Published on 23/09/2016 by Punchmedia

When a Business Owner Needs a Business Broker

When a business owner decides it’s time to sell their business, knowing all there is to know about its operations does not necessarily qualify them to complete a successful sale.

Business ownership can be very rewarding and the opportunity to work at something that inspires you but when it comes time to part ways with their ‘baby’ it’s not always the owner that can execute a smooth exit with maximum profit. Licensed Real Estate Agent, Certified practicing Business Broker and Director at Beyond Business Sales, Catherine Kimpton said it was important to be able to access all the information available to you in order to make an informed decision. ``It is the broker’s job to represent a vendor in the market place, collate all of the information on their business and present it to the market,’’ Ms Kimpton explained. ``As a broker we advertise the opportunity and negotiate with prospective buyers in the same way as your Real Estate Agent would for your home to effect a successful sale and the best possible outcome.’’ Experts believe one of the biggest mistakes an owner can make is to not prepare the business for sale correctly, especially the finances. Ms Kimpton said the more planning from both parties when it comes to a business transaction the better the outcome. ``This process is considerably more complicated than a home sale as we have detailed financial information to deal with, leases, franchises agreements, staff requirements and liquor licences to name a few,’’ she explained. ``In essence we are the conduit between vendor and purchaser to ensure a transaction proceeds and settles smoothly.’’ When it comes to the purchasing side of things, Ms Kimpton said that research was critical to getting it right. ``A potential business owner needs to do a personal SWOT analysis to see if they are ready to be a business owner. ``Having a passion for a certain industry or a flair or a talent is good but running a business is a whole different skill set,’’ Ms Kimpton said. ``Be honest in regard to the expectation and requirement for the income the business need to generate, this will focus you in your search .’’ Ms Kimpton added that if you are looking to buy a business it would be a good idea to have a structured list of questions to go through with each business you speak with. ``Ensure that you have access to all the information - good businesses keep records, everything should be cross checkable, there will be no gaps, you are looking to mitigate your risk, after all that’s what you are paying for!’’

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Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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