So we say goodbye to 2018 and what a year that has been! There have been ups and downs in the political climate but we go on and here at Sovereign we have been very grateful for a successful 2018 and are looking forward to the year to come.
During the last year we sold a whole wide range of businesses including garages in the motor industry to food establishments and investment properties. But now as we head on into the New Year we are as busy as ever with more businesses on the market and a whole range of potential clients.
But how do we create this continued success? Well, the simple answer is hard work and being experts in the Business Broker Sector. Due to this knowledge and experience we use a whole range of marketing techniques available to us. These include cutting edge video advertising which really gives us a chance to show potential clients what our business is all about. Another is the more traditional paper advertising as we feature every week in the regional local papers.
We also run regular letter marketing campaigns which let a whole range of businesses know we are here when they are ready to sell. Google pay per click is another area we use which really helps us understand what potential customers are looking for.
With all that in mind we are really excited for the New Year to come and if you ever need the help of an expert business broker please don’t hesitate to get in touch because here at Sovereign our clients always come first and put quite simply we say what we are going to do and we do it, all the time delivering a first rate professional service.
The time has come. You have made your decision. After weighing up the pros and cons you’ve decided to sell your business. Congratulations, you have made a very important decision. Whether it is a retirement sale or concentrating on other business interests or quite simply looking to do something completely different, but whatever your plans there are some important factors you need to consider. First and foremost do you go with a Business Transfer Agency and if so which one do you choose? My advice would be to facilitate the sale of your business through a broker. There are many reasons for this but at the very top of the list is peace of mind, putting your sale in the hands of a reputable broker will give you this. They will handle the marketing and getting your business out there. They will also when you do have an interested party handle all the negotiations on your behalf, and perhaps most importantly be there for you when you need advice. But if you do follow my advice this will create another decision for you to make. Namely which Business Transfer Agency do you go with? Firstly you will want to go with a broker which has firsthand experience of the same sector of the business you want to put on the market. The reason for this is simple; experience. When questions and challenges arise the broker will know the best course of action to take. Secondly and perhaps the most important, it would be a good idea to meet a range of brokers in your area and quite simply go with the agency that makes you feel the most comfortable. The reason for this is you are entrusting them with something that is very important to you and in many cases spent years building up to be a success so mutual trust is essential. You will also be committing to a relationship with that broker for potentially a considerable period of time so it is important you are happy to have an open discussion about any challenges that come up along the way. Now you are ready to do your research and take that all important step of putting your business on the market and getting prepared for the next chapter of your life. Therefore why not have a look at our video which provides glowing testimonials from previous clients of Sovereign Business Transfer. A business broker you can trust.
You have decided to sell your business, now you need to know how much do I sell my business for. There are many factors to take in when making this important decision. The first step to get your housekeeping in order because any serious prospective buyer will want to see the accounts to find out how much you are turning over, and what gross profit you are producing per annum. The second is to do a realistic assessment of your business. By this I mean putting together all the things that make your business an asset. For example this might be customer parking, affluent location, high footfall, expensive equipment that enables your business to run. All of these things will help give you an idea of the price you can expect to achieve for your business. It is also a good idea to do some research to see how much similar businesses are being listed for sale online. After you have done this you can then take the important step to seek expert advice in the form of a Business Transfer Agency. Most of these agencies will offer you a no obligation appraisal where they will visit your business and give you their opinion on how much it would sell for in the current market. Lastly once you have chosen a Business Transfer Agency to sell your business make sure you make clear to them the minimum sale price you want to achieve and it is also a good idea to ask them to keep you update on their marketing strategy and any changes in the market which might affect the sale price. Any reputable agency will be more than happy to provide this service for their client. Now you are ready to sell your business for its maximum value and get on with the all important next stage of your life, be that retirement or a new challenge or simply taking stock before you make your next move.
You’ve made a decision. You’ve decided to sell your business. Congratulations, you have just taken a very important step on the road to making your economic goals a reality. Whether you are selling to pursue other business interests or you are retiring, or perhaps you are moving into employment in another industry all together. But whatever you are planning it is important to do your research to find the best Business Transfer Agency for you. Firstly look for a broker that has experience of selling businesses in the same or a related sector to the one you want to put on the market. This is vital as any questions you may have about the sale the broker will have already experienced with similar businesses in the past. After you have done that research, it is now a good idea to meet with different business transfer agencies in your area. This will help you decide which broker is the best fit for you based on your priorities. For example perhaps you are looking for a quick sale so it may be best to go with the broker that has sold similar businesses in a short time scale in the past, or maybe you want to get the absolute maximum value for your business therefore it would be wise to have a discussion with various brokers to find out which one is most confident they can achieve this. Lastly although this may sound obvious it is a good idea to go with the Business Transfer Agency that makes you feel most comfortable. This is important because you are entrusting them with the sale of something that is very important to you, and you are going to have a relationship with that broker for a considerable period of time so it is very important they not only know what it is you want but you also feel comfortable discussing the various challenges that can come up along the way and be able to build a relationship based on trust and integrity. Now all you need to do is put your business on the market and take that all important step to the next stage of your life.
