which would have been paid simply for a handshake.
Its a common misconception that having a local representative is important to your sale, but it absolutely is not, and here’s why.
The business sale process can now be done more efficiently and effectively using current software and systems, and you get to save on a massive commission check on sale.
Think about it for a second…
“Well how do you see my business to complete an appraisal”
There is no need to view a business to appraise it. Buyers will base their offers on either your financials, the opportunity of your business or the cost to set it up. We do the same.
“Ok, so how do you meet with my buyers?”
Buyers don’t need to, and most simply dont want to meet with a broker face to face to discuss a business. Its slow, and to be blunt, buyers know that the broker has a “vested interest” in them buying the business no matter what the cost.
When looking to spend tens or hundreds of thousands of dollars on one of the biggest decision of their lives, buyers can’t be sold your business by a salesman. They need to want to buy it.
What buyers want from your business sale representative is to be dealt with quickly once they enquire, make sure the confidentiality process is easy, and to receive your business information in a clear and easy to understand format – explaining not only your business opportunity, but the process to buying your business too.
After this, the buyer needs to be able to speak to your sales representative as soon as they’re ready to get their questions answered.
Our Complete Package provides all of this for you and a lot more.
The serious buyers that get through each of these steps will simply want to have a chat with you about your business and possibly see the business outside of hours (which we organise for you at a time that suits you, and provide an agenda for), then they have everything they want to make an offer.
Nobody knows the business better than you, the buyers know that.
Don’t worry, you wont be meeting with lots of buyers. Out of 20 enquiries, you’ll likely talk to 1 – 3 buyers in total, all of which have had the complex questions answered by us.
We understand it is comforting to have your sales rep close to you. But it is only that. A comfort. It makes zero difference in the sale process but will cost you tens of thousands of dollars in commission…simply for a handshake.
Just like many other businesses, our business relies on word of mouth and great reviews to survive. Without them we wont hit our goals of being Australia’s #1 business selling choice. We want you to tell all of your friends how great we were and how much money you saved.
You are also paying for the aspects of our service. Just like you pay your telephone bill and you’re still able to make calls every day, your investment into a Bonza package buys you extensive proactive marketing and much more.
Our systems keep you informed throughout the entire process allowing your to keep tabs on how we are working for you.
There is no longer a need to be pay commission when you sell your business.
Remember, a salesman can’t SELL a business to a buyer. Its too much of a life changing decision and investment. They must want to buy it.
So how do you sell a business?
By advertising heavily, representing the business clearly, and by dealing with your buyers quickly so that they can feel confident to make a decision/offer faster.
Step 1 – Select Your Payment Plan.
The first step is to select your preferred payment plan. You can either purchase your Complete Package in a single payment, or on a 17 week payment plan. Either way the service begins immediately.
Once you’ve selected your plan, proceed to the cart page, then to checkout. We’ll need some information on the checkout page and a credit card to make a secure payment.
Once your payment has been made, you’re on to step 2 – getting your advertising up and running.
Step 2 – Your Advertising Worksheet.
Once payment has been made you’ll receive an two emails from us (typically within 20-30 minutes). The first email outlining the steps moving forward to get you to market, the second will contain Step 2 – advertising worksheet.
Attached will be a simple Advertising Worksheet Document that requires completing and sending back to us. This is likely to take you 5 minutes as the information is simple.
Once complete, simply send it back to us via email and our in-house copywriters will get straight to work on creating your draft advertisement.
Step 3 – Draft Advertisement Confirmation.
Once your draft advertisement has been built (typically within 1-2 business days) it will be sent to you for confirmation.
At this stage you can make any changes to the advert you would like, and finally let us know when you’re happy with it. Once we get the go-ahead from you, we will upload your advert to all 9 of the major business for sale websites and our experienced business brokers can start to deal with your buyer enquiries.
You can always request changes to your advertisement throughout the service whenever necessary.
The next step is to get started on your Business Profile.
Step 4 – Business Profile Creation.
Now that your advertising is up and running, the next step is to get your Business Profile built.
You’ll receive an email containing your Information Request Form. This will take you approximately 20-25 minutes to complete. It contains all of the general information about your business a buyer needs to know. You answer it once, so you don’t have to again.
Once we have received this form, we will get to work on building your Business Profile Document. Typically this takes between 2-3 business days to create this.
