A Warning about Business Sales Agents
Sometimes called Business Brokers, Business Transfer Agents, National Business Sales, Business Agents Sales.
They will ask for money up front, (mostly the newer ones on the market who need the cash now to survive, the older ones sometimes don't ask this, to lure you in, but, get you more at the back end) as much as they think they can lift your leg for and how desperate you are to sell.
Sometimes ask for money upfront for "adverts".
Business Sales Agents only make money from the Contract (Contract Law) under sole selling rights, they ask you to sign with a PG, they will over inflate your business value to tempt you to sign up, and of course the more they think they can get for the sale the more fees you will pay, but, here is the scam it takes on average a year to sell a Business, and when you get fed up with them for sending loonies who have no money to buy your business or as usual no-one ever asks about the business in the first place because of the over inflated price they gave you, you will sell it yourself and here is the scam:
They will charge you under the contract for sale (Sole selling rights) you have signed with them that in the event of you or them selling the business the contract fee becomes due. (Sole selling rights) 100% you sold the business, but, they get the fee!.
In other words they take advantage of contract law, (Sole selling rights) which is correct if you are stupid enough to accept this in the first place, and play on your need to sell your Business.
So there it is the business sales agent cannot sell the business, so you end up selling it then you have to pay them the same fee as if they had sold it, and if you don't they will sue you in the County Court because you have signed the contract with them, and its legal.
They will advertise your business on Daltons Weekly, Businessforsale.com, ebay.co.uk, rightbiz.co.uk the exact same place they do but you can do it yourself far cheaper and get better results.
They will tell you they have eager buyers waiting,they will not have any of course.
So sign up with them but make sure they tale to option out if you sell the business (which they wont of course as this is how they get 90% of the fees from)
You could of course tell them you will not pay anything upfront, you will only pay if they sell the Business say 1% and you will not give any PG, you will not let them sell it under sole selling rights, watch them run for the hills.
Just walk away and stay away,do not let them anywhere near you, do the sale yourself.
©2020 by We Can Buy Your Business.