When it comes to commercial business sales Fernbrook, working with a business broker will help you to find the best buyer and close fast. However, the tough step is the handover. How long it takes for you to close the deal is influenced by a number of things even with the right buyer. Here are a couple of things that will influence how long it takes for you to handover your business to the new owner.
Premises and fixtures
Fixtures and fittings are part and parcel of a business. When selling your business, you need to establish whether your buyer wants to keep the location. If they already have an existing site, you will have to make plans to close down your office or shop. The problem is your assets will almost never achieve the second-hand sale price which represents their value. If your assets are at a break in the lease, you can hand them back. If not, you need to continue paying rent until the time you can extract yourself from the rental obligation. All these things can affect commercial business sales Fernbrook.
Managing staff relationships during business handover is mostly the hardest part. Employees have protection under TUPE regulations and will transfer to the new owner. However, if the new business is in a different location then it will inevitably inconvenience the employees and this will lead to redundancies. Reliable employees are necessary since they can execute tasks, handle problems, and alleviate your workload. To sell your business quickly, you may have to consider the possibility that your staff will have to be let go during the process.
Type of buyer
The type of buyer you are dealing will influence the business handover speed. If what you need is a fast transition, the best buyer to work with is a competitor. Selling to another business that is in your niche will guarantee a fast sale. If a competitor is your buyer, they will buy your customer base, stock, and trade in order to grow their own business. In most cases, competitors don’t want your staff, fixtures, fittings and premises. With that in mind, the handover speed will be fast.
How much your business is likely to fetch and how quickly you need the money will influence the handover speed. When buyers feel rushed, they will most likely offer to buy your business at a lower price. The case is the same when you are not able to provide the information a buyer is asking for. The only reason you would accept a lower price for your business is if you want to sell fast and you don’t have other offers to consider.
Failure to maintain confidentiality may not only lead to the loss of business or clients but will also unlock the risk of confidential information getting in the wrong hands. If being open will damage your business by jeopardizing contracts, you have to present the sale confidentially. This will slow down the commercial business sales Fernbrook process because you have to sell by offering limited information in public postings or by approaching buyers directly. You will not get competing bids and thus closing will take longer.