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Buying a Business

Buying a Business – All you need to know

You’ve got ambition about buying a business and you have a vision. All you need now is a business to make your plans a reality. Perhaps you want to own a fantastic independent coffee shop, serving everything from Cappuccinos to Frappuccinos, and make your mark on the high street in the process. 

Or perhaps you have a specific skill set like a Florist or Drycleaner and you are looking for the right premises to set up shop or even take over an existing business in your chosen field.

The first thing you need to do is research businesses for sale. Have a look online to see what is currently out there within your allocated budget. Consider what’s important to you. For example it may be a high footfall location you are looking for or premises with allocated customer parking. Use your specific criteria to narrow down your search till you have a list of businesses you are interested in.

The next step is arranging a viewing. This will give you a chance to have that all important look around and also get a feel for the area the business is located in. Perhaps have a checklist, for example is it on a busy street, is the business well maintained. But most importantly can you see yourself running this business.

Once you have narrowed down your search to a specific business and have the relevant finance in place in way of a cash or a loan through the bank then is the time to have a look at the accounts and have a more in depth discussion with the current owner. This is important as there may be staff you will inherit and you may need to discuss what assets you will own if you buy the business.

If it is a leasehold rather than a freehold purchase you will also have to meet the landlord and negotiate a new lease or provide reassurances you have the capacity to take on the existing one.

If this sounds overwhelming you would be best advised to buy a business through a reputable experienced Business Transfer Broker that wants to see the best possible outcome for both yourself and their client. This may take some research to find both the right business for sale and the right broker.

Once you have done all this hopefully you will have found the right business for you and can reap the rewards of building your enterprise and enjoy the independence of being your own boss.

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How to sell a business

How To Sell A Business

The time has come to sell your business; you’ve built up a successful business and now you feel it is time to move on. Whether you are looking for the capital for another investment or just want to retire or move on to something completely new this article will help guide you through the steps you need to take and hopefully answer any questions you may have. Firstly you will need to put your business on the market. You could decide to do this privately without using an agent but that would mean you would be responsible for the advertising, arranging the viewing and the negotiations. But if you do decide to go with a Business Transfer Agency all this will be facilitated on your behalf. You will also be able to be in communication with the agent every step of the way making sure you get exactly what you want to achieve for your business.

If you are selling your business as ready to trade which basically means a buyer can walk in and pick up where you left off, potential buyers will want to know you have up to date accounts, a customer base and enough stock to use while they adjust to the new venture. You may even undertake an option to act as consultant for the first six months after your business has changed hands.

The amount of time it will take to sell your business depends on a variety of factors. If you are looking for a quick sale you can set your business price below other similar businesses on the current market. But if you already have an idea what you are looking to get for the business and have other factors such as strong accounts and high footfall in your location you may want to set the price as above the market rate. This could mean it takes longer to sell your business as more time may be needed to find the right buyer.

I hope you found this information helpful, and do bear in mind life like business is a journey, so make sure you have all the right facts before undertaking the important step of putting your business on the market.

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Stockport: Not Just a Place for Business

Stockport: Not Just a Place for Business

A long time ago this former mill town was born, and as time passed it grew. Mills and canals were produced as the industrial revolution began and the famous viaduct was built during the Victorian era and this gentle town on the outskirts of Manchester came to pass.

Shadowed by the Pennines and a short train journey from the Peak District in all its natural beauty, Stockport is if nothing else surrounded by wonderful vistas. But this vast conurbation doesn’t just have to rely on its location to attract people to the historic town.

That is all down to a one key thing; investment. The recently built Redrock leisure complex is a prime example, which not only has a state of the art cinema but also restaurants and coffee shops, so you can relax with a latte or enjoy a meal after watching the latest box office hit.

But that’s not all. There are also large sums being invested in the centre of Stockport and beyond. These include plans to update the bus station, build stylish town centre living accommodation and a new industrial park which will attract business to the area has recently been completed.

Once in days gone by, the town was a place famous for its production of hats and still has a museum in the centre to celebrate this illustrious past. But the centre has now has grown into a beacon of commerce and business. Not to mention its superb transport links via the motorway to all across the North-West and beyond, and a major airport practically on its doorstep.

These are interesting times to be a Stockfordian but just like the first settlers all those centuries ago, who through their innovation made this place thrive, it’s not just about where you’re from in this ever changing modern world. It’s also important to be on the crest of a wave, in life and in business and with all the investment currently happening in this gentle town. Stockport is a very exciting place to be.

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Business: A metaphor for life?