Again, you’ll receive a draft copy to look over. Once you’re happy with it, we will finalise the Business Profile and send it to all buyers that have signed confidentiality and who are waiting on your information.
Step 5 – Financial Summary Creation (if applicable).
Now that we have your advertisements and Business Profile up and running, if applicable we will get to work on completing a financial summary of your business to represent it in the best possible light financially.
This stage may not be applicable for your business sale as your price may not be based on your financials, but if it is we will work to make sure your business is highlighted in the best possible light financially by showing your buyer an adjusted net profit after add-backs.
We do this by requesting a list of your financial documents (mainly profit and loss accounts & a year to date profit and loss).
Step 6 – You Are On The Market
Your work is now done!
Buyers are sent a confidentiality form to sign, then they are sent your Business Profile Document. Your experience Bonza brokers follow up with all of your buyers every 2-3 days to answer any questions, weed out the tire kickers and find the serious buyers You’re kept up-to-date by the Bonza System receiving an email with each new enquiry and as each buyer progresses throughout the process.
Yes it is.
On the Bonza Complete Package the service will last until you are sold and you will be listed on our website until completion.
The only aspect that is limited is your advertising on the other business for sale websites. 6 months of advertising is included in the service on all external 8 websites, and until sold on our website and buyer matching throughout our database.
Should you require further advertising on the 8 external websites after 6 months, you are able to continue on all of the websites for just $50+GST per week, no lock in contract. This is optional.
The main areas we differ are:
A very good question to ask.
For many years now the Australian business sales service rarely works in the business owners favour. Its currently expensive to sell (when it absolutely doesn’t need to be) and a minefield of finding who charges a fair price and actually gives your business what it needs to get sold.
Sadly, the way that commission business sales works is a mindset of “numbers game” – the more that list, the more will sell.
For example, if they list 50 in a year, simply by pure probability 6-8 should sell, making $150,000 – $200,000 in commission alone (based on an average commission of $25,000). For most, is very good salary for part-time work.
So logically where would a broker likely focus their attention?
Mostly on listing new clients, and the rest simply dealing with the buyers that fall into their laps because that part is the easy part for them. Its just about providing the business information to the buyer quickly, passing any questions onto the business owner and being available to the buyer if they have any questions about buying a business. That is it!
You have to ask yourself, is that worth $15,000+ in commission?
So what work goes into “dealing with a buyer” for your business sale.
A buyer doesn’t want the opinion of the broker on your business. They know its bias as they work for you, the seller.
Also, if you think about it logically, if you were a buyer about to spend $35,000, $150,000 or $450,000 could you be SOLD the business by a good salesman like it were a new mobile phone or a TV?
Of course not. Its too big of an investment and too big of a life changing decision.
What brokers don’t want you to know is that what you need to sell your business (because for the most part it isnt them):
1) Excellent online advertising,
2) Professional Representation,
3) Make sure you’re priced right,
4) Then its just a case of providing clear information to your buyers quickly and following up to answer any questions they may have. Once they decide to move forward, its about supporting them through the process by providing what they need, when they need it, but simply put, this is a case of passing messages between buyer and seller until sold.
Bonza Business & Franchise Sales does all of this for just $2990+GST.
Not with Bonza.
Whilst we have in-house experienced brokers talking to your buyers, we do not operate under any exclusivity contracts.
We are about doing what is best to get your business sold, not tying you up. If your business sells via any other means, their will be no commission payable to Bonza.
Of course this also means that there is no harm in passing on any buyers that contact you directly to our experienced Bonza Sales agents to handle for you.
1) The number of enquiries you’ll receive varies depending on your industry and location.
For example, if you’re selling a cafe in a metro area, expect 20 – 25 enquiries.
2) Remember that is likely to be a lot of ‘no’s’ as we qualify buyers out, but this is normal, we only need 1 buyer.
Don’t panic if you don’t get any enquiry for a little while. As long as you know your ads are out there, and on as many websites as possible, its just a matter of time.
3) Have patience. It takes time to sell a business. We’ve found “the” buyer in as little as 3 weeks before, and other several months.
The key is to remember that as long as you’re priced right, advertised heavily and represented professionally (all things the Complete Service Package covers) it is literally just a matter of time until your buyer starts looking.
This could be in a few days, a few weeks, or a few months. Just have patience and be confident.
