Paul’s Wholesale Business Has Sold
From time to time Bonza receives phone calls from accountants, solicitors or helpful friends who are researching business selling options for their clients as a way to help them during a tough decision-making situation. Referrals are not given out easily either, for an accountant to refer a broker to a long-standing client, there first needs to be trust and credibility established. An accountant needs to feel comfortable with the broker and believe in their service before they speak to their client.
Paul was referred to Bonza by his accountant, after they themselves had previously enquired on a business listed and were very impressed by the service received.
Paul and his wife Lesley had built up a successfully operating, home-based import and wholesale business. Based in Queensland, this couple owned multiple businesses that took up a lot of their time. Unfortunately, due to a sickness in the family, they needed to step back and focus on their family’s wellbeing.
Having sold businesses in the past, Paul had a perception that they had previously paid too much. Right off the bat, they were pleasantly surprised that a low fair commission service existed, one that would not only cost less than 20% of the competition but also deliver on the promises made. Their alternative quote came back at $2,600 for advertising, (whereby the coverage was not specified by the broker) and then a commission of 8% on sale, with a minimum amount of $15,000 payable to the broker. The choice to go with Bonza’s low fair commission service was simple; and with a rapid response of information from Paul, this great business was listed for sale on 9 websites within 24 hours of signing up and all business documents were available for buyers within 5 days.
Within 6 short weeks, there had been 55 enquiries on the business. An offer was received and accepted from the eventual buyer, all within 10% of the original target price agreed with Paul and Lesley. After a 4-week legal work and due diligence process, the deal was done and was then in the hands of the very happy new owners.
Paul and Lesley saved thousands in commission and the sale was finalised in a total of 10 weeks from listing to final settlement. This is an outstanding result for all parties.