A wise man once said life moves in cycles. Put quite simple life is very much a series of peaks and valleys. When you’re soaring high you don’t think about the times when you were firmly on the ground. But perhaps that isn’t such a bad thing, in life or in business. The most important lesson is to never give up and value you every client you have. Here at Sovereign we deal with a whole range of businesses from small independents to chains and blue chip investors. But to us they all have one thing in common. Value, and not just in the monetary sense. We value them not just as important clients, but as people. On that note here is a couple of our recent success stories, we have just sold the wonderful Trevelyan Guest House on Morecambe’s promenade, boasting ten rooms and open all year round, we wish the new owner a prosperous future. A little more closer to home the fantastic Chelsea Flowers in Wilmslow has also recently been sold through Sovereign, this stylish Florist is now in new hands and we wish them all the best. You see here at Sovereign we sell businesses for their maximum value, that is our ethos and it is reflected in everything we do, from networking to make sure our clients have the very best opportunities, to analysing trends and changes in the market so we can offer the most up to date advice to our clients, so if you’re thinking of selling your business, get in touch and we will make sure you get the best possible service.

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Trust in your Team: Achieve Great Things

Trust in your Team: Achieve Great Things

A report by Reward Gateway has found that more than 50 per cent of employees would rather work for a company where they received recognition than over a higher salary job where they didn’t get any recognition. This reflects that it is very important in the workplace to feel not only part of the team but that your hard work is not only appreciated but just as importantly valued. This is for the simple fact that when you feel like everyone is pulling in the same direction to promote the company’s values this will be noticed by your clients. Here at Sovereign we value our client’s experience above everything else, we want them to feel they are getting a quality service at a competitive price. That is why we are constantly tweaking and generally improving the various services we can offer. From selling your business with us to browsing our website looking at the various range of businesses for sale, we are here to make those transitions go as smoothly as possible, and we do that by having an expert team, that all share a common goal, which is to keep on developing the fastest growing Business Transfer Agency in the North-West. But don’t just take our word for it, check out our website to see the latest business opportunities we have for sale, these include a Commercial Window Cleaning company with a Blue Chip client base, or we also have Independent Vaping franchise opportunities. If you are looking to sell rather than buy please contact us and talk to one of our team about the various options available to you, because at Sovereign our service is reflected in our values, which is to give you the client, the high standard of service you deserve.

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City Centre Growing Fast

City Centre Growing Fast

A new report has showed that Manchester city centre is the fastest growing centre in the country, with office blocks, hotels, and professional and student accommodation all currently being undertaken. This may not be a surprise to anyone that works or lives in the centre as you only need to look up to see cranes lining the skyline. But the bigger picture is more and more businesses and professionals that work in them are choosing the city as their home. 

But there’s more to Manchester city centre than just building projects, much more. You can take in a show at one of the city’s regional theatres, or if you fancy a shopping trip there are everything from high end fashion boutiques to the bohemian chic of Affleck palace which is right next to the Northern Quarter in case you want to have a drink in one of its many bars and eateries. If that wasn’t enough the great transport links mean a short journey by tram can take you to Salford Quays with its museums, galleries and of course the beating heart of this region’s creative industry Media City. But all this infrastructure and investment not only means the city centre is currently thriving but so are its businesses. Here at Sovereign we have a number of businesses for sale in the centre right now, with everything from Takeaways to Sandwich bars and Coffee shops to Restaurants, which offer that perfect way to have a break from the hustle and bustle or perhaps take in an evening meal after going to one of the centre’s many cultural attractions. But don’t just take our word for it, have a look at our website, and see for yourself the range of opportunities we currently have to offer, because just like Manchester city centre Sovereign is constantly growing and evolving.

 

 

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Get Digital: Grow Your Business

Get Digital: Grow Your Business

First off cyberspace can seem daunting, that huge chasm of seemingly endless information stretching far and wide across the global online community. But then the key word is global, once a business takes the plunge to provide an online digital sales platform, you are in an instant not just local but global. Your business can now cater to anyone with an internet connection. Of course building a brand is important on offline platforms as well, networking, print advertising and of course the age old word of mouth. But research has shown if you invest in e-commerce like nearly 64 per cent of small to medium sized businesses currently do, you are opening yourself up to higher revenue streams, digitally enhanced market analysis which can make it easier for the all important consumer to not only interact with you but also to provide feedback which can lead to a more effective business model, which in turn can led to sustained economic growth. All of this can mean you can stay ahead of the curve and keep your business growing. Online platforms are also beneficial whether you have a business that trades exclusively online or one that is based on a more traditional face to face interaction with your customers, a web presence can let consumers have a taste of what you can provide before they decide to give you their business. It could you’re a hair and beauty salon owner that aside from having the all important online presence your potential customers also could see what treatments you provide by going online, or you could own a drycleaners and with a website customers could be able to know when you will be trading so they can choose a time that is convenient to them to take that all important step through your door. The truth of the matter is whatever business you own being online means staying connected and here at Sovereign we believe in staying connected with our clients every step of the way and of course staying ahead of the digital curve, which means we can provide an optimum experience across all our sales platforms, time after time.