4) If there are any questions that we must pass onto you from a buyer, please answer them quickly. Speed is key to the sale process. It inspires confidence to your buyers among other things.
5) Expect advice and support from us whenever it is needed. We are here with you until your business is sold.
There are a few different ways a Bonza Sales Expert will appraise your business. Whichever provide the highest value, will of course be recommended. These methods include:
1) Basing a price on a multiple of your adjusted net profit. Adjusted net profit is the earning an owner would expect to make, after the expenses are taken out from the business, and all personal expenses are added back in (e.g. personal car, phone, wages).
2) A price based on opportunity. This is setting your asking price based on what you can demonstrate you think the business will earn in the next 12 months.
3) A price based on setup or opening costs. You have done the hard work of getting the business established and started the customer base. There is value in this even if your business is not yet profitable.
Each businesses likely sale price is different. A full appraisal of your business is included in the Complete Package.
All of our Sales Experts have decades of experience in business and franchise sales, and they will be happy to provide you with a better idea of your businesses likely sale price.
Sadly there is no accurate answer any honest sales professional can give you.
The key is to make sure you’re doing what is in your control to your best ability. These factors are:
1) Ensure you price is right – this is what our free appraisal service is for.
2) Ensure you are advertised strongly – the more buyers that see your business advertisement, the better. Some buyers prefer Seekbusiness, others prefer Bsale. Make sure you’re practically everywhere they can look. Our package make sure of this for you.
3) Ensure the information your buyer receives, and the service they get is excellent – The speed of which your buyer is dealt with, and the information they receive is critical in getting a successful result.
Once you know you have all three of the above points covered, its only a matter of time until your buyer begins their search.
With Bonza, wherever they look they will should you as we have all of the major website covered and more. Once they enquire the they’ll receive a confidentiality form, then your Business Profile fast, meaning they can make a quick decision. Once they wish to meet to discuss your business, they can book this in with an experienced sales professional instantly and do it from the comfort of their own home. Finally as long as your price is fair, you’ll sell.
It all just comes down to when will the buyer start looking.
There are a few different ways a Bonza Sales Expert will appraise your business. Whichever provide the highest value, will of course be recommended. These methods include:
Each businesses likely sale price is different. We recommend talking to a Bonza Sales Expert for a complimentary, no-obligation appraisal.
All of our Sales Experts have decades of experience in business and franchise sales, and they will be happy to provide you with a better idea of your businesses likely sale price.
Just go to the Book FREE Appraisal button on our contact page or send us a message and we will be happy to call you back.
Absolutely. Our Bonza Sales Experts have decades of experience in business and franchise sales, and they will be happy to provide a free no obligation appraisal , just hit the Book FREE Appraisal button or send us a message via our contact page and we will be happy to call you back.
You sure can – just email or message us at anytime and we will be happy to update your adverts and profile typically within 48 hours.
No problem! We are here to help, just send us a message via the contact page or press the button to request a free no obligation appraisal and one of our business sales experts will be happy to contact you to provide guidance on pricing your business correctly.
Firstly you have a choice to advertise using one of the following pricing strategies.
• A fixed price on your sale ($xxxxxxx negotiable),
• Offers over price, (Offers over $xxxxxxxxx), or
• No price at all (Offers invited).Generally speaking having a price or at least a guide like offer over $xx on your advertising is best and will receive more enquires.
If you do not advertise a price the very first question from any potential buyer will be what is the asking price? Read more here.
Depending on how quickly you want to sell and how strongly your business is performing your sale price range can be quite wide.
Don’t worry too much about this because you will accept the offers that make sense and decline the offers that do not. In the end, all offers are a good sign because offers lead to negotiation, and negotiation leads to a sale.
Here are the three main methods we see most often used:
1. A multiple of profits after addbacks. This is where we calculate what the business is returning to the owner by adding back all the personal expenses (addbacks), that are often included in the accounts, to the profit figure to produce an adjusted net profit. We then multiply this figure typically by between 2 and 3 times. If you have at least 1 year’s profit and loss figures this is usually your best option.
2. Setup cost. This is an asking price based on the cost of opening the business in the first place. This works best if the business (and therefore the plant and equipment) are fairly new and you can demonstrate the cost of setting up. If the business is say, a year old and not profitable yet, and you can show a fit out of $xxxxxx then maybe this price minus a small discount is the best way to go.
