Running a business stems from big dreams and high expectations. Many budding entrepreneurs see the…
Ken Gorman and Nada Selah established Transworld London South West six months ago. By following the Transworld model, they have already built a team of 7 brokers and 12 associates.
Ken had been involved with IT for decades before he took the step to join the Transworld network, “I went with Transworld because they are a well-established company, with an excellent training programme. The training has been developed over 40 years: There is a lot involved to become a Transworld broker.
To learn the Andy Cagnetta methodology for brokerage meant we were in the States for two weeks; with 23 modules each taking two hours to complete, it is pretty comprehensive. Fortunately, the training and support continues back here in the UK.”
Transworld is the largest global business brokerage in the SME space, using a franchise model based on 40 years’ experience. We have over 200 offices around the world, including 16 offices here in the UK. “Even though the London South West office is new to the Transworld network, sitting behind us is 40 years and thousands of successful deals carried out the world over. We may be one office, but we are bigger and older than other brokers.”
Ken’s first deal was actually a collaboration with fellow franchisee of Transworld London, and Managing Director of Transworld Business Advisors UK, Henry Ziff.
A buyer enquired about an ecommerce business, but as Ken and his team led the buyer through the due diligence process they realised this would not to be the right fit for him. With the support of Henry, the Transworld network set about finding the right business for the buyer, and quickly found an IT company better suited to him. “We guided him through the Transworld buyer process,” explains Henry, “moving quickly once the offer of around £225k had been accepted, within weeks of our initial introductions.”
“The Transworld UK leadership were incredibly supportive throughout the whole process,” Ken says. “The Andy Cagnetta method of managing a brokerage process is proven to be effective. Doing our first deal in this way demonstrated how co-brokering helped to secure the deal faster, whilst the Transworld approach meant my seller ended up with 40% more, than if had he sold independently. He was so satisfied with the deal he recommended London South West for another £500k listing.”
“His wife has also given us a referral: She had been very happy with the transaction. She was walking their dog, shortly after completion, when she ran into someone she knew by association. In conversation she explained how they had just sold the business. He was in the process of selling his own business. Upon hearing how well Transworld had worked out he has already arranged to meet with us.”
The Transworld philosophy and methodology which Ken and his team live and work by is: Transworld brokers walk with people through the process of selling their business which, for many, is a fundamental part of their life-transition process. They use their Transworld training, brokerage knowledge and experiences to make the process easier for them. “So far, at Transworld London South West, around 70% of our listings are retirement. Each seller has invested 20+ years of their life into building something substantial. Reselling it is their last opportunity to make money from it, and sellers genuinely care about the business and the people involved in it. They want to be sure it will be passed onto a buyer who will be as passionate about it as they were, for its continued future success.”
Since he started out, Ken and his team are enjoying being part of the global Transworld network, “People who join a franchise suddenly go from being in an office environment to managing a business. They think they will be alone, and it’s a scary process. But here at Transworld, we have the support of the Head Office and the rest of the network. It’s like becoming part of a global family, so we are never going to be on our own to work it out. Plus Transworld, as a business, is fun!”
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