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New Year: New Business

New Year: New Business

As the holiday season recedes into the past, and a new year comes to pass, what will you do with it? Take up jogging? Lose weight? Cut down on alcohol? Or will you focus on fulfilling your entrepreneurial ambitions? With a New Year fresh as untouched snow now upon us, maybe, just maybe now is the time to take the first step in owning your own business. A study by tech retailer Ebuyer found that a staggering 80 per cent of people have aspired to set up their own business. Could 2018 be the year when you turn your aspirations into reality and become your own boss? Work your own hours and if your business grows you and only you will reap the rewards, as every ounce of energy you put in to your chosen enterprise will go directly into building a brand and gaining a solid reputation in your sector. But what if your aspirations are just that? Aspirations, and as keen as you are to start up on your own you are not sure what the next step is? Or perhaps you have an idea or a niche for your business but need some advice on the market, its current trends and opportunities. Well, don’t worry here at Sovereign we have a wide range of businesses to suit different budgets and goals, with high quality businesses for sale as diverse as Tearooms to Clothing retailers to Investment properties.  Take a few minutes to browse our website as you are sure to find something that suits your requirements, and if you have any questions, don’t hesitate to get in touch as a member of our expert team will be more than happy to answer any questions you may have. Take up jogging? Lose weight? Cut down on alcohol? Or fulfil your entrepreneurial dreams? I know which New Year resolution I would go for.

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Living the Dream: Selling Businesses

New research has showed that the amount of money people make may not be the be all and end all to having the perfect job. Research by recruitment specialist Robert Half UK have found that being happy, having an interesting job and having friends at work is important as well. This may not be that surprising because a lot of people spend more time with their work colleagues than they do with their friends and families. But in this modern ever changing technological driven world we may find that having multiple skills is also becoming more important than ever before. The workplace has changed rapidly ever since the advent of the internet, first it was email that revolutionised the way we communicated in the workplace, replacing memos and decreasing the amount of time we spent on the telephone. Now we have an embarrassment of riches when it comes to interacting in our working lives, from social media to Skype and Facetime, a modern tablet or laptop is more than capable of acting as a de facto workplace if our jobs require us to be out and about rather than working from an office. This way of working has meant it is now easier to work from home or even on the move, if your skill set requires you to be a variety of different places. But do all these advancements mean you are happier in your chosen career or are we being overwhelmed by all these different types of communication? Here at Sovereign we believe that any improvements in our client’s experience with us is a very good thing. We can now be available to them in a number of different ways and whether you are looking to sell your coffee shop, dry cleaners or hair salon we can help, because to live the dream sometimes you need a helping hand, which Sovereign the UK’s fastest growing business transfer agency is always willing to provide.

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Innovation In Selling Businesses

Innovation in Selling Businesses

More and more companies are turning to communication training to encourage creativity and innovation in business. Some leading businesses are even using dramatic techniques such as improvisation and play usually reserved for a theatrical setting to see if it can develop innovation and productivity in a business setting. But could we all take note of what goes on in a rehearsal room to help us become better communicators and problem solvers? I think it depends on a number of factors; one of the most fundamental being trust. It is often said great directors get the best out of their actors because they trust them to be there when things get difficult, to support them during that harrowing scene or tricky monologue. This I believe can be applied to business, because when you trust your supervisor or manager or your managing director, you will most likely be much more willing to share your views on driving the business forward or taking that next step to grow the company because even if they don’t agree with every idea you have; they fundamentally understand you have bought into the company ethos and want to see it grow not just as a business but creatively as well, because the more creatively a business thinks the more chance innovative ideas will bubble to the surface. Here at Sovereign we always give our clients the right exposure and marketing strategy to sell their business effectively. Whether it is a coffee shop or a convenience store, a florist or a deli, we always keep communication and creative thinking at the very forefront of what we do, which is what helps make Sovereign the right choice when it comes to selling your business.

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