3. Opportunity cost. This is setting your asking price based on what you think the business will earn in the next 12 months. If the business is likely to earn $xxxxxx in the next year and you can demonstrate this by showing rapidly rising sales, or by offering the buyer a trial period to see for themselves how the business is performing, this could be the best option. If the future profit is credible, you can set the price as a multiple typically of 2 to 3 times this estimated figure.
Overall it is best to price your business competitively if you want a fast sale, but if speed of sale is not important, price higher up the scale and adjust the asking price downwards until you start receiving a high volume of enquiries.
If you want any assistance in reviewing your asking price, head on over to our contact page and click the “Book FREE Appraisal” button to choose a time that suits you.
The good news is we do this for you as part of our Complete Package.
We send you an easy to complete information request form which will likely take you 15-20 minutes to complete and once we receive the form back, our experience copywriters get going started on construction straight away.
The Bonza Business Sales Experts have written hundreds of Business Profiles that are built to convert enquiries into offers and can anticipate most questions that may be asked, better informing buyers and keeping you free to work on your business.
When selling your business, buyers will request information in order to make an informed assessment of its potential.
The faster you provide this information, and the faster you answer your buyers questions, the more likely they are to move forward on your business.
Rather than deal with each buyers questions individually, it really helps to have prepared a comprehensive Business Profile, that answers as many of the buyers questions as possible FAST.
Also, the easier you make it for your buyer to understand your business, the more confident they feel to move forward on it.
Make sure your representation highlights your business in its best light, explains the purchasing process to a buyer (as many will be looking to buy their first business), and provide the buyer with an “Offer Of Purchase” document.
The Bonza Business Profile is included in our full sale service and covers all of the information your buyer needs to know in order to make a decision. It also guides them to make an offer on your business. You can see more about this in our Complete Service Package.
Its a 15 minute form that we need you to complete. It contains simple information such as operation hours, lease end date, Q & A, social media coverage etc.
Don’t worry, it wont take you long and we are their to support you on this should you need us.
It doesn’t have to contain your financial information should you not wish it to.
Any documentation can be emailed, faxed or even posted should you prefer.
Although there is some time invested to complete our Business Information Request Form to populate your Business Profile, the pay off is massive, increasing your likelihood of achieving a business sale quickly and smoothly.
A good Business Profile will provide the key information to potential buyers, answering their questions so you don’t have to.
It also provides the process to the buyers on how they should make an offer your business.
If you’d like more information on our Business Profile, give us a call on 1300 266 922.
A Business Profile is a document we create on your behalf and we provide to potential buyers once they have completed a confidentially agreement to protect your information.
The Business Profile contains all the relevant information a buyer needs to make a fast decision regarding the suitability of your business .
The document saves huge amounts of time for you and potential buyers by answering the key questions to all of your buyers.
It also provides important information to the buyer on how to progress to offer on your business .
The Business Profile is also a key document for the buyer to use if they need to raise finance or take advice from professionals too.
Your Business Profile is an essential part of the business sale process and helps sell your business faster and for a higher value.
We have heard stories of business owners paying in excess of $3000 and more to have this built with their accountant.
Your Business Profile, along with extensive advertising, is included in our Complete Service Package. See our prices by clicking here.
Yes you do.
Decades of successful Business and Franchise Sales have taught us that the fastest way to lose a buyer is to be unprepared for their questions and requests.
There is nothing more frustrating to serious buyers than asking questions or requesting information and having to wait days for responses.
On the other hand if they have all the information in one document, this gives buyers faith and confidence that the business they are buying is well run and organised and therefore worth their time.
Plus, it greatly reduces the chances of the buyer missing a key piece of information, and discovering it during the contract process. There is nothing more scary to a buyer than discovering something they were not aware of whilst in due diligence. Something as simple as discovering there is a rental bond has been known to knock deals over.
Remember, there’s a strong chance your buyer will be looking to purchase their first ever business. There are questions they will want answering quickly, and their are questions they will not know to ask that we also need to answer for them.
Your Business Profile, and powerful advertising, is included in our Complete Service Package. See our prices by clicking here.
Once you have selected your package from our packages page, you will receive immediate contact from a Bonza Sales Expert.
You’ll receive an email with an attached form to complete – the Advertising Worksheet. This will take you a 5-10 minutes to complete and allows us to build a draft advertisement for your business.
