Transworld Business Advisors Employee is a Finalist in National Women in Franchising Awards. The NatWest…
When a young family were struggling to sell their business, they approached Transworld Business Advisors to help them. Amir Hussain – the experienced broker for Transworld of London – guided them through the process – easing the burden along the way.
A London-based grocery store, was being run by a husband and wife who had young children and a lot of responsibilities. But, running the business was taking its toll on the young family. Although it regularly saw £7-10k a week turnover, they knew it could achieve more, under the right management. They weren’t as organised as they’d needed to be, especially when it came to the books. So, they set about trying to sell it.
The business had been on the market for a while by the time they approached Transworld Business Advisors, and involved Amir Hussain in the sale process. “In order to ease the burden of the sale for the young couple, I set about helping them to market their business more effectively, both online, and with speaking to buyers I knew. By liaising with buyers on behalf of the seller, I reduced some of the pressure they had been feeling. I was able to field and answer questions, vetting prospective buyers until I could qualify the one buyer genuinely ready to take the next step.”
Amir arranged a meeting at the shop, where he could show the buyer around the business. “Prior to entering the premises, I showed him the local area. This was the biggest selling point of the business. It is located near a busy bus stop, and a pub – but more crucially, it is one of the closest grocery shops to Wembley Stadium. The business regularly enjoys a massive footfall, especially when Wembley Stadium is hosting an event.
“The buyer had history of running a grocery store,” Amir continues, “so when we went in, and he could see the business for himself, he immediately recognised the potential of what he was looking at. I could tell he was a motivated buyer, which meant I could progress him through to the next stage of the deal, and introduced him to the seller.”
Sellers typically become frustrated and lose heart, when people view the business, but are not really engaged with it. Part of the role of a Transworld broker, who works for the seller, is to qualify buyers, and eliminate those who aren’t really interested, from the sales process. We won't introduce our clients to a buyer, just for the sake of numbers. We focus on the quality of the sale.
As Amir’s buyer entered the purchase process he was given time and space to think, process the opportunity, and present any questions he had. “These questions became more detailed, which again indicated to me his serious intent about buying the business; such as technicalities around how it was run, the industry and accounts. I was able to support the seller with responding during the second meeting, after which, the buyer made his offer.”
The young family had agreed a market price for their business of £60k. Through negotiations guided by Amir, the buyer and seller agreed to a sale price of £55k. “As the seller’s broker, we continued to support them by liaising between their solicitor and landlord, his solicitor, the buyer and his solicitor. Throughout the whole journey, my role was to reduce the stress the family had been feeling about selling their business, prior to my involvement. And they trusted me to do the best job for them. Selling a business can, at times, become quite tedious. People’s emotions and expectations are involved, which can lead to problems. So, as we manage people, and the process, we keep a level head, to keep the process moving forward, whilst maintaining peace between all parties.
“But once the deal is done, the contracts are signed, the new owner is settled in his new business, and the young family are freed from the pressure of a business they were struggling with – this is when I know I’ve had a positive influence to people who are beginning a new, exciting chapter in their lives.”