Business Transfer Agents
What is a business transfer agent?
A business transfer agent acts on behalf of business owners who wish to sell their businesses as going concerns, in whole or in part, whether they be sole traders, partnerships or limited companies.
A great deal of expert, specialist knowledge is required in order to be able to value and market such businesses. This is particularly true of the intangible assets such as goodwill and intellectual property.
A good business transfer agent will have a comprehensive understanding of the market and, critically, how to access the best potential buyers.
What does a business transfer agent do?
This depends upon whether you are buying or selling a business.
- the agent will work with you to achieve the best price possible in all the circumstances. A good agent will go beyond merely carrying out a valuation and will give advice on ways to prepare the business for sale to maximise its potential. A really good agent will not only be able to give advice in this area but will provide such optimisation of sale potential as a service (if required).
- the agent will be responsible for marketing the business and producing sales particulars, advertising copy and press releases (if required).
- as well as promoting the business an agent may have a database of buyers who have already expressed an interest in the type of business you are selling.
- the agent will orchestrate communications between the buyer and the seller. A good agent will know when to formalise communication and when to encourage a close interaction and flow of information direct between the parties. This is a vital function to make sure there are no misunderstandings between the parties that could lead to unnecessary delays and, in the worst scenarios, a collapse of the sale.
- the agent should interact closely with both the buyer’s and the seller’s solicitors to ensure that the transaction proceeds smoothly.
the agent will act as the initial communications link between you and the seller.
you will be provided with sales particulars to enable you to begin your preliminary investigations and due diligence.
a good agent should be able to provide access routes for finance if you require them.
the agent should act closely with both the buyer’s and the seller’s solicitors to ensure that the transaction proceeds smoothly.
If I wish to sell my business, which business transfer agent should I use?
You should instruct a business transfer agent that is not just going to market your business but one who is prepared to go the extra mile to help you achieve your objectives. Preferably you should use an agent which offers a service to assist you in preparing your business to maximise its potential.
For over 20 years we have worked with the long and well established business transfer agent Beardsley Theobalds who provide an excellent service for their clients. This agent also provides a service portfolio of pre sale briefing, strategic reviews, value building and the management of the sale process. If you would like to know more about Beardsley Theobalds please click here.