Buying a business requires skill, determination and audacity. Having a business broker to guide you through the process brings confidence as you secure your next venture. Transworld Business Advisors UK offer five ways in which a broker works to your advantage.
There are a number of steps to moving into the lofty world of business ownership. We’ve spoken before, about the differences between starting your own business compared to investing in your own franchise business. But what about buying an established business which is for sale.
With so many options opening, what is the best way forward?
“Engaging the services of a business broker can deliver value to the process,” explains Henry Ziff, Managing Director of Transworld Business Advisors UK and London. “Our network of brokers have the experience to guide you, even down to helping you ascertain where you might excel as a business owner. We also have a range of skills which can help with building your portfolio.”
An experienced business broker, such as those within the Transworld global network which has been established for 40 years, will have a clear understanding of the business market. Their knowledge and insight can help direct you to finding the right opportunity, with:
1. Understanding the market: Your broker will have a clear picture of the market, based on the fact they are involved in it, daily. They will be able to advise you when a business is priced right, as well as which sectors are strong. And they are likely to have a number of listings you might be interested in.
2. Confidentiality: The process of buying a business is highly-private, and the need for confidentiality is paramount. For both you, and the current business owner, especially as you are granted access to the business accounts, view the business, and employee details.
3. Negotiations: This stage requires skill to keep the negotiations progressing. You don’t want your new business deal going cold, nor do you want to lose out on a lucrative deal to someone else. Your broker will be able to offer you full support, with lots of experience.
4. Business knowledge: Being involved in supporting the seller, as well as you the buyer, means your broker will have valuable insight into the business, an important aspect of your due diligence process.
5. Education: Once a deal has been brokered, and you become the legal owner of a new business, your broker will support you through the closing process, as well as guide you through any educational aspect of running your new business.
There are any number of reasons behind why a business might be for sale, many of which are positive. The outgoing owner knows they have a viable business for the future. Neither do you need to have experience in a particular sector – especially if you have strong business acumen, or access to the right advisors. “Don’t let fear of the unknown hold you back from taking a leap into a future you are in more control of,” says Henry. “Within the Transworld network, we have over 500 brokers operating from 235 offices around the world. These days, you’re no longer limited to buying a business where you live – the potential for your business portfolio is huge.”
There are more advantages, than disadvantages, to hiring the services of an experienced business broker, when it comes to buying your next business venture.
If you are interested in finding out more about how your local Transworld Business Advisor can support you, call 0203 911 1059 today!