Author Archives: FINN

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8 Key Considerations When Small Business Budgeting

All small businesses should track where their money comes and goes. Budgeting, often a painful and tedious exercise, is crucial to ensuring your business can make ends meet. We set out below some key points small businesses should remember when organising their finances.

1. Understand Your Budget’s Purpose

Ultimately, a budget is more of an educated guess as to your expenditure. As such, you will need to refine your budget as you develop a better understanding of your incomings and outgoings. The assumptions you need to make to prepare your budget vary depending on the type of business you operate. For example, a small retail business running for three years will be better placed to forecast sales and expenses than a tech startup that has just launched. This is, in part, for two reasons:

1.Historical data can provide a foundation for estimating future revenue and expenses; and
2.Fewer variables mean a relatively simpler budget process.

2. Use Historical Data

Maintaining records of your revenue and expenses from previous years can act as a great foundation for developing your budget. This data will provide insight as to whether your business has been affected by factors such as seasonal changes, holiday periods or particular events. It also provides a snapshot of the expenses you incurred operating your business during this time.

For example, should you expect wage expenditure to increase during summer as you deal with a larger number of customers? Do you ship more products at Christmas? Although this data is useful, remember that past performance is no indicator of future performance.

3. Use Estimates and Variables

If you’ve been operating a retail business from the same shop, dealt with the same suppliers and maintained the same number of staff, then barring any unexpected changes such as a competitor opening across the road, you should be able to create a budget with a relative amount of confidence.

If you’ve just set up your business or are planning a big change, you’ll need to work out what your goals are and create a detailed business plan. For example, do you intend to develop a new product, create a new website, provide services in a niche industry? These factors will require you to predict the cost and time to develop the product/website or onboard your new clients. You’ll then need to estimate the revenue you’ll generate and the rate at which you’ll grow. This growth rate will affect costs such as rent and moving expenses if you outgrow your office and staffing numbers.

If you have ready access to information on competitors in your industry, you may be able to use information on their growth and development as a guide for your own. As your business changes, you’ll need to review your business plan and respond. You should also look to review your budget and update it in light of these new changes.

4. Be Realistic With Your Budget

Small business budgeting is a tool. It helps you plan for the future and also review how you’re performing. For this reason, it’s best to be consistent with how you evaluate your performance.

For example, if you run your Profit and Loss statement on a monthly basis then you should do the same for your budget. That will allow you to easily compare the two and revise as you develop a better understanding of your business. After you’ve determined what your expenses will likely be and the revenue you expect to generate, you’ll need to be realistic with your estimates.

What is the margin of error that you’ll allow if any of your variables change? For example, if you predict sales of $100,000 p/a what is the realistic best and worst case scenario?

It’s best to err on the side of caution and pick a more conservative figure than an optimistic one. Being pleasantly surprised by the performance of your business is arguably better than being bitterly disappointed — it should also encourage you to keep your spending in check.
It’s most often easier to increase expenditure to service a higher demand than it is to scale back on expenses which often involve a contractual commitment.

5. Consider Your Common Expenses

The items you budget for will, of course, depend on the type of business that you operate. There are a few key budget items that will apply to a large majority of small businesses. For example, common overheads include expenses such as:

*Rent;
*Utilities (power, water, gas);
*Wages;
*Insurance;
*Software/online services (Xero/MYOB etc.);
*Phone bills;
*Internet
*Vehicle expenses (repayments, insurance, registration, maintenance) ; and
*Franchise fees (if applicable)

6. Consider Your Business Specific Expenses

In addition to these general overheads, there are a number of costs specific to different business types. For example:

Manufacturing

* Variable costs to manufacture each item (e.g. raw materials);
* Shipping/handling; and
* Customs duties

eCommerce/Retail

* Cost of goods sold;
* Shipping/handling; and
* Warehousing costs

Services

* Specialised software;
* External consultants/contractors; and
* Ongoing training/professional development

7. Understand the Importance of Billing Cycles

It’s important to remember your bills are often charged on different cycles (e.g. weekly, fortnightly, monthly, quarterly or annually). Anything payable fortnightly (wages being the most common example) will most often be due twice a month, but a couple of times a year there will be a month with three pay periods. You should identify when this will occur for your business so that you’re not left wondering why your account is so empty this month.