We send you the draft, you let us know its good to go, and we immediately upload it to all of the major business for sale websites.
You’re on the market and we are started to receive enquiries from potential buyers.
No you don’t. Many business owners wish to keep the fact that they are for sale as secret as possible.
The only issue with this is that you can’t sell a secret!
The key is to advertise heavily, but as long as the buyer knows an approximate location, and the type of business they are enquiring on, there is no need to know the business name or specific location until a confidentiality form has been signed, and buyers code of conduct explained.
If you jump on board with the Bonza Complete Service our experience business sales experts handle all of the enquiries for you.
When a buyer finds your advertisement, they can call us or make an enquiry through the websites there and then. Once they do, we process the buyer enquiry, have them sign confidentiality, then provide them with your Business Profile Document. This will all usually occur with 24-48 hours.
Once signed, we follow up for questions every 3 days with the goal of either qualifying the buyer out should they not be interested, or to assist the buyer to progress towards making an offer on your business.
We do all the heavy lifting, so you don’t have to.
Exposure to the buyer marketplace is a critical component of your business sale.
At Bonza, we’ve got you covered.
We advertise on all of the major business for sale websites including
Not only that, but we’ll get your ad out to the Bonza Buyer Database and on Facebook too.
If you’d like us to do all of the heavy lifting for you, check out our Complete Service Package.
There’s a couple of good reason to trust us with your business sale.
Firstly, many of the major business for sale websites require a business broker licence to advertise, which means owners simply cannot advertise.
Putting that aside, if you were to advertise across all of the websites yourself, it will cost in excess of thousands per month to do so.
Finally, the reality is there is a lot more that goes into selling a business that just advertising. Finding the buyers is the easy part once you’re advertised well. Preparing your business for sale and handling the enquiries in order to get a sale across the line is requires experience.
Its best to use experience experts in the field so the job gets done well. The last thing you want is a serious buyer doesn’t buy your business because they were not serviced or educated on the process well enough.
Check out where it is we advertise on our Complete Service Package.
The service with Bonza, including all advertising lasts until sold.
The level of enquiry varies from industry to industry, but don’t worry, its all relative.
For example, cafés generally attract high levels of enquiry as it is a popular industry for first time buyers. In this case we may handle 20-25 enquiries before finding “the one”.
A business requiring specific experience, like a mechanic for example, is likely to attract a lower level of enquiry, somewhere around 10-15 enquiries before selling.
The key is to make sure you’re advertised on all of the major business for sale websites so that wherever your buyers looks, they see you for sale. This is what our package was created to do.
Your advertisement is critical as it’s the face of your business sale.
It’s the only thing standing between a buyer enquiring or moving onto the next business listing.
A professional written advertisement will bring in higher levels of enquiry, leading to a quicker sale.
Our package includes a professionally written advertisement by our in-house copywriters.
With speed and by professional, experienced business sales experts.
Put yourself in their shoes for a moment. You’re motivated to find a business. You’re likely enquiring on several that match your initial criteria, sending out requests for further information online.
With each enquiry, you have to wait 1-2 days to receive a confidentiality form. You have to print this, sign it, scan it, and send it back. Now you have to wait 2-3 days to receive some information.
If the information provided is not professionally put together, it leaves you with questions all over the place. This is frustrating and makes you simply want to look at the other business opportunities that provide simple, easy to understand breakdown of the business.
But lets say that you like what you see and want more information. You contract the broker in charge of the listing and request a meeting to discuss your questions.
As the broker has 30-50 clients listed, they are booked up for coffee meetings with new clients and buyer, and are not available for another week.
Now it has been close to 2 weeks before you have all the information you need to even consider your interest, and that is just for 1 business.
You’re probably looking at several.
Here’s how we do it:
A broker can’t “sell” your business to a buyer. Buyers know brokers are bias, as they have vested interest in them moving ahead. Its no secret they work for the seller.
It’s your advertising, your representation, and the quality of service your buyer receives is what gets your business sold. Once these points are cared for, its just a matter of time until your buyer starts looking.
Once your ad is published you will be advertised across 9 sites.
This is the most comprehensive advertising available. However this does not mean you will be flooded with buyers, but you are maximising your chance of finding the right interested parties! We handle all of the buyer enquiry and let you know who enquires when, so you are always in the picture.
Speed and preparation are critical when dealing with your buyer enquires.
