Linda sells her family owned health product brand
When It Comes The Time To Sell, Choose The Right Broker
When Caroline received some unexpected news, she had to make the hard decision to sell her business.
After operating her retail store in Cooroy for 8 years, this was a difficult decision for Caroline to make and she wanted to make sure she used the right broker for her.
Unfortunately, not all business brokers are created equal and fair. We hear all too often from people calling Bonza after a horrendous experience with another company, being over-promised services and then left out of pocket and no idea what job has been carried out or what progress has been made on achieving a sale. When you invest hard-earned money into selling your business you want to know that the person taking care of everything is doing all they can to make this happen in the shortest time possible.
It pays to do your research prior to deciding. Before you begin your search, use the below list as a guide for attributes your business sales representative should demonstrate:
- Experience & Knowledge– understanding the difference between business and franchise sales as well as involvement in an array of varying industries.
2. Project Management Ability – able to confidently communicate, have great time management skills to be able to respond quickly and negotiate effectively, think outside the box and take control of a situation without leaving you second-guessing.
3. Excellent Communication Skills – touched on in project management but the person representing your business needs to be able to communicate properly and buy that I mean, you as the owner need to be kept informed as to what is happening every step of the way and what development is happening and if progress is slow then there should be a discussion on how best to alter the direction to see if the change is possible.
Be prepared to invest in your business sale, it can be attractive to list with a broker who charges little upfront, but you need to ask yourself… “Am I being advertised correctly?” The best websites to list businesses for sale are expensive to advertise on and brokers will not generally up the cost to gain a sale.
Don’t be closed off from considering an upfront investment in professional business sale management, preparation, support, advertising and marketing. Be sure this cost is reflected as the ‘value’ of the service you receive and not robbery.
At the end of the day, you are going to list with the person who makes you feel comfortable and you genuinely like dealing with. Someone who can be fun but at the same time professional.
Caroline came on board with Bonza, during her journey with Bonza she has a total of 18 enquiries and 1 offer. From start to finish, Caroline’s business sale took 241 days. Our broker team was solely focused on handling and progressing her buyer enquiries fast so she can continue running her business without the stress of selling. Together we offered price advice and prepared her business for sale by creating a custom Business Profile Document, to ensure buyers understood the business and the process of buying it.
By using Bonza Business and Franchise Sales Caroline saved herself thousands of dollars in commission while still receiving a full broker service.
