We have some great information to help you through the process
Gather as much information as possible about the business and the industry which the business operates within. Distinguish fact from opinion. Analyse
facts, and decide which opinion you agree with. You cannot agree with all opinion, you need to use the facts to form your own opinions and plans.
A confidentiality agreement (or Deed) protects the parties from misuse of information exchanged in the sale process, and enables
free discussion and provision of data under controlled conditions.
3. INSPECTION & VENDOR MEETING
This allows the Purchaser to learn more about the day to day operation of the business, and the history of the business, and to confirm the
information provided in the Information Memorandum.
This is an opportunity to have a look “behind the scenes”, and is conducted by appointment with the business broker in attendance. Occasionally, it
is a requirement that a prospective Purchaser should pay a refundable “Expression of Interest” Fee at this stage.
This is not common, but some franchisors and Vendors will require such a commitment from prospective Purchasers, and may require the Purchaser to
present their “Bona Fides” at this stage.
4. CONFIRMATION OF READINESS TO PURCHASE
Before conveying an offer to a Vendor it is necessary that the Purchaser has properly prepared for the acquisition. A separate checklist is provided.
Items included are having an entity established, an accountant and solicitor appointed, and finance in place.
5. CONDITIONAL OFFER TO PURCHASE
To secure the business, and outline the terms of the acquisition, a simple document is completed and submitted to the Vendor. If accepted by the Vendor,
we can proceed to the next step, and if not accepted we use this document to present the Purchaser with a “Counter-Offer”.
6. PAYMENT OF DEPOSIT
When an agreement on terms is struck, and the vendor has agreed to the Purchaser’s Conditional Agreement to purchase the business, a deposit is paid to
the Vendor’s agent, and the deposit is held in a Trust Account, until the parties authorise the discharge of the deposit. The deposit is usually $20,000 or 10%
of the sale price of the business – whichever is greater. A contract is usually prepared and signed at this point.
7. SATISFACTION OF CONDITIONS
Once the Conditional Contract has been signed the parties work together to see if the contract conditions can be satisfied. The conditions usually include;
· Finance approval · Due diligence · Franchisor or landlord interview and approval · Lease assignment
8. LIFTING CONTRACT CONDITIONS
As each of the conditions is satisfied they will be removed, and when all conditions are satisfied, and lifted, the contract becomes unconditional – allowing
the parties to proceed with settlement. If conditions are not able to be satisfied, the contract can be terminated, and the deposit refunded to the Purchaser.
9. PRE-SETTLEMENT OBLIGATIONS & ACTIONS
Once the contract is unconditional, and before the settlement has been effected, there are usually several practical issues to deal with. These may include:
· Franchisor, or Vendor training
· Advising staff, customers and suppliers
· Preparing EFTPOS, phone change, power provider, insurance, signage, marketing, advertising, domain names, business name transfer, etc
Settlement often involves stocktake, adjustment of pre-paid accounts, change floats, staff entitlements, and a whole range of items. Your Benchmark broker
has a checklist of items that they can go through on (or before) the day, to make sure that everything flows smoothly.
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For the business buyer, our Business Broker team provides the necessary guidance that ensures that the Business For Sale you have got your eyes on becomes your new venture with as little fuss as possible. We are here to help you along the entire business buying process.
We invite you to explore the hundreds of fantastic Business For Sale opportunities on our website, or to contact one of our professional Business Brokers for a conﬁdential chat.
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Yiling Tang is a really good business broker. I am lucky to find her. She works diligently, resourcefully and passionate to what she is doing. She treats her job as hobby. I have confidence to her and would recommend her to all my friends.
Benmark Business Sales is the best and most professional agent I have ever work with. Their staff are very efficiency and patiently answer every questions. Here I would like to highly recommend Miss Yiling Tang. She did a great job. There were plenty of late nights work for the urgent paper work, and she never complains about it. There was a small and essential issue which I never noticed, she discovered and fixed it. She is very smart and friendly. She will be you No.1 business broker and you won't regret for your choice.
My family and I sincerely thank you.
I would like to thank Yiling Tang for her excellent service. Her attitude towards the work is on a completely different level. She often walked the extra miles to get things done.
Yiling is also very experienced and resourceful. Very often, she can foresee potential problems and able to provide excellent recommendation or solution. She took every measure to ensure that her service delivery was impeccable from start to conclusion of our dealings.
Great job Yiling! I will definitely look for you if I ever want to buy additional business or sell my business in future. Thank you.
I have had the pleasure to work in conjunction with Yiling for nearly 4 years now as a Business Specialist here in Adelaide looking after her clients (vendors) with the sale of their business and at times with the purchasers. Yiling always goes beyond the call of duty and goes to exceptional lengths to look after her clients to ensure the best outcome for them. She also does this with the purchasers to ensure they are successful in their journey from contract negotiations & sign up to settlement especially with obtaining landlord's approval. You can always count on her to assist with any situations or issues to help achieve the final outcome and at any time of day! Over this time I have witness Yling's confidence building to the high level that is today and become a great broker!
I have had the pleasure of working with Yiling on both sales and purchases of businesses in South Australia. Her willingness to go out of the way to ensure that both the vendor and purchaser are prepared and happy with the end result is outstanding and I only wish all business brokers dealt with these transactions in the same manner as it certainly makes it easier for everyone involved.
I am happy to report that thanks to your BENCHMARK services , enough interest was generated on our Foodworks store in the sale of the business. I have certainly found your system an effective way and clear to reach cashed-up buyers.
I also appreciate your patience in handling the queries from the buyer and vice versa and dealing them fairly. Once again thanks for the standard of professional services over the last few months and i must say that the lots of hardwork you have put in selling out the business is worth appreciated!!
I would recommend your company's years of experience to anyone who is serious about selling their business.
Made impossible to Possible sold my business to get on to my next phase of my life.....
Highly recommend Yiling & Benchmark!!!!!!!
Yiling Tang is an extremely professional and enthusiastic business broker. Once she has got you the best possible price for your business, she goes above and beyond the call of duty to make sure your settlement goes smoothly, even when faced with every possible problem - landlords, franchisors, lenders, or difficult purchasers. She helps with every part of the process to make sure your settlement goes through and you get the desired result, ie money in your bank account.
Selling a business is a highly specialized job.
Without the correct process and guidance the risk of damage to value and reputation is high .Glenn Irving representative of Benchmark business sales is a man that leaves no stone unturned. His attention to detail and process ensures that the sale reaches a successful end. Glenn is calm methodical and professional. I have no hesitation in recommending Glenn to anyone wanting there business SOLD .