The Business Sale Process
What to expect while listed with Bayleys
It’s important that a business is properly priced if you are to attract buyers but also achieve a price that represents a fair return for the work you have put into the business.
Under the Real Estate Agents Act 2008, agents are required to appraise a business for sale prior to entering into an agency agreement to sell it. This will require you to provide financial information about you company to enable this to be done.
An appraisal is different from a valuation but uses similar methodologies. In preparing an appraisal, a business broker will use various approaches and methods to establish a value for the business and often the range at which offers are likely to be received. A range is relevant because every business buyer has a different motivation and it is important for sellers to understand this.
The appraisal would then be discussed with you to gain agreement on the possible range within which the business may sell. At this time we would also present a proposal on how we would take the business to market including all aspects of marketing and promotion.
If you decide to proceed, the sales process then follows a number of clearly defined steps which encompass:
Signing an agency agreement
Choosing a method of sale
Preparing information on your business and establishing protocols or the release of that information
Marketing your business
Sealing the sale