8. Review and Revise

It’s been stated a few times above, but your budget is a work in progress. No one can predict the future. You should review and revise it often so you can better understand your business and (hopefully) more accurately forecast the money you can expect to receive and pay out.

Article By Thomas Richman — Legal Project Manager — Legal Vision

Legal Vision, a trusted adviser of the Finn Group, is a commercial law firm that provides Australian businesses with cost-effective and high-quality legal services through an innovative model.

Legal Vision have a great news page on their website, as well as hosting a range of free documents and legal resources.

Graph RMIT

Baby Boomers – A Challenging Time Ahead in Business Sales

A lot of planning and preparation goes into preparing a business for sale. Some small business owners are having to re-visit their timelines when it comes to selling; often a lot more time and research is required to get a business sale ready.

The graph below shows the gradual decline in earnings of small businesses before index and tax. This decrease can be attributed to the increase in the number of businesses for sale.  According to the VMB-RMIT, there are currently 60,000 businesses listed for sale.

Business owners who are entering retirement and own small to medium size businesses are facing a challenging time when it comes to selling. For the past 11 years, the value of the small business market in Australia has been declining (VMB-RMIT).

Recent quarterly data published by the VMB-RMIT shows that businesses with a turn-over of less than $5 million have been the hardest hit.

As well as the large quantity of small-medium businesses for sale in Australia now, lack of planning is also contributing to business owners struggling to sell their businesses.

Some business owners are unaware of the importance of preparing their business for sale. Often when a business owner decides to sell, they have put limited time into thinking about the longer term and strategic issues their business may face.

The way a Baby Boomer may have operated their business over time, will be different to how new owners will look to do it. Changes in technology, competitors and consumers can all cause questions for the potential buyers of a business.

Selling a business takes time and business owners are encouraged to engage with an expert such as a business broker well before they want to sell. A Business broker can help in preparing a business for sale and guide a business owner through the whole process which can sometimes be rather complicated.

Buyers of businesses can also engage with a business broker who can help assess their needs and find a business that is the right fit for their experience and lifestyle.

Finn Business Sales|Exit Planning - Man with 2 paths

How to successfully exit your business

When you’re ready to sell and/or exit from your business, there are several things to consider which can contribute to the success of your efforts. First, there are 5 exit planning strategies you should consider:

1. An outright sale, when your business goes on the market and a purchaser buys it from you, lock, stock, and barrel.

2. A partial sale, which could help if you are willing to sell half or three-quarters of the business but want to retain control of the remaining portion.

3. If you determine that it is going to be difficult to have an external buyer purchase your business, you could make a structured deal that allows your management team to buy it. There are several ways to do this, but it is highly recommended that you have a 3rd party involved.

4. You could also opt to keep your business under management to free up your time. The business needs to be managed correctly though, because the process of exit planning still needs to happen over a 6, 12, or 18-month period.

5. You could do an Initial Public Offering (IPO), which is listing your business on the stock market. In this case, you don’t necessarily need to sell the entire business. For instance, you may retain an ownership of 60% of those shares and sell 40% to the public market and institutional investors.

You should always know the value of your business before exiting, and monitor and graph the value of your business every month. The best way to acquire a market valuation is to have your business valued by a professional who can work with potential buyers. If you want to sell your business in a regular marketplace, then a business broker is highly recommended.

Changing your mindset from business owner to business seller is crucial. Try to remove yourself from the business as much as possible leading up to your exit. The value of your business goes up exponentially when it doesn’t rely on you. One of the ways to do this is to think like a shareholder, removing yourself from a lot of the decision making.

It’s important to think like a seller. Remember, a business purchaser will want to look at the business history, so be highly aware of the effect that any decision will have on the business valuation and ask yourself whether you would like that decision if you were a buyer considering the purchase.

