Quotes provided for selling or buying a business
Selling a Business details
Our accredited suppliers provide quotes for selling your business and assist people who are looking for the right business opportunity.
All transactions are with discretion and confidentiality.
To sell a business is often difficult for owners who have grown the business. Our suppliers are aware of the emotion involved and ensure our vendors are comfortable by keeping them involved and well informed of progress.
Business brokers’ activities include:
- Assistance in preparing a business for sale
- Assessing suitable businesses
- Managing the sales process
- Overseeing settlement between buyers and sellers and any other party
There are certain expectations of the value of a business and the expected net return from the sale. Our suppliers need to assess your business to find its maximum potential and reaching agreement on its value.
Even though sales and profit figures may be almost identical with other similar businesses that have sold, other factors are to be taken into consideration, including agencies, existing customer base, years of operation, results history, exclusive supply agreements etc.
Quotes will be based on
- Previous three years accounts
- Plant and equipment
- Lease Agreements
- Monthly turnover for the pre-seeding 24 months.
Don't overprice, buyers know about the business and are reluctant to re-visit it even though the price has been adjusted.
Our suppliers are aware that you may be sensitive about any use of the business name so that staff, suppliers and customers are not advised prior to or before settlement.
The broker commission fee is negotiated prior to selling a business. The seller is required to sign an’ Agency Agreement' that outlines the terms and conditions on which the business will be sold. There is to be no questions in future as to the agreed fees and settlement. The broker negotiates inquiries ensuring that the buyer is suitable for the business and will insist that all prospects requiring information will complete the necessary documentation including a 'Confidentiality Agreement'. DoMyQuote provides this confidentiality agreement when you list your details.
After completion of documentation to the broker’s satisfaction, a business profile about the business is provided. Details as to the name of the business, its exact location are generally still protected until the prospective purchaser indicates that they would like to meet the vendor for a business inspection and to discuss an offer for the business.
The broker will arrange a meeting convenient to all parties to reach agreement. The broker assists to bring the buyer & seller to agreement and instruct the solicitor acting for the vendor to prepare a 'sale contract'. The vendor and the purchaser will go over contracts with their respective solicitors to reach a contract of sale A deposit of 10% is paid normally to the broker leading up to the exchange of contracts or at exchange of the contracts for sale. The broker will hold this deposit "in trust" pending completion of the sale.
Buying a business
Be realistic with your budget, so after purchase there is no shortage of funds. Registering all your details with our suppliers and signing the appropriate 'Confidentiality Agreement'. This will ensure that the information about the business remain confidential and not be shown to outside parties.
Our suppliers have businesses listed that could be of interest.
It is in your interest to ensure that employees remain at the business being an important part of the business. Advance notice of the sale may make some employees nervous and look for new jobs elsewhere. Most purchasers will definitely want the key staff to remain with the business.
Offer for the Business
Financial information needs verification and the lease and other important trading paperwork needs to be substantiated. A “Sale Contract” will be drawn up by the vendor's solicitor and sent to your solicitor. With an “accepted” offer, a deposit is paid and in a Trust Account' until settlement. The deposit is refundable until the official 'Exchange of Contracts' when the deal is binding.
Tuition is by mutual agreement and noted in the sale contract.
DoMyQuote provides quotes from financiers who offer advice, review your situation and suggest ways to finance and structure your purchase.
DoMyQuote will find you all the help you need to buy or sell a business in Sydney Melbourne Adelaide Brisbane Canberra Darwin Hobart or Perth with professional advice on how to maximise benefits from your purchase or sale, and show a Return on Investment. DoMyQuote brokers are also available throughout NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania, ACT and Northern Territory.