If you’re a small business owner you’ll understand exactly where investor Mark Cuban is coming from in saying a successful business “is not in the dreaming, it’s in the doing”.
The business year is full of doing and doing, and doing some more; often a summer holiday is the only breather you get to sit back, pause and reflect on the bigger picture. Are you still passionate about your business? What do you want to be doing in two to five years? Is it time for a change?
Tabak Business Sales understands that being in business has to be about more than just the bottom line and considering where the market is: it’s about passion and engagement; about being excited to get up in the morning to go to work. If your appetite for your enterprise has dulled a little recently, Damien Fahey and Sam Cherry, brokers at Tabak, are the people to see about the sale of your cherished business to a new and enthusiastic owner.
Damien says their process is comprehensive. “We assess the value of your business, write up a clear and very inclusive Information Memorandum for potential buyers, take buyers into due diligence and make the sale, occasionally in just a matter of weeks – but more often it can take 2-3 months.”
Tabak have statistics going back 15 years comparing assessed valuation with actual sale price, and are extremely proud that on average the sale price fell is within 5 percent of the valued price. “We always justify our valuations to the business owner by way of market and other data, and we never waste time bringing unreasonably low offers to our owners,” Sam says.
The Information Memorandum tells the fullest story possible. It sets out the history of the business, then examines the future, the business plan going forward and, “more importantly, the future opportunities for the business,” Sam says. “We aim to produce the best Information Memorandum you’ve ever seen and we can answer potential buyers’ questions, often without going back to the owner. Their role is to keep the business running smoothly, not to be concerned about the sale.”
Discretion and confidentiality are key: potential buyers sign a non-disclosure agreement (NDA) for each business, rather than relying on a blanket NDA over a period of years. “Eighty percent of the businesses we sell are through our database and we regard that as our intellectual property,” Sam says.
“We can sell a business before the whole world knows it is on the market, so privacy is protected for vendor and purchaser.” Sam and Damien will also meet off site and after hours to protect confidentiality. “It is part of what we do and who we are. We love helping people so we don’t mind it being a 24-hour service,” Damien says. “Our referrals come through satisfaction, our reputation is our hallmark, and we will only ever represent quality clients.”