Finally, decide what your goals are from the sale, particularly your personal goals. If you have a business partner or spouse, they should be included in this process regardless if you’re both working in the business or not. Knowing what your next steps in life are, whether that’s playing lots of golf, traveling, or starting a new business venture, will help you stay focused on achieving those goals and on doing whatever’s necessary to ensure a successful exit from your current business.

A business broker can help you to map out the right path for you in exiting your business. We have worked with over 5000 people in the process of buying and selling their business and can help you to make the right decisions when planning your exit strategy.

Finn Business Sales|Man doing interview

How to Get Finance

Getting financing to buy a business can be tricky in Australia. Most people will get their funding from one of the big four banks, but there are other options available as well. The best way to find a great financing option is by using a professional commercial finance broker, as opposed to a mortgage broker. This is my number one rule for getting financed when purchasing a business.

Another extremely important tip to consider is to always have a line of credit set up against your property if possible. If you’re looking at buying a business, one of the first things that you should do is to contact a commercial finance broker and set up a line of credit to the highest equity value that you can get against your property. Every business owner or even individual in Australia should always have full access to the equity they have in their property through a line of credit, just in case . Once you have that set up, you don’t have to worry about the bank denying you later when you might fall on hard times.

When the time comes that you might want to buy a business, you will then have the flexibility you need, financially speaking . For example, if your house is worth $700,000 and you owe $100,000 on it, you can probably set up around a $400,000 line of credit against your property. If the business you’re considering buying is $300,000, it may be more advantageous to use your equity line than to obtain a business loan at all, especially since no bank is going to allow you to have your property stand alone against the business.

You may want to keep your property out of the deal, but the bank isn’t going let that happen. It’s your largest asset in most cases, so they’ll want it as security. You also may have much less pressure by using a home equity line, since the interest rate could be half of what a business loan might be, and the repayment period could be twice as long or more.

Another tip – don’t quit your job right away . Establish your finances first. Find the business you want to buy and get your loan in place while you’re still gainfully employed. This will make structuring your financing much easier on your broker and you.

Don’t forget to have your documentation ready – pay slips, tax returns, mortgage details, and bank statements from the last two years. Organise them, scan them in your computer, and put them on a flash drive. When you go to meet with your finance broker, they’ll be able to fast-track your loan application.

The last tip that I want to give you is this – Be open to changing banks. If your commercial finance broker is doing their job right, they’ll be looking at what many different banks and other lenders can offer you. There’s nothing wrong with being loyal to your bank, unless you can get a much better deal elsewhere. And in the end, it’s more important that you get the best deal possible and have access to your money as quickly as possible.

Finn Business Sales|business sales, marketing

The 9 Local Area Marketing Strategies You Need to Know

We all know business is tough, and in order to maximize your returns, you need to ‘go the extra mile’ to promote your business. The better business owners add value to their business by implementing local area marketing strategies to attract more customers.

As each business system, location, and owner is different – there is no perfect model to market your business in your local area. However, here are 9 ideas to get your brain into action!

1. Loyalty Cards
Discounting is not good for your image. Value-adding is much better! A good example is the ice-cream and juice shop that offers shopping center staff a card that entitles them to every fifth juice free!

2. Free Samples
Let potential customers experience your product! How about the bakery café that hands out freshly baked bread samples at the front of their stores?

3. Cross Promotions
You scratch my back, and I’ll scratch yours! When the next Harry Potter book comes out, why don’t you team up with the local bookstore? You can hand out a Harry Potter voucher to your customers, and they can hand out your voucher to their customers!

4. Affiliations
Build that repeat business! So you own a café – have you approached a local real estate company and offered your business as a place to conduct their Monday morning sales meeting?

5. Customer of the Month
Do something different – create excitement! Every month, randomly select one of your customers and refund their purchase in full! Additionally, award them with life-membership of your business, which entitles them to something special during every visit (such as a complimentary coffee). Plus, you’ll never forget their name.

