Did you know that there are 81,678 active and registered for GST businesses in Perth? If you’re a small, medium or large-sized healthcare practice owner in Sydney and you’re selling (or considering selling) your business, you might not be sure where to get started. How can you find buyers for your healthcare practice, make a large amount of money in the sale, and keep it confidential before you let your employees know?
As a business owner, you are probably used to managing every aspect of your own business. The COVID-19 pandemic has made business management more challenging. As Catheryn Wright points out, businesses must be leaner and respond to change faster. Success requires resilience, and the ability to pivot when circumstances change. The pandemic has also made selling a business more complicated. Companies in many industries have changed their business models to survive during the pandemic, and explaining your value proposition may be a challenge. A business broker is a vital advisor to the seller at any stage of the sale transaction and has many advantages:
Confidentiality When selling a business you may not want your competitors, employees or customers knowing that you are selling your business. A Business Broker will keep all details of a sale completely confidential. All potential buyers must sign a confidentiality agreement and then be ‘qualified’ as a serious buyer by a Business Broker. It is only then, that the potential buyer is presented with details of a business for sale.
Legal Guidance Business Brokers know their way around all necessary legal documents and agreements that feature in the business sale journey, and will be your business partner in the deal between yourself and all other parties you are dealing with; the buyer or seller, conveyancers, accountants etc.
Third Party Negotiations Business Brokers are skilled negotiators; they want to sell your business as quickly as possible at a fair market price. The role of a Business Broker is to bring buyers and sellers together. Your Broker assists the sale journey in an objective capacity. Providing advice and guidance along the way, helping with negotiations and providing clear-cut, honest feedback from beginning to end. A Business Broker will charge a fee that equates to a percentage of the sale price. Therefore, it is in the Business Broker’s best interests to sell the business as quickly as possible, and for the best possible price.
Adverting and Marketing
A Business Broker will help you create a marketing strategy to find interested buyers, including an executive summary that presents your business in the best possible light. When multiple buyers compete to purchase your business, you can obtain a higher sale price. Business Brokers know exactly where to advertise and market your business to get buyers. Each business is unique, and Business Brokers are experienced in knowing how to market your business so that it gets marketing, reach and different mediums noticed.
Qualified Buyers and Connections
An experienced business broker understands the market, has access to statistics on recent sales, and can apply the various methodologies to guide you on the most probable selling price. Business Brokers ensure that all buyers are ‘qualified buyers’. When a Business Broker qualifies a buyer, they ensure that the buyer is ready to purchase your business. The Business Broker ensures the buyer has financial capacity and their finances have been approved and are serious about putting an offer on the table.
Time
By using a Business Broker you can concentrate on running your business instead of answering enquiries about the business sale. You ensure the business is still running, optimally instead of worrying about taking general enquiries. Business Brokers usually have a database of potential buyers who are looking to purchase a business reducing your waiting time.
Years of knowledge and experience A broker can help you increase the value of your business before a sale. If you make improvements, you can make a stronger case for selling your business at an attractive price. Business Brokers have the ability to accurately appraise your business. Over value your own business and you may not get the buyers that you want, wasting months of valuable time. Under value your business and you risk losing money. Business Brokers are qualified at valuing your business with many years of business sale knowledge and experience in many industry sectors. Catheryn Wright maintains confidentiality, providing valuable feedback and advice, sharing his valuation expertise and wealth of knowledge with you during your business sale or purchase journey.
Previous Owners of Business A large majority of Business Brokers, including Catheryn, have themselves one time or another, run their own business. These Business Brokers are great to work with as they understand that when it comes times to sell. Perhaps most important, your broker is emotionally unattached from the business. The sale process can be emotional and draining for the owner, and a broker will help you maintain objectivity.
Considering buying or selling in 2022? Contact Catheryn Wright today on 1300 035 788 or email Catheryn at catheryn@thewrightmethod.com.au and book an obligation-free 30-minute appointment to explore your best options for sale, growth, or succession.