Many café owners that are considering the sale of their business will have a ring around the local brokers to speak to them and see who they think would be the best fit to sell their business.
One thing that I know many brokers understand is that people would often prefer to be told what they want to hear rather than being given qualified advice.
Overpromising or making vague but promising statements about the value of a client’s business is a common way to win business and in fact some brokers can sometimes make a very good living just from getting listings alone.
Going to market unprepared at an inflated valuation may generate interest and could even get offers but rarely do these sales stand up to the scrutiny of due diligence.
It is my experience that buyers are very well briefed and are often getting advice from other professionals and so any issues that are not dealt with premarket will come up during the sale.
Business sales are relatively complex transactions and there are so many factors that go into determining the value of a business that there is huge value in having an industry expert who will take a deep dive into your business and evaluate how buyers are going to look at it (which I can assure you is a very different perspective to how the vendor views their business…) and identify the right sales strategy.
There are almost always issues that come up during an appraisal that have the potential tom devalue or even derail a sale, many of which can be overcome or worked on to ensure that when the business goes to market it is attractive to a range of buyers.
Ultimately the best price is achieved by taking the business to market at the right price and creating a competitive sale with multiple buyers competing to secure the opportunity.
If you are considering selling and want to have an informal conversation about implementing an exit strategy that will help you to get the best possible price for your business then reach out for an informal chat about how we will partner with you through the entire process.