Pandemic or no pandemic – many business owners still need to sell and we are still here!
Business is ‘almost’ as normal in the BusinessResale office. We are still valuing, marketing and selling businesses. New leads are still coming in daily and buyers are still
l keen to explore new opportunities. Entrepreneurs can see through a crisis and look forward to there being light at the end of the tunnel. As business owners, they need to be prepared to capitalise on any opportunities which arise in the meantime. In regards to funding these purchases, a lot of the the lenders we refer our clients to still have their doors open and are taking new business, meaning funds are still there to allow purchases to take place.
Whether you are a profitable company, at break-even or trading at a loss, looking to retire or simply have had enough, we have buyers who are still looking to buy businesses.
So how do we work and how is the current crisis having an impact?
- We need to develop a good understanding of what you do, who your customers are, your trading area and anything else to make us knowledgeable on your business. No Change here, we usually do this via e-mail exchanges and phone conversations. Our visit to your premises may need to wait though.
- Business Price – we analyse your accounts, the market sector and the competition, leading to agreement on a marketing price. No change here. We usually do this from our offices.
- The marketing pack – Once you are happy with the listing price we will put a sales prospectus together for your business. This can vary from 4 pages up to 15 depending on the size and complexity of your business. No change here, we do this from our office.
- Marketing and generating leads on your business! No change here. We reach out to our extensive database and confidentially get your business in front of buyers.
- Once we have an interested party who who have fully vetted and have provided them with the business details, they will come for a meeting with you. This gives them an opportunity to see the premises, ask you any further questions and to get a first hand feel for the business. Here’s a change. Face-to-face meetings and having a buyer see your business in action may need to wait a little!
- Agreeing a sale price!
- Final due diligence and legal progress. Some of the conferences / meetings will need to happen online!
- Exchange and Completion.
So to summarise, we are still open, your buyers are still looking, it’s still a decent time to list your business. As I write this, I’ve taken a call from a client whose business we marketed some 20 months ago. She’s sat at home looking for a new opportunity and wants first call on anything new in her area (Leeds, by the way!).
If you’re still selling, be assured we are still selling!
Bye for now,
Sean and Rhys.