Col & Vicki’s Regional Sale
“How long will it take to sell my business”? is one of the most common questions we get asked from business owners upon listing their business for sale. Unfortunately, it is something we can not predetermine.
The length of time a business takes to sell and the final sale price are influenced by a variety of factors, including the revenue, industry type, location, cash flow, the asking price and the current market conditions.
Something that Bonza is very transparent about from the start is that the process of selling a business typically takes at least four to six months. We like to advise owners on the best way to set practical expectations for the sale, remembering that we have everything ready for the right buyer, but this process can take time and often patience, trust and persistence are required. At the end of the day the sale comes down to “right buyer, right time” and everything will fall into place.
If we are searching for the perfect example of determination and patience, Col and Vicki are the couple that first come to mind. Vicki first contact Bonza back in late 2018 as her and Col had decided to sell their fire safety and breathing equipment business located in North Queensland.
After first determining an agreed and reasonable asking price for the business, Bonza spoke with them about how the sales process could play out. Because this industry is quite niche, the area regional and the buyer we are looking for needs to preferably have knowledge in either firefighting, emergency response, mechanical know how or a training background. When you then filter buyers by who could also fund the purchase of a $600,000+ business, your buyer pool becomes significantly smaller.
It can be beneficial for the sale when the owner is willing to offer an extended period of training or employment to help a potential buyer settle is and understand all aspects of the business before taking ownership.
To give you a good understanding on how patience and trust pays off –
Col and Vicki first listed the business in August 2018. After the first enquiry came in 3 weeks after listing there was a total of four buyers who showed interest before the business finally settled in May 2020. The now new owner of this fantastic business was the third person to make an inquiry and the initial interest was first shown in November of 2018.
Although Bonza had everything in place and prepared to progress this sale in 2018, it evidently comes down to the buyer and whether it is the right time for them.
We congratulate the new owner on the successful purchase of another great business through Bonza. And we commend Col and Vicki on their persistence and belief in the process, no matter how long it can sometimes take.