6. Feedback Forms
Promote the fact that you are constantly improving your business! Make your feedback forms discreet and easy for your customers to fill out and hand in. Choose one suggestion per week and tell the world how you listened and took action!

7. Sponsor a Local Hero
Feel good and do good! There is always someone in your community who could use some financial support for a good cause. How about the bakery café owner who advertised that the value of every muffin sold for one month would be donated to a local hero raising money for charity?

8. Free Footy Tipping Competition
Every week, they make contact with you! Pitch in for a decent prize such as $500 or $1000, and offer all your customers the chance to join your footy tipping competition – free. You’ll create a real community buzz (and probably make the local paper too)!

9. Promote Your Point of Difference
What makes you better than your competitor? Tell your customers why they should choose you. Have you heard about the dentist who promoted that if you felt any pain, he would refund your money twice over? Or the coffee bar that guaranteed every customer a newspaper would be available to read with his or her coffee?

Finn Business Sales|Finn Business Sales - Who'd A Thunk?

Who’d A Thunk? The New Normal of Business

Is anyone else fed up with hearing about how bad things are? Let’s get on with it and start focusing on what we can do to get through tough times and thrive. Some entrepreneurs have disrupted the business world and created a new normal. Read on to learn about different innovational ways to create, or restore, a profitable business with this new normal.

Who would have thought that companies around the globe would trust so many of their files to live in the cloud? Dropbox, now a $4 billion company, was struggling to find new users in 2008. After almost a year of unsuccessful marketing campaigns, founder Drew Houston decided to try something different and made a simple four minute video showing off how Dropbox worked. Here’s a link to the video. The video was tailored to target the digg.com community to whom it was being shown. It was full of inside jokes, and by the next day they had 70,000 new signups!

Crowdfunding is a way of raising capital by asking a large amount of people for a small contribution each. Until recently, financing a business involved asking a few people for large amounts of money. Crowdfunding flips this idea by using the Internet to talk to millions of potential contributors. Ryan Grepper, an inventor, is the new King of Kickstarter Crowdfunding. Who would have thought his high-tech Esky could raise over AUD $16 million in funding, garner the attention of 60,000 contributors, and cause backyard inventors to dream about achieving the same success? Now you just need that $16 million dollar idea!

Or you could take a great existing idea and buy a business.

Fifty years ago, the idea of serving people food through a car window sounded absurd; yet, look at how profitable fast food business are today. Imagine what crazy idea will be mainstream in the future. Many businesses today are attempting these innovative, unique concepts, and they are proving to be both amusing and somewhat profitable.

Ten years ago, Steven and Jason Parker began a pet sitting business at a very young age. In 2002 they decided to take things to the next level. After researching for three years, they purchased and renovated a commercial business and turned it into the first K9 Resort. In 2010, they have been featured on various news platforms such as CNBC, Yahoo!, Wall Street Journal, The Huffington Post, Fox Business, Forbes, Entrepreneur, and more.

While the previous business profited off of human’s love for their four legged companions, this next unique business opportunity decided to capitalize off of cereal. Cereality is the only drive through outlet in the world where you can find all of your favorite brands of cereal with different toppings. They currently have two US outlets with business opportunities available. Cereality was created to cater to a market obsessed with personalization whether it be frozen yoghurt toppings, coffee, or cereal!

Would you love to start your own business, but you don’t have as interesting of an idea as a K9 Resort or cereal drive through? There are other options for anyone looking to invest into a new and exciting business venture. Take a look at over 1,000 businesses for sale on www.finnbusinesssales.com.au and search for the business of your dreams. Some people become profitable business owners by creating new concepts and some prefer to purchase something with proven systems, brand and track record. Regardless of which path you take, it is time to ask yourself: what will make you the happiest and most fulfilled?

Finn Business Sales|Finn Business Sales - hiring process

What Every New Employer Should Know About the Hiring Process

Becoming a new employer can be both an exciting and nerve-wracking experience. Many new employers experience a learning curve far greater than they anticipated, so it is imperative to educate and prepare yourself as much as possible as you embark on your new leadership position.

