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Where do I go to find real businesses for sale?
The best way to achieve a successful outcome is to ensure that a business is sellable. LINK is only paid on the successful completion of a sale, so we need to make sure our vendor is a serious committed seller. Many of our business have had already been valued by our team prior to market and our brokers are highly skilled in identifying potential issues with business that may render them unsalable. This guarantees that our buyers are only shown real and active businesses.
How do you find a real business?
If you're just beginning to look in the market, get online and start enquiring. Speak to brokers and build a relationship with those who have good, credible information and from whom you receive timely responses. At LINK, our brokers understand the industry and are well versed in building a rapport with clients. They have access to a number of businesses off market and will give you the opportunity to view these before they go to market.
We are happy to explain how our firm works and our due process. We work very collaboratively and our brokers collect and share information so that purchasers are exposed to a network of businesses that have been very well vetted.
What should you do as a buyer?
It’s important to be very clear about your intent. Identify yourself as a serious buyer and let the broker know the process you expect and are willing to undertake. You need to be prepared to place a deposit on a business that you find desirable. Deposits are refundable prior to entering into a binding contract, but they’re also a demonstration to the broker that you're serious in your intent. Placing a deposit will see the broker give you the extra time and effort needed to achieve a purchase. The general industry standard for a deposit is up to 10 per cent of the sale price of the business, this can help the broker gain the vendors consent to remove the business from the market for you.
The importance of knowing your finances
It’s also important to know your available funds, what lending capacity you have against other assets as well as what you may be able to borrow against the type of business you are looking to buy. Be open and honest about who you are as an individual and your financial situation to the broker. The broker is trying to match the purchaser with the most appropriate business to fulfil their needs. A vital part of the vetting process is to get an understanding of your financial capacity. Will you need to borrow? Do you have assets to borrow against? How much funding can the business support? The more your broker knows, the better they can serve you.
If the broker has a complete understanding of your finances, they can advise you very early on as to whether you’re financially capable of buying a particular business. It also gives you a workable benchmark from the asking price and the assumption that the financials will support that asking price.
An effective business broker can find businesses that suit your criteria that are both on and off-market. They will have a network of contacts, motivated sellers, and a deep and genuine understanding of the market you’re interested in.
They will also help you understand if you’re ready to buy. An open and honest relationship with your broker will bear fruit for both of you.
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