e keep hearing that the economy is getting better, that there are more jobs, yet, when going through our local town, there are many businesses going out of business and empty store fronts. It’s quite sad. Some were in business for many years. Others could not even make it a year. I wonder if we had something like what is in the United Kingdom, Business Brokers, if it would have given them more of a chance, or if the expertise of these brokers would have directed them in the right way with their business ventures rather than shutting their doors and giving up completely.
In the United Kingdom, these specialist brokers are dedicated business people in a service business to find buyers for businesses. They don’t just sell the business, but arrange for teams that are well informed and educated about a particular business so they have particular “niche” in specific areas. And, they do not get paid until the transaction for either side is completed – either for the buyer or the seller.
For instance, if an attorney has his own private law practice and is ready to retire, he can work with the brokerage to have them promote his Law firm for Sale. The brokerage will be professional and confidential and will be looking for someone who can not only just buy the law firm, but be competent to understand the business aspects of such a purchase. The same goes for another individual looking to increase his physiotherapy practice into a broader area and may be specifically looking for an Physiotherapy practice for sale. It’s a partnership with the brokerage, working closely for both the buyer and seller.
So for those in the UK looking to buy or sell a business in such practices as veterinary, pharmacy, massage, nursing home, optometry/optical practice or a private practice, be sure that you do have this brokerage partnership.