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Hot Management Tips ...
Business For Sale ...
One of Australia’s best know business brokers gives the following suggestions when advertising a business for sale:
- Submit written copy for classified advertisements. If you phone your wording to the newspaper, it’s more likely to contain mistakes.
- Give an approximate location (such as Western Suburbs) rather than exact suburb or town.
- Don’t make the ad sound so attractive that it brings in dozens of non-genuine buyers. The more genuine your inquirers, the less time you waste.
- Indicate the general type of business (such as manufacturing business) rather than the specific type of business.
- Indicate the number of employees, the net profit, the plant valuation, the purchase price including plant, fixtures and fittings.
- Use capitals for emphasis, however don’t use them for more than 25% of your copy.
- Don’t use clichés, like “once in a lifetime offer” or “owner going overseas”.
- Work from a box number.
- Give preference to telephone enquiries. They are more likely to lead to a sale.
- Ask them point blank if they have got the necessary finance. Remember that 50% of enquirers usually don’t.
- Forget about wives phoning up on behalf of their husbands. That’s usually a timewaster.
- Don’t get too friendly until the business is finalised. It’s hard to be a tough businessman with friends. So don’t buy them beers and don’t use christian names.
- Finally, don’t show anybody your books until they have deposited their 10% in your solicitor’s trust account. There are plenty of people who would like to have a free look at your books - and that includes your competition!
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