o you ever wonder what businesses do or what options they have, when the owner wants to retire and shut his doors? An owner may not have a son or daughter to pass his business on to. They don’t want to just walk away and yet, do not know how to go about selling their business. Business Brokers may be the first step for the business owner to sell rather than putting the “CLOSED” or “GOING OUT OF BUSINESS” sign on their door.
I have never heard of a business broker here in the United States, but in the United Kingdom, there are specialist brokers for every type of business seeking new business owners to purchase. These business brokers try to educate by putting together teams which are well informed and educated about a particular business. They absolutely need the knowledge of how to run that specific business and who to hire. This definitely works for the benefit of the seller to get the best deal and work with the broker, because the broker does not get paid until the transaction is fully completed.
For example, if an account is ready to retire, he can work with the business broker to have them promote his multiple accountancy practices for sale with a plan that is all spelled out in writing. A business broker must be well educated in this field. Before an accounting business can be sold, an accountancy practice valuation must be done. The person buying will need to know the financial history, reason for selling and of course, a fair price for both the seller and the buyer. Only screened buyers can get further information on accountancy practice sales, yet throughout the process strict confidentiality must take place for both parties. The seller should find this brokerage to be professional, confidential and be results focused.
So whether you are looking to buy or sell a business in such practices as veterinary, pharmacy, massage, nursing home, podiatry or a private practice, be sure that you do have this brokerage partnership.