Put yourself in their shoes for a moment. You’re motivated to find a business. You’re likely enquiring on several that match your initial criteria, sending out requests for further information online.
With each enquiry, you have to wait 1-2 days to receive a confidentiality form. You have to print this, sign it, scan it, and send it back. Now you have to wait 2-3 days to receive some information.
If the information provided is not professionally put together, it leaves you with questions all over the place. This is frustrating and makes you simply want to look at the other business opportunities that provide simple, easy to understand breakdown of the business.
But lets say that you like what you see and want more information. You contract the broker in charge of the listing and request a meeting to discuss your questions.
As the broker has 30-50 clients listed, they are booked up for coffee meetings with new clients and buyer, and are not available for another week.
Now it has been close to 2 weeks before you have all the information you need to even consider your interest, and that is just for 1 business.
You’re probably looking at several.
Here’s how we do it:
A broker can’t “sell” your business to a buyer. Buyers know brokers a bias, as they have vested interest in them moving ahead, and they work for the seller.
It’s your advertising, your representation, and the quality of service your buyer receives is what gets your business sold. Once these points are cared for, its just a matter of time.
All of this is taken care of in our Bonza Complete Service package which can be paid for in a single payment or over a weekly payment plan.
If you have signed up for our Complete Service, sit back and let our experienced broker team handle it.
Our system is second to none and will keep you updated throughout the process, with each individual buyer.
All that we ask is that when the buyer wishes to progress further and ask questions, or set up a meeting, be ready to answer in a timely fashion. The quicker we answer, the more engaged the buyer will stay, and the more likely they are to buy.
We assume all buyer enquiry is to be serious until proven otherwise. That’s why our system will continue to follow up all of your enquiries until the buyer either progresses to an offer, or it is safe to qualify them out as not moving forward.
Serious buyers are ones that reply to requests in a timely fashion, ask “buying questions”, have ideally being searching for a business a little while, and have the funds to purchase.
Without appropriate representation, the short answer is yes. But don’t stress, we’ve got you covered on this.
Imagine dealing with several potential buyers at one point in time, most asking a variety of questions. It can be stressful to say the least, especially whilst still running your life and your business.
With our Complete Service Package we ensure that the absolute majority of questions a buyer can ask are answered by your Business Profile document. Saving you a tonne of time and energy.
Any buyer that progresses from enquiry, through confidentiality and receiving your business profile, then has further questions, is a buyer worth dealing with.
Let us do the panning for you, so that you only have to speak to the golden nuggets.
All buyers will first have to sign a confidentiality form before receiving even your most basic business information.
Once signed, the buyer is legally obliged to keep your information confidential.
Prospective buyers are also informed about what actions are appropriate, and which are inappropriate when receiving the Business Profile document during the “Purchase Code of Conduct”.
It is completely your call, but with Bonza at your back, you are 100% free to pass the buyer enquiry onto us and sit back whilst we handle it. Remember, we are zero commission and no exclusivity, so there’s no harm it letting us process your enquiries, no matter where they come from.
Most buyers will be relatively local and generally looking to make a change in their life from an employment role to a self employed role.
They search online to find good opportunities. That is why broad advertising is necessary. The major website make it easy to find local opportunities that suit their criteria.
Generally a buyer will make an initial non-binding offer, such as a termsheet, to agree general terms with the seller, before proceeding to due diligence and contract which is generally done by solicitors on both sides (buyer and seller).
Due diligence is the process where a buyer learns about the business and its financial performance and verifies the information you have provided. This can be via an audit and checking of processes or by actually working in the business for a period of time to get a feel for what is going on.
Although a solicitor is not absolutely required we always recommend that you seek legal advice before entering into the contract of sale.
When selling a smaller business, initial financials checks are normally done before a term-sheet is agreed, and once the business goes to contract. Due diligence is normally performed in a 2 to 4 week period following contract signing and prior to completion and transfer.
This is always open for negotiation. However it is normal for a buyer to pay a deposit of 10%, held in a trust account by the sellers solicitor. This is refundable if the business does not pass due diligence. The balance is then payable on completion.
Vendor finance is where the buyer does not have sufficient upfront capital to purchase the business and the seller agrees to defer some portion of the payment to come from future earnings of the business. If you plan to offer this option you must be certain that the business creates sufficient cash-flow to make the future payments and have a very strong contract.
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