Selling Business

[Shelsleyf2]

Hi All, I have been asked by a friend to do a bit of research re selling his business. I guess a typical situation he has spent 30 plus years building up a business and now wants to sell and retire, getting the right agent seems to be a minefield. He has an independent garage but it is fairly unique in that it is a very high spec, purpose built premises, very well equipped, good I.T. systems, smart workshop, very smart offices etc...however the area is not upmarket and he does not specialise in a particular brand. He wants to sell the business but retain the freehold and draw the rent.
Business turns over £400,000 good profits.
If you were looking to buy a business where would you look?. If you were thinking of selling who would you use. Has anyone any good experience of agents?

All advice gratefully received.

Thanks

[jas xjr]

i am a bit out of touch these days but i would take a look at daltons weekly. there used to be agents that specialise in various types of business .

[Shelsleyf2]

Thanks for that, I was aware of Daltons but was wondering if there was anyone with hands on experience of agencies,agents and could help sort the chaff from the wheat...Having searched google unfortunately it does seem that there are some sharks out there and a recommendation would help.

[jas xjr]

is there a trade magazine these days for the motortrade ?

[PlayersNo6]

Speak to Keith Green at Anderson Moore :

http://www.andersonmoore.co.uk/

It's a bit of a minefield out there and he is a genuine business broker.

[Frimley111R]

Shelsleyf2 said:

..... getting the right agent seems to be a minefield........ Has anyone any good experience of agents?

Hi, yes, this is our field.

As you say, finding the right type of advisor/broker to sell a business is a 'Google Minefield'.

As an overview, in terms of help to sell, this is always a good idea because a business sale can be complex. The business is complex, most owners have never sold a business before and such a sale will be the largest and most important they will ever make.

There are many good brokers out there but some are more suited to your friend’s business than others. For example, your friend is looking for a broker with a track record in the sector, which focuses on businesses of the same size (t/o), is in the same geographic area (not vital but helpful for meetings and communications), has a good database of potential buyers and/or has a proven method of finding buyers. Additionally, they have a good reputation in the market and a high conversion from sign up to sale.

We provide the only independent service in the UK to match owners to their ideal broker. Collectively we have 25+ years experience in the business sale marketplace and monitor all the key brokers in the UK in terms of success, effectiveness etc.

I won’t go into any more of a ‘pitch’ here, except to say that our advice is free of charge and totally independent.

[Frimley111R]

Just to add to the above in terms of general information.

Businesses with a value of under £100k value should post their details on either businessesforsale.com or Daltons and take advantage of the free resources on there. Adviser/broker fees will unlikely to be economic/affordable.

Businesses with a value of £100k-£600k should use a transfer agent who will provide some further marketing, advice, documentation and support. There will be a cost for doing so but one that is affordable for the business owner

Businesses with a value of £600k+ should use a business broker who will undertake a comprehensive marketing and negotiation programme and maximise the sale price of the business.