How should I go about selling my established business?
Im looking at selling my established coffee van business in Victoria. Any advise on how to go about selling it. Through an agent? Broker? Or do it myself?
Hi Paul, I would need to know more about your business before making a recommendation.
For example, how established is it? One or 20 vans? Do you have a list of your customers and their email addresses? Is it just you in the business or do you have employees. Paul what I am looking for when asking these questions is are you selling a job or a business?
To answer your question directly, to be honest, I am a bit of a 'go-it-alone' at first kind of person and if that doesn't work then go to a broker. Simply because a broker will take a commission.
That said, a combination might be good for you and you have nothing to lose in the first instance. What I mean by this is let all the brokers know you are selling (in case your perfect buyer knocks on their door) however do not sign any exclusivity arrangements.
The price you are asking and how realistic is is will also have a big bearing on your success.
For a single coffee van, and just one person in it (ie you) I would start with ..... gumtree and ebay (believe it or not). Free and often there are unskilled people looking for this type of business or migrants that need a business for visa reasons. On this point, you could even market your business to immigration lawyers and migration agents who often have clients looking for businesses.
Consult a boutique business broker that can demonstrate a track record of successfully selling similar businesses to yours.
I can recommend a general business broker.
Maybe try contact some other brokers selling coffee vans and work backwards from that if you're happy with the way they present that business and communicate to you. Even better ring up as a prospective buyer and see if the past the test!