The Savvy Road to a Sale!
- Prospecting – This is where it all starts! Each time you research and call a prospective seller think of it as a $40 000 phone call, as that’s close to our average commission. The better prepared and educated you are on your approaches - the more chance you will have of forming a relationship resulting in a sale. Target the unique and be clever, always give them something and have confidence in what you are saying. We are in an industry that is 100% about numbers, it’s very simple – the more contacts you make the more money you will make and there is no denying this. So be consistent and get your spiel down pat so you have confidence when you talk to prospects. You have to believe in yourself and the service we provide.
- Meeting Potential Vendors – Your time to shine! When the opportunity arises to meet with sellers and learn about their business you need to prepare well and have pertinent questions and solid knowledge of their industry and the players involved. Your main role is to listen and learn, take notes and think on your feet. Remember they will bullshit us so we need to be strong and smart enough to catch them out without painting them into a corner. Tell them about Queensland Business Sales – they are getting two agencies for the price of one, no one else can offer this. Ask the seller if you can do a comprehensive, obligation free appraisal for them.
- Appraisal – This is where the real detective work begins. Before you start ask the sellers if they are working to any particular time frames….as a thorough appraisal can take up to two weeks (longer if they can’t provide the relevant information). The reason we buy this time is to thoroughly learn the business, key staff, product lines, lease/rent details, financials, stock holding, debtors, finance options, equipment values, competitors, suppliers, intellectual property included, talk to accountants, research recent sale and similar opportunities on the market. You must discuss your findings with me so we can talk sale price, commission and marketing etc. before presenting it.
- Present the Appraisal – Ideally done with Husband and wife together in the Savvy boardroom…..where they are not distracted in their business environment. Introduce them to me/ Hazel and other team members. Relax them, get them a coffee, show them an example of an information memorandum and our websites, talk about recent sales, ask what their plans are when they have sold? Seek expectations on time frames etc. Then run through the appraisal with them. This will highlight our fees, our suggested price range, marketing requirements, and similar businesses for sale/sold. This is a very informative document and at the end of this presentation you should be in a position to get their thoughts. No other brokerage goes to the length we do to thoroughly learn and appraise a business. This is our point of difference and if you do these steps properly your knowledge and our professionalism will quickly overcome any issues on rates or list fees. This process is the most crucial in what we do, if you don’t win the listing you will never achieve a sale.
- You Win The Business – Your hard work is paying off and you are well on the road to a sale! Now the real work starts, you need to get the details required to complete a form 6 – get this done ASAP and get them committed. You will also need to collect the listing fee ASAP – history proves if you don’t get this upfront you reduce your chances of this happening, so don’t delay – we have Eftpos facilities if they can’t transfer the money. Don’t do anything else until you have form 6 signed and list fee.
- Preparation – It is not unusual to take a couple of weeks to get the required information prepared professionally. This takes plenty of collecting and pushing the vendor to give you what you need. Use the solicitors and accountants forms to get this. We will not put a business on the internet until the preparation is finished as it will bite you on the ass when someone enquires and you can’t answer a simple question – believe me you will get caught out, so don’t risk it. Give all info to Hazel when it is completed – not in dribs and drabs as it takes her much longer to process it. Be patient and thorough, attention to detail and learning the business intimately will put you in a VERY strong position for due diligence and finance approval. That is why we do what we do the right way!