The International Business Brokers Association has awarded London-based Business Broker, Henry Ziff, MD of Transworld…
As a business broker, it’s important to have a steady stream of listings. For some of our franchisees, such as Ken Gorman and Nada Saleh, building relationships with other franchises in their locality, has helped build a strong foundation for their business growth.
When you’re a business broker, you want a steady stream of listings on your books. A variety of opportunities your prospective buyers might be interested in. For Transworld franchise partners, Ken Gorman and Nada Saleh, having relationships with other franchise systems which operate in their local area, are as valuable as any of their sellers.
One such client, In Care Home, values the support they receive from Transworld Business Advisors of London South West, having onboarded four new franchisees over the last year. This included signing up new offices during the global pandemic. Of the most recent buyer, Nada explains, “He had been exploring his options with us for a while. Having previously been involved in business operations, he was ready to change direction for something more rewarding. He knew he wanted to run a healthcare business because he’d seen how well domiciliary care sector is doing; especially at the moment.”
Understanding what our clients want
In Home Care approached Transworld to help them find people who share the same ethos as they do, to join their new and growing network. So, before Ken and Nada could introduce the buyer, they needed to be sure he would be a right fit for them. “This comes down to understanding the seller, and taking the time to know what they are looking for,” explains Ken. “My team took about three months to really understand the business inside and out, before we started to introduce any prospective buyers. The type of person needed to run a domiciliary care business is unique, and needs to care about people, not just the expected return on their investment. This takes a different approach when selling it.”
It’s never just about pushing the sale
Before introducing the buyer to In Home Care, Ken and Nada spent time with him to also understand not just his background, but his future aspirations. “When you are matching a buyer to the right business, it helps to have as full a picture of them, as you can build,” says Ken. “When we understand what someone is looking for, we can show them the right kinds of businesses we have listed, at the time. So, although we showed this buyer a few other options, it was when we spoke to him about a home care business when he really came alive. We introduced him to In Home Care, and he was keen to start the conversation.”
The buyer, perhaps because of the current situation, seemed a little cautious to Ken and Nada. By drawing alongside him, taking the time to understand his situation, as well as his concerns, they were able to guide the buyer to a place where he was ready to make his investment. “We supported the sale of the franchise, substantially, and had more conference calls than we’ve had with any of the previous buyers,” Nada continues. “He also visited with the franchisor a couple of times. So, the due diligence process for this particular buyer, was incredibly thorough, before he was ready to commit – it was never about pushing him to make a decision, but walking him through the journey.”
Can you see the value of long-term investment for your business future?
Starting your own Transworld business will give you the opportunity to have a long-term impact on your local business community. So, if you know how to connect with people, and are prepared to make time to listen to their stories, you have what it takes to be a success. Whilst many of your clients will be one-off owners exiting their business, there are long-term opportunities available to you, as well. Whether this is connecting with other franchises operating in your locality, or it may be helping a previous buyer to add to their portfolio, or exit for themselves.
Contact Henry Ziff today to start your Transworld story, on 0203 911 0159, or email him at: [email protected]