Before You Hire Anyone
You can master the interview and hiring process with the right information and tools. Before hiring a new employee, ensure that you understand your state’s labor laws. Do you know the minimum wage? Are you familiar with the leave and notice of termination requirements?

Now, you must brainstorm to make sure that you are aware of the role you would like to fill. Determine your businesses’ needs, and identify how a new employee can fill them. What will their job title be? How will they fulfill these duties?

The Hiring Process
Once you have an idea of the position you are trying to fill, you want to guarantee that you are reaching out to the best potential employees. Analyse how you are advertising for the job. Ask yourself if you are marketing to attract desirable employees, and make a shortlist of any applicants who fit the bill.

Keep your interviews to a very short list, and only ask questions pertaining to the skills and abilities needed to fulfill the job in question. When you find the candidate you would like to choose, then offer them the position in a form of writing. If you would like to make the job offer personable by calling, then provide a back up agreement in writing to allow for written evidence of the agreement.

You’ve Hired An Employee…Now What?
First and foremost, it is pertinent to put together an informative welcoming packet for new employees. This welcoming packet will allow you to set expectations and prepare your future employees before they set foot in the door.

In order to put together a stellar welcoming packet, there are a few staple items to include. Here is our list of these essentials:

 • Letter of Engagement

This should be one of the first papers inside of the welcoming packet. Use this letter to inform your new employee of important information such as: their job description, the agreement of their job title and classification, pay rate and payment plan, expectations, and any confidentiality policies.

Expectations can include anything from dress code to the policies, however you want to make sure that you are not overloading your future employee with too much information. Sift through all of these possibilities and decide what is most important.

Also, try to think of some minor details may help them feel more comfortable, such as where and to whom they should report on their first day and how they are to fill out their time card.

• Parental Consent

Depending on the state in which your business resides, you may be obligated to provide a parental consent form. Make sure to check under the Child Employment Act and your state’s requirements.

If you are going to include a parental consent form, then include this paper with any tax forms as well—such as the Tax File Number Declaration form and the Standard Choice form.

• Staff Handbook

If you are a franchisor, then your franchise will likely have a staff handbook. Including the staff handbook within the welcoming packet offers your new employee to familiarise themselves with the mission statement, code, and core values of your business. Often times, vital information, such as social networking policies or emergency protocol, is included within this staff handbook; therefore, it is helpful for you as an employer to provide this ahead of time.

• Training Requirements

Provide your new employee with a paper explaining how to begin their training requirements. Many businesses are now using online training methods, so even if this is true for your business it can still be helpful to have a paper explaining login information and any troubleshooting explanations.

Even if the only form of job training is on-the job, you can still provide the employee with a mentor and their contact information. This will offer your new employee the opportunity to reach out to this mentor and ask any questions they may be hesitant to ask a new employer.

• Emergency Contact Details

 It is legally mandated for you to have emergency contact information on the books at your store at all times, so you must acquire this information from your employees as soon as possible. It is highly advisable to create a standard Emergency Contact form to include within this welcoming packet.

Why Should I Follow All of This Advice?

Taking the time to prepare for your future employees will allow for a successful future as an employer. Without these precautionary steps, a few disasters can occur:

• Without proper policies and expectations outlined, any employee/employer communication can become unclear.

• Welcoming packets and preparedness demonstrates meticulousness and a superb work ethic—qualities that you want to be associated with your business.

• Future employees may enter their first days on the job confused, nervous, and feeling unwelcomed without prior information.

Assure that your role as an employer begins as seamlessly as you would like by following all of these tips, tricks, and pieces of advice.

Finn Business Sales|Finn Business Sales -selling your business off market

Selling Your Business Off-Market

There are traditionally a lot of off-market sales for large transactions in Australia, like large real estate, commercial property, and business sales, but this is also starting to happen more with the sale of small and medium businesses as well. An off-market sale is when the business is sold somewhat “under the radar”, meaning it isn’t listed for the general public to see.

