Our Non Disclosure Agreement is kept to a minimum but due to the information that needs to change hands during an enquiry for a business, the business owner has to have an agreement in place that their information will be kept confidential. There are also many unscrupulous people around who will try to obtain information to use in an illegal way so as a potential business owner we are sure you will understand why an agreement has to be in place to protect confidential information. The other reason for an NDA is to ensure no staff currently employed in the business are made aware that the business could be for sale. This can disrupt the business performance.
We are the same as a residential agent in that our fees are included in the sale price of the business.
A business broker is exactly the same as a residential estate agent except our focus is on the sale of businesses.
There are many different ways to own and run a business and they all attract different levels of taxes during a sale. Our team will introduce you to specialists who will guide you through this process and ensure any costs like this can be kept to a minimum. Regarding insurances again there are many different types of insurance you can obtain whilst runnning your business. We will ensure you receive guidance in this area to keep your risk whilst runnning a business to a minimum.
In some instances this can be arranged but it is really only available for the purchase of a freehold. You would not for example be able to arrange funding for the purchase of a lease. If you are not sure on this please ask and we will be happy to introduce you to the relevant banks.
This can vary but the quickest time to purchase a business would be around 3 weeks. If there is a freehold involved then you should expect to extend this to around 8 weeks. We do everything we can to ensure the business is ready for sale but as in any sale unexpected issues can arrise.
Depending on both our and your schedule a business can be advertised for sale in around 48 hrs. We want to make your business as appealing as possible so we feel it would be better to take a little longer if necessary to ensure your sale in the end happens more quickly.
We do everything possible to ensure your business for sale is marketed with the utmost discretion. We ask anyone enquiring about your business to agree to our NDA. We also try to wherever possible talk to any enquiry before disclosing information
We would never give an indication of how long this will take and anyone who does is not being truthful with you. We do everything we can to sell your business for the best price but thsi can take some time. This of course depends on the business for sale.
Most people have some idea of what price they would like to advertise their business for sale. We however are on hand to guide you through this. There are many different ways to calculate the value of a business but there are also many different influencers on this. During our meeting to arrange the sale of your business we will talk you through all of the different options available to you.
Once a sale is agreed between you the seller, us the broker and the buyer then we take a deposit and a deposit contract is issued to all parties. The business is then removed from sale subject to any reservation agreements. Both seller and buyer subsequently instruct their legal representatives to start things moving and contracts to be drawn up. During this any inspections required are carried out on the premises or stock and a completion date is agreed.
This is an important part of any business purchase and you should ensure that you have a good quality legal representative to ensure the business you are buying is free from any debt or potential issues. We of course will recommend our tried and trusted legal team but you are also of course free to find your own but we do recommend you find a quality lawyer, ideally someon who comes recommended to you.
There are laws to protect employees as in any country and please remember they can be an asset to your business. This is normally agreed during any business purchase as if you do not wish to retain employees then they this will have to be dealt with prior to any business sale.