You’ve decided to sell your business. Now you need to prepare your business to be ready to sell. Once you have made that decision it is of course perfectly reasonable to want to sell your business for its maximum value. A Business Transfer Broker can obviously facilitate that by marketing, contacts and targeted advertising. But what can you do? The first thing is to get your house in order by way of paperwork. Potential buyers will want to see that you have up to date accounts and relevant documentation regarding rent, rates and lease parameters. The more organised you are the more attractive your business will be to a buyer. Another key point is making sure you meet any potential purchasers as soon as possible and really try and take the time to be able to communicate with them the business’ assets, the day to day running and why buying it would be an attractive proposition for them. This leads me on to another important criteria; improvements. The better shape your business is in overall the better price you will be able to get for. For example if you have a business premises that could do with a lick of paint to make it really stand out, don’t hesitate to get that done before you put your business on the market. Perhaps you have a menu that could do with a new direction, make it happen. This not only gives you something to discuss with potential buyers, it also gives you the chance to advise them how with a little effort the business could grow. Lastly make sure you are careful with who you share your plans to sell your business with. Perhaps only share this information with professionals such as your accountant and solicitor. It may also be wise to get them to agree to sign a confidentiality agreement as if the sale of your business becomes common knowledge it could affect the price. Now all you need is the assistance of a reputable broker and you’ll be ready to take that next step on your journey to sell your business for its maximum value.
What is a Business Transfer Agent? The simple definition is it’s a commercial estate agent. A company that broker’s and facilitates the sale of a business. That’s the simple definition. The reality is it helps people move on, it helps people develop and achieve their goals. That is what a good Business Transfer Agent should do. Be there for a client when they are looking to make a change, whether it is a blue chip company or a family run corner shop. Support them with their expertise and experience, and provide this service with the vision to sell your business for its maximum value. But selling a going concern can often be a complex process. This is why it is always important to make sure that the contract you undertake with your Business Transfer Agent is as transparent as possible. A good agent will always be upfront about what they charge and when and be clear just exactly what they plan to do to sell your business in the most concise time frame possible. Another valid point is look for an agent that has experience in selling in your business sector. Successful sales of relevant businesses are good place to start. This will tell you that the broker has produced results in the past and therefore is likely to replicate this in the future. Lastly and this may seem like a minor point but it is a very important one. If you are happy with the fees and the contract and the marketing strategy and are ready to sell your business, make sure it is with a company that employs people that are not only focused but easy to get along with because you will more than likely be communicating with them on a regular basis until your business is sold. Once you have evaluated this criteria you are ready to use a Business Transfer Agent and sell your business with confidence, because a good Business Transfer Agent is always on your side.
A lot can happen in ten years. Governments can rise and fall, children grow up and go off to university or take that all important first step on the career ladder. But whatever changes the country goes through, or the ebb and flow of your own life and situation, there has been one constant over the last decade and that constant is Sovereign Business Transfer. Fast approaching its tenth anniversary Sovereign was born of humble beginnings. The brain child of innovative and successful salesman Matthew Trinder who at the start had a company that consisted of just him and a telephone. It now employs ten staff and is one the fastest growing Business Transfer Agents in the UK today, providing an invaluable service to business owners looking to sell their business, and an enviable database of business contacts looking to buy. In the period that Sovereign has been providing its services they have sold everything from cafes to hotels, drycleaners to bridal boutiques. It is this ability to adapt that has seen the business thrive, as well as their ethos of giving their clients a first rate service no matter how big or small. This has meant Sovereign over the last decade has developed into an expert business transfer agency with a clear vision of always putting the client first. But what of the future? As they approach a new decade they have kept up with the times by advertising on all the most viewed online platforms, as well as networking at all the right events, and of course using the highly effective, tried and trusted print media, with their adverts in a number of the region’s local papers. But the main thing is that they are also constantly developing and using their team of experts to sell your business for the maximum price. So here’s to another decade of success, because the quality service they provide dictates that they will be helping people sell their businesses for a long time to come.
You’ve decided to sell your business. Now you need to choose a business transfer agent. But which one? A quick Google search will reveal a host of transfer agents, all looking for your business. The substantial choice on offer may at first seem overwhelming so here are some things to take into consideration before you make your decision. Firstly, it is always a good bet to go with a transfer agent with experience. A business that has been around for a number of years is going to have built up a number of important factors that will help sell your business for the price you are looking for. We will look at these key factors in further detail so you can make an informed decision. To start with have a look at the type of businesses the agent is selling. Is there a wide variety of sectors covered, basically everything from coffee shops and convenience stores to blue chip businesses like marketing agencies and also a diverse range of businesses like garages and hotels. The more diversified the type of businesses in a company’s portfolio the more experience the agent will have in selling all kinds of enterprises and this experience will benefit you the seller when the right buyer displays an interest. It is also a good idea to do some research and find out what sort of relationship the agent has had with clients in the past. There may be reviews online or testimonials on the agent’s website. Take some time to have a look at these and see what previous clients made of the agent’s service. Another key point is to try and find out exactly what sort of marketing the agent will undertake to get your business out there. A good agent will use a wide range of marketing techniques which should include promoting your business in print media, online media and a live database of buyers which they have built up over the years. After you have done the research suggested you are now in a position to make your decision and choosing the right business transfer agent will give you the tools you need to make selling your business for the right price as smooth as possible.
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.
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.