Where to advertise a business for sale

Discussion in 'Retail' started by Mayor, Mar 19, 2014.

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  1. Mayor

    Mayor UKBF Regular Free Member

    295 95
    I'm getting a bit ragged running three different businesses, so I'm looking to sell the one that interests me the least. It's a tidy little shop that will do well with an owner/manager - where is the best place to advertise this sort of business ?
     
    Posted: Mar 19, 2014 By: Mayor Member since: Feb 3, 2009
    #1
  2. The Wholesaler

    The Wholesaler UKBF Regular Full Member

    163 32
    I'd try Daltons
     
    Posted: Mar 19, 2014 By: The Wholesaler Member since: Nov 7, 2007
    #2
  3. Faevilangel

    Faevilangel Website Critic Full Member

    7,564 2,404
    best bet is locally, speak to other local businesses (which might want another source of income), advertise in local classifieds etc

    Lots of people have left high paid jobs and looking for alternate incomes which your shop might appeal to.
     
    Posted: Mar 19, 2014 By: Faevilangel Member since: Jun 29, 2009
    #3
  4. Mayor

    Mayor UKBF Regular Free Member

    295 95
    I don't want to let slip that it is for sale locally. Small town gossip will immediately presume we are in financial difficulty or selling because we are going bust, which will drive trade away. I'll have a look at Daltons.
     
    Posted: Mar 19, 2014 By: Mayor Member since: Feb 3, 2009
    #4
  5. Chris Ashdown

    Chris Ashdown UKBF Legend Free Member

    10,634 2,151
    Local accountants and Estate agents may have knowledge of people looking for something to buy
     
    Posted: Mar 20, 2014 By: Chris Ashdown Member since: Dec 7, 2003
    #5
  6. Talay

    Talay UKBF Big Shot Free Member

    3,780 787
    Reverse the argument and think where you would go looking if you were in the market for such a business.

    Where would you expect to find it advertised and where would an advert surprise you. Also, where would seeing an advert make you suspicious - avoid these.
     
    Posted: Mar 20, 2014 By: Talay Member since: Mar 12, 2012
    #6
  7. oldoakey

    oldoakey UKBF Regular Free Member

    199 31
    Try businesses for sale .co.uk they charge a flat fee to advertise your business for 3 months or longer if you want. There are no commission fees to sell just the sign up payment. If someone shows an interest they send you their contact details for you to talk to them directly

    I would be vary wary of some of the business sale agents especially the ones who want to charge an up front fee and tell you that your business is worth much more than you thought (they pump up the value so you get starry eyed and sign there and then). This is in reality a con as once you have paid the £700 or so they will advertise your business but you would find it very difficult to sell at the inflated price they feed you and then if you try to back out of the agreement they will try and stiff you with penalties.
     
    Posted: Mar 22, 2014 By: oldoakey Member since: Jun 18, 2011
    #7
  8. Mayor

    Mayor UKBF Regular Free Member

    295 95
    I'm not into dealing with agents or agencies, I've rarely found them worth the money they want. I've done a bit of searching with Daltons, ukbusinessforsale.com, businessclick.co.uk and rightbiz.co.uk - it appears that Daltons have the lions share of the market, so I may look again at them. I want to rattle the business into better shape and tidy up leases, stock etc first. That'll take me a while anyway....
     
    Posted: Mar 22, 2014 By: Mayor Member since: Feb 3, 2009
    #8
  9. Talay

    Talay UKBF Big Shot Free Member

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    Looked online at a £500k business the other week, went for a drive round to sniff it out and then got hold of the agent (who already have all my details) to get access to some preparatory financials and arrange a meet and greet etc.

    Agent doesn't have the accounts or any trading statements. Doesn't know much at all. Can't get hold of the vendor and is incredibly slow to get anything moving.

    Now if this chump is on 5% then this is potentially £25,000 in his pocket but they can't organise the proverbial in a brewery.

    In decades of doing business, building businesses and buying and selling businesses, I have never once met an agent worth the steam off my .... They actually make estate agents look marvellous.
     
    Posted: Mar 23, 2014 By: Talay Member since: Mar 12, 2012
    #9
  10. Ziad

    Ziad UKBF Newcomer Free Member

    46 8
    What kind of business is it? Does it rely more on online or offline business or mixture of both?
     
    Posted: Mar 23, 2014 By: Ziad Member since: Mar 22, 2014
    #10
  11. harper101

    harper101 UKBF Newcomer Free Member

    54 2
    Posted: Mar 26, 2014 By: harper101 Member since: Jan 7, 2014
    #11
  12. uksme

    uksme UKBF Contributor Free Member

    72 9
    Hi @Mayor we'd be more than happy to help you sell your business on Daltons Business - please feel free to call us if you have any questions.
     
    Posted: Mar 26, 2014 By: uksme Member since: Oct 2, 2009
    #12
  13. promdressers

    promdressers UKBF Regular Free Member

    196 44
    Posted: Mar 26, 2014 By: promdressers Member since: Aug 14, 2013
    #13
  14. promdressers

    promdressers UKBF Regular Free Member

    196 44
    I can't comment on your first two options but NEVER NEVER NEVER - RTA, Google them, and be prepared to be shocked. There was also a thread here about a month ago.

    I just found this, and there is some interesting comment, further down, about selecting an agent in general. I respect the fact that the OP may not have any interest in this, and is obviously experienced, but I note it for the benefit of other, maybe unwary, folk;

    http://rta-complaints.blogspot.co.uk/
     
    Posted: Mar 26, 2014 By: promdressers Member since: Aug 14, 2013
    #14
  15. Talay

    Talay UKBF Big Shot Free Member

    3,780 787
    Yeah, do the homework on rip off charges and enforceability.

    Some agents' business model has far more to do with suing their former clients rather than selling businesses. Google is your friend.
     
    Posted: Mar 27, 2014 By: Talay Member since: Mar 12, 2012
    #15
  16. harper101

    harper101 UKBF Newcomer Free Member

    54 2
    Thanks for sharing this! This will surely prevent new probs.. Anyway sorry for sharing that 3rd option..:oops:
     
    Posted: Mar 27, 2014 By: harper101 Member since: Jan 7, 2014
    #16
  17. MorrisChesterfield

    MorrisChesterfield UKBF Enthusiast Free Member

    817 77
    Rta charged me £600 a few years ago. It was a set price with no % on sale.
     
    Posted: Mar 27, 2014 By: MorrisChesterfield Member since: Oct 26, 2008
    #17
  18. promdressers

    promdressers UKBF Regular Free Member

    196 44

    That IS interesting! I went through the start of the process, but fortunately did not sign. Unless they have completely changed their spots, I feel justified in warning everyone of their sharp practices.

    Did you actually sell your business through them? Are you sure it was RTA? £600 is not even enough for their normal (unless they have changed drastically) upfront "advertising" fees/deposit. there are companies who only charge a listing fee, but they don't have sales reps etc (AFAIA)
     
    Posted: Mar 28, 2014 By: promdressers Member since: Aug 14, 2013
    #18
  19. MorrisChesterfield

    MorrisChesterfield UKBF Enthusiast Free Member

    817 77
    Hi,

    Yes it was RTA and i am sure it was £600.00. It was about 5 years ago so unless things have changed
     
    Posted: Mar 28, 2014 By: MorrisChesterfield Member since: Oct 26, 2008
    #19
  20. MIKE-1

    MIKE-1 UKBF Newcomer Free Member

    37 1
    I've found in the past that accountants can be a good source of knowledge for prospective buyers/sellers.
     
    Posted: Apr 4, 2014 By: MIKE-1 Member since: Mar 27, 2014
    #20
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