A week in the life of a business broker
Have you ever wondered what a business broker does? Here’s a typical week in the life of Alex and Paul Dodgshon the business brokers from Uscita…
We always have a team meeting first thing to share our movements for the week and plan our workloads. Paul is off to carry out a valuation on an engineering company with a turnover of more than 750k. To maintain confidentiality, he sometimes masquerades as an insurance assessor. This way he has the freedom to look around the premises and discuss high-level operations with the management team without raising any undue suspicion amongst the staff. They discuss customer profiles, supplier information, marketing, accounts, and review any existing contract security the owner has in place.
At the end of the meeting he makes a verbal assessment of value and recommends which Uscita service is most appropriate for the vendor. Back at the office he follows up with a written valuation and confirmation of all the key points discussed.
As a member of the Women in Business Network group in central Manchester, today is Alex’s turn to do a short presentation to the group. She talks about the 8 key ways in which you can add value to your business. There was lots of interaction and the information was well received.
There’s been a lot of interest in a local retail business we’ve just put on the market. Paul will carry out a viewing today with one of the interested buyers. They’ve been pre-vetted by us so we know they’re a genuine buyer and most importantly, financially capable of buying a business. The buyer has experience in the retail sector. We’ve had a good chat with them and we think their personality would be a good match for the business also.
On site, Paul introduces the interested buyer to the vendor and they carry out a tour of the premises, explaining how things runs on a day-to-day basis. It’s a good opportunity for the vendor and buyer to get to know each other and for each party to raise any questions.
At the end of the meeting the buyer confirms their interest and requests a full set of company accounts plus a detailed breakdown of employees and their contracts. We’ve already prepared this information so Paul forwards it on his return to the office. He’ll make a follow-up call to the buyer in a couple of days.
No appointments today so we spend the day in the office catching up on admin, managing enquiries and doing additional outbound marketing for our current business sales. We average around 40 new enquiries per week and respond to these by forwarding information as required but always with a mind on confidentiality. Follow up phone calls and emails to interested parties are a daily routine.
We deal with a variety of business sectors so it’s often an interesting learning curve. A central database for each sale contains facts, figures and answers to frequently asked questions. This helps us respond to enquiries quickly and accurately without continuously interrupting our clients for data.
It’s Paul’s turn to network today. He’s a member of a local BNI group and is up early for a breakfast meeting. Over the years, we’ve built up some really successful relationships through networking and we both really enjoy and value this part of our roles. Paul provides an update on our services, listens to members’ news and makes some new contacts through visitors to the group.
Back at the office he is preparing sale forecasts for a business whilst Alex is obtaining due diligence information from a client in advance so it does not slow down the sale process further at the contract stage. Alex requests a list of company assets, staff and creditor information from a vendor. Later, Paul is on a conference call with solicitors for a large sale due to complete shortly, helping overcome a disagreement in the final terms of the contract and reach an acceptable position for both buyer and seller.
Alex completes a desktop valuation for a small sandwich bar who will mostly likely be using our Usell service, and then finalises the content for our monthly newsletter . She’s also in conversation with a client about a Heads of Terms document for a separate business sale. The buyer has requested specific terms to be agreed with the vendor so we act on their behalf in initial discussions. Our clients find this part of our service invaluable.
On Friday afternoons we focus on admin, diary management and responding to more enquiries so we can focus on family life at the weekend. It looks like another busy week ahead!