Letting go of business ownership is common, especially if you want to retire and focus on your wellness. Nick Edwards sold a Domestic Appliance and Large Gas Retailer business on behalf of his parents. Local to Shropshire, A&B Smith was founded in 1976, and Nick’s parents purchased it in 2002. In their pursuit to retire and focus on their personal lives, Nick’s parents approached him for guidance. He knew that BusinessesForSale.com would be the most effective platform to list the business on.
Nick is familiar with BusinessesForSale.com. He previously used it to look for businesses he was potentially interested in, and discovered it by searching for a business on Google.
“When my parents approached me for help, BusinessesForSale.com was my first port of call. I’ve always found the website extremely user friendly, and great for enquiries.”
When listing your business, BusinessesForSale.com gives you choices. You have different payment options, and you can manage your marketing and communication efforts.
“I managed the sale, right from the beginning up until it’s sale in August 2021. I signed up, put the text together, uploaded the photos and saw a steady stream of enquiries from the time we listed up to the completion stage. The business has a lot of nuances, and it was quite antiquated with its set up and running operations. We wanted to manage the flow of information and talk to any interested parties ourselves”.
Nick explained that the whole experience was great, and that the account manager checked in with their process every couple of months to see how they were getting along.
Buyers that enquired were able to send a direct message requesting more information, asking more detailed questions, or requesting a call. This helped Nick filter through 29 buyer leads, four of which were significantly interested in the business.
Asked if the pandemic affected his selling experience, Nick believed it had a positive impact on the sale. A&B Smith was a business that flourished during COVID-19, as more people began to shop locally. As the world began to open again, and the vaccine roll-out accelerated, Nick noticed that buyers were becoming more certain and confident, and acquirers began to recognize a path toward expansion. This laid the foundation for A&B Smith’s sale.
Nick’s advice for those looking to sell a business:
1) It’s important to set a fair and reasonable valuation on the business. Of course, everyone wants as much as they can get, but it’s important to value it realistically. If you don’t, you’ll attract a lot of scrutiny, and potentially have people walk away.
2) Having the right information available when you do come to selling the business is essential. Prepare your financial accounts and have information on the way your business operates. We experienced hundreds of due diligence questions. Having information collated and ready to go to hand over to a potential purchaser helps enormously. You want the process to keep going, you don’t want it to lose momentum.
3) In terms of advertising your business, sparce information is not helpful. Our listing was detailed and specific, and we provided an in-depth overview over the business. What’s worked, what hasn’t worked, trading figures. That helps people form an opinion and analyse the business before they make a decision.
From gas to lighting, interiors to gardens, retail businesses are a sector with thousands of listings on BusinessesForSale.com. If you’re looking to start your journey in business ownership, want to expand and become a market leader, or want to hand in the keys and pursue new dreams, we provide the platform to make it happen!