Lester de Vere & Richard Stevens are probably the Shore’s leading Business Brokers. Born and bred on the Shore they represent ABC Business Brokers in their home patch. They have spent many years in business themselves before taking on the role at ABC. Their passion is to 'help vendors transition through the sales process and creating a win-win for both seller and purchaser' Lester is ABC’s No.1 Auckland Salesperson in 2018 & 2020 and being named ABC’s Trusted Advisor of the Year 2018. Richard awarded the Rising Star of the Year 2020.
Without doubt we are creatures of habit and that doesn’t change with the market expectations at this time of year.
Once the New Year kicked in ... both business owners and business buyers start reviewing their plans and thinking about a new start to 2019 and new directions, both into and out of a business.
I’ve had a lot of discussions with business owners wishing to sell their business; the reasons are all quite specific and always very relevant to their situation.
Some of these reasons are triggered by the likes of a health scare, time to retire and work out the next chapter or journey they are on, the timing is “right” and the business has matured and still offers great potential for a new energised owner to take it to the next level , or they may just be over it because attitudes have changed.
Regardless of what the reason is... the common thread for all in getting the business sold is preparation. The more controlled the sale process is for the owner/s, the more controlled the outcome and that inevitably ends up being a more positive process for them.
When the need becomes “urgent”… and we’re talking a couple of weeks expectation to sell a business, the red flags are raised not only by the potential buyer, but also their advisors as in accountant and lawyer.
A case in point is where two separate business owners have been in touch with me early this year where they have had an excellent idea for a business, created impressive websites/social media platforms and business systems and after 18 months to two years have gotten over it as the funds to support the new venture have dried up and the business as such,is not actually making a return.
As a business broker, one of the first questions I’m asked is “What am I going to earn if I buy this business?”... and if the answer is along the lines of: not a lot as yet, but it has great potential… it’s going to be a hard sell. If it has no proven successful track record, better to hang on in there and prove that there is a need for the business and that it can run successfully.
So, if you’re thinking about that next step no matter when that may be, and would like a discussion around the process, please get in touch!
