Q & A with Nigel Hall one of Bonza’s Partners and Business Sales Expert:
What is your role at Bonza?
I am a Business Sales Experts in the buyer department. Our key goal in the buyer team is matching buyers with the right business to suit their goals and making sure they get the information they need on a timely basis to make the decision to buy a business.
How long have you worked in this industry?
I have been in the business transaction arena since the early days of my working life and have had periods where I have owned my own businesses.
What made you want to start Bonza Business and Franchise Sales?
Having worked with business owners for years the process always seemed over complicated and to be honest not that structured. We wanted to start Bonza to make the process of selling your business more of an experience rather than a random event. We are using a systemised approach to manage the process and trying to ensure a high level of service to both sellers and buyers. So far, I think we are meeting our base line goals, but we will invest more in our systems overtime to keep improving the service.
What makes Bonza different from other business brokers?
Our focus is on providing a fast and friendly professional service and making sure all leads are followed up quickly. The way we make sure this all occurs is by using a software platform to manage the processes that drive our business making it very efficient. We pass this efficiency benefit on to our clients in terms of a very cost-effective price to sell their business. The buyers benefit as they receive a fast service.
What do you think is the main reason businesses don’t sell?
I think it is more important to understand why buyers do not buy and that is simple. They are often scared i.e. risk adverse. So, by making the business they are buying as easy to understand as possible is key to helping them buy a business. What we need to avoid is any surprises, so good accurate information presented in a compact format really helps build trust with the buyer.
What do you like to do when you aren’t working?
I try to stay fit with cycling, kayaking and playing (round ball) football, but also enjoy my craft beers which can work against this!
Do you have any special talents apart from being a Business Sales Extraordinaire?
Due to my background in finance and having worked in many industries I think I have a good ability to understand how individual businesses work, where the value lies. I call this connecting the dots.
For anybody sitting on the fence about selling their business with Bonza, what words of wisdom would you like to share?
If you are looking to sell, then look at the main points that will help you sell your business.
1) Get the price right.
2) Advertise as broadly as possible.
3) Respond quickly to buyer enquiry to keep the buyers engaged by providing accurate and precise information, without giving away your USPs.
4) Be honest to yourself with regards to performance of your business and honest with buyers.