Why do I need a Business Broker to sell my business?
A business broker / business transfer agent finds ideal potential buyers. We create competition amongst buyers thereby potentially increasing the selling price achieved. We help streamline the selling process, negotiate deals, handle the complexities of the legal work and much more, allowing you, the vendor/seller to best concentrate on running your business. In short, a business broker increases the likelihood of a successful outcome for you.
What is the first step I must take if I wish to sell my business?
Give us a call and we will explain the next step in the process. We will discuss how Sale Ready both you and your business are and recommend the next step for you to take on your sale journey.
How do you value my business?
A business is only worth what someone is willing to pay for it. A businesses value can be quite subjective and comes down to many factors such as industry, current market, location, assets, net profit, staff, recurring customers, competition and much more. We take into account prices that we have achieved recently and factor in the prices of other similar businesses currently on the market. We use industry recognised methods such as Asset Based Valuations, Income Based Valuations and Market Based Valuations. Very often it is a combination of all of the above coupled with our extensive experience that enables us to arrive at a well-rounded valuation.
What Types of businesses do you sell?
We sell all types of small businesses (you name it and we sell it) such as cafes. coffee shops, convenience stores, off licenses, takeaways, restaurants, launderettes, florists, hairdressers, barber shops, butchers, MOT garages, beauty and nails, retail stores, plumbing/electrical or construction businesses, IT businesses and more.
What are your fees?
Our fees are industry standard. 5% on the selling price achieved on the sale of a business and 1.5% on the selling price achieved on the sale of a commercial property. Commercial fees are often higher than residential sales fees as there is more work to do and it is often a longer more complex process. Call us to discuss, we are happy to talk it through.
Why do you charge a listing fee and how does it work?
We charge a listing fee to ensure that we have a commitment from you, the seller. To ensure that you are serious about selling your business or commercial property so that we can confidently dedicate our resources to effectively market and sell your business or commercial property. The listing fee is credited towards our sales commission on completion so is essentially a small portion of our fee paid in advance. Listing fees are non-refundable. This also covers some of our outlay costs involves with marketing and putting up boards etc.
Do you charge for valuations?
We do charge a small fee for valuations, please give us a call to discuss. Our valuation fee is minimal and should you instruct us thereafter to sell your business or commercial property, we shall credit this amount against our sale commission on completion.
How long will it take to sell my business?
This can vary widely depending on many factors such as industry, market conditions, complexity of the sale, solicitors and buyer’s circumstances to name a few. On average from instruction to completion it takes between 4 months to 10 months.
What happens if my business does not sell?
We will continue to market your business to the best of our ability for as long as it takes to sell. If your business has not sold in the expected timeframe, we will reevaluate our marketing strategy, the price of the business and other factors. We aim to communicate reasons for any lack of interest and will advise strategies to counteract this.
What happens if a buyer approaches me directly to make an offer?
Very often, a buyer will approach you, the seller, directly after seeing our adverts or sales boards. We ask that you instruct the prospective buyer to contact us directly or that you supply us with their contact details so that we can deal with them and supply them with all the relevant information they require. This allows you to continue operating your business effectively and us to maximise the price we can achieve for your business/commercial property. During our sole agency agreement, any purchaser that we have introduced or has come via any of our marketing methods or made a direct approach to you must come through us. If you arrange a private deal during this period, you will be liable to pay our fee.
What is a sole agency with sole selling rights agreement and why do you require one?
This refers to an agreement between you, the seller and us, the business or commercial broker whereby you grant exclusive rights to us to sell your property or business. The key term here is ‘sole selling rights’ which means that we, are the exclusive agent entitled to a commission even if you, the seller finds a buyer independently during the specific period. This gives us, confidence and incentive to dedicate all of our efforts to the sale thus benefitting both parties.
What happens if I wish to appoint another agent during our sole agency with sole selling rights agreement?
During this period, if you decide to appoint another agent, you may be liable to pay their fee as well as ours – dual fee.
Where do you advertise?
We advertise on all the most used ‘commercial’ websites such as ‘Businessesforsale’, ‘Daltons’ and ‘Rightbiz’, as well as on our website and social media channels. We also contain a large database of applicants, which we have built up over many years to which we match up with our businesses and commercial properties using our very comprehensive software system.
What areas do you cover?
We are based in Reading, Berkshire. With our commercial property sales and lettings, we like to stay local and concentrate on Reading and the immediate surrounds. With our business sales, we concentrate on Berkshire, Bucks, Surrey, Hampshire and London. However we are happy to go further afield and have done so in the past.
What information do I require to sell my business?
You will be required to supply quite a comprehensive list of information to us in order to effectively sell your business. But don’t worry, we will guide you through the requirements. Financial Trading Accounts, Copies of lease, Staff roles and pay details, EPC and other reports to comply with the legal procedures once solicitors are instructed. We shall guide you and assist you through all that is required.
How do I get the best possible price for my business?
There are many factors required to have your business as ‘Sale Ready’ as possible before deciding to sell. We supply a service whereby we provide you with a Sale Ready Report please provide a link to the sale ready report part of the website) which is accompanied by our very own Pre-Sale Advice and Information Booklet. Get in contact and we shall discuss all the factors that affect the price achievable.
What if I want to sell my business confidentially? What happens if my staff and customers find out?
We are experienced at selling businesses confidentially. This is a common request from our clients and we do our utmost to adhere to it at all times. In such cases, we do not include recognisable pictures on our marketing material and we do not divulge business names or exact location. Once an applicant asks for more information, we request that they sign an NDA (Non-Disclosure Agreement). This is by no means fail proof and there are inevitably cases whereby staff and or customers can find out. In most cases, however, when this happens a buyer has already been found and/or we will encourage you, the seller, to communicate honestly with your staff and customers along with other strategies we can recommend to overcome any adverse effects.
How do you make sure that our sensitive information is used responsibly?
We sign an NDA whereby we will not disclose sensitive or confidential information to an applicant without your consent or without the applicant having signed an NDA themselves.
Why choose Lansley Commercial to sell my Business or Commercial Property?
We have been operating since 1890, and have a wealth of experience and expertise. Our aim is to sell businesses and commercial properties for the highest price achievable in any given market and to educate and guide our clients and buyers through what can often be a complicated and time-consuming process. We focus on service and problem solving.