How long does it normally take to buy a business?
This is one of the biggest variables in business broking. Some buyers know exactly what they are looking for and make a purchase within weeks. Other buyers are not sure what they want and may take up to twelve months to find the right opportunity.
What if I don’t know what I am looking for?
You are not alone. Outside of mergers and acquisitions, most buyers do not know what type of business they want - other than a good one. Be patient and keep in regular contact with your Hallmark Business Sales Executive and they can guide you through the process of figuring out what best fits your needs.
How much can I afford to spend?
This is the first step you should take if you are a serious buyer. Speak with your bank or financier and get their advice on what you can and can't afford. This will save you a lot of time and possible disappointment further down the track. Also speak to your Hallmark Business Sales Executive as finance for businesses vary from business to business and bank to bank.
Do I need a solicitor and accountant?
Definitely. They are an integral part of the business sale process and can offer you valuable advice and direction.
Why do I need to fill out a confidentiality agreement?
Sellers like to know that commercially sensitive information about their business is in safe hands, so all of our potential buyers complete a Confidentiality Agreement. This means that you can share information we provide you with your partner and with your professional advisers, but no one else. Once you have registered with us, you are able to access information about any business we advertise without going through the process again, and of course, buyers registered with Hallmark Business Sales are sent information on new listings before they are advertised to the general public, ensuring you are the first to know when new listings are available.
Will you contact me with new business opportunities?
Once you have signed a Confidentiality Agreement, and have an active e-mail address, you will receive regular updates on new opportunities plus our monthly newsletter. We do encourage you to let us know if your initial buying criteria or contact details change.
How do I know that the financials figures of the business I am looking at are correct?
In the process of listing a business Hallmark Business Sales conducts a thorough investigation into the financial position of each business. This process allows Hallmark Business Sales to ensure that all businesses offered to the market are in a solid financial position – something all our buyers expect. Whilst Hallmark Business Sales is involved in this thorough investigation prior to listing, it is not possible for us to complete a full financial due diligence. This provision is standard as part of a business contract. If the financial information is not as expected the buyer always has the provision of terminating the contract or renegotiating the purchase price.
Can you send me information on any business?
Only once you have completed a Confidentiality Agreement and given us enough information to ascertain your needs and expectations as a business buyer. If your Confidentiality Agreement has expired, you will be required to complete a new one.
Do I need a Solicitor or an Accountant?
If you would like us to recommend a trusted advisor in accounting or law, please speak to your Hallmark Business Sales Executive.