It makes common sense that the more people that know about a business that’s for sale the more interest there will be, which can also mean more demand which drives the price up and usually means a faster sale. So why would someone want to sell their business off-market? Generally speaking, the owner doesn’t want the word out for a variety of reasons.

For instance, your competitors might use the knowledge to their advantage – “You should choose us instead of them. They’re selling the business and who knows what might happen with that.” Or you might have key staff that decide to look for a new job before they potentially (in their minds) end up working for new owners that might replace them with their own people or change the business model significantly. It’s the ‘devil you know versus the devil you don’t’ way of thinking.

If the sale of your business takes a long time – as much as several years – the internal changes or loss of competitive advantage can make the purchase less desirable to potential buyers. Selling off-market can help prevent that from happening. Another factor could be the time itself. If the business hasn’t sold for a long period of time and everyone can see that, the perception could become that the business isn’t worth buying for one reason or another.

The key to selling your business off-market is to partner with a broker that has two things:

1) a large database of contacts and potential buyers, and

2) a strong motivation to make a deal happen for you.

A business broker like Finn Business Sales, the largest business broker in Australia which receives more than 1,000 new enquiries each month about business purchase opportunities, is the kind of partner an off-market seller dreams of. The volume of potential purchasers in that database is almost equivalent to listing the business publicly, without all the unwanted publicity.

Steve Finn, the founder and co-owner of Finn Business Sales, gives a word of warning to potential sellers that may want to test the waters of an off-market sale without committing: “You either want to sell it or you don’t. Don’t approach a broker and say, ‘If someone comes along that could be interested, let me know’. That doesn’t really work, because the broker won’t feel as confident in using their influence with a potential buyer to take a transaction to them that maybe could happen or maybe not.”

According to Finn, the best strategy is to let the broker prepare all of the information on the company in advance, so that they’re “armed and dangerous with all of the information on due diligence” that’s needed to lead the potential buyer to a fast decision.

Finn Business Sales|selling a business to employee

How to Sell Your Business to an Employee

When you decide to sell your business, the main obstacle that stalls that process is usually finding the right buyer. For lots of business owners, the answer to this problem is often sitting in morning meetings already – an employee that is interested in the business. Is selling to an employee a good idea? There are several things to consider before deciding yes or no.

First of all, would they want the business? They already know that the copy machine doesn’t work quite right all the time. They also know that one of your biggest customers hasn’t been very happy lately and might move on to a different supplier. Maybe they’re a key player in your organisation and responsible for some fairly major operational aspects.

For that matter, just because they know the business doesn’t necessarily mean they have the skills or entrepreneurial spirit that you have to continue the business as it is now or take it to greater heights. If you’re at all concerned about the business continuing to be what you’ve made of it or what your legacy will become once you’re out of the picture, they may or may not be a smart choice.

Secondly, there’s the matter of funding. It should go without saying that if they are your employee you know at least what their income is, even if their entire financial situation isn’t as obvious. If they had the money to buy a business, would they be working for someone else to start with? Entertaining the idea of selling to someone you aren’t sure can afford the purchase can be a tedious exercise in futility, not to mention that it could end up costing you the relationship with them.

Funding options can be dodgy sometimes in this kind of situation, and it’s not uncommon for the employee to be unable to get bank or investor funding. That leaves either a rich family member to lend them the funds (which isn’t going to happen 99% of the time) or what is known as vendor financing – that is, you financing them. If they can’t get any other kind of funding to start with, this can be extremely risky and end with you moving back in to take control again while possibly losing the employee in the process. Again, a much less than ideal way to go.

If you do go this route, you also put yourself in the situation of disclosing your own financials to an employee – with no guarantee that they will become the new owner. From my experience, 9 times out of 10 this type of situation falls apart. That leaves you still owning and running the business, now with an employee that has full knowledge of all your financial dealings. Less than ideal is a mild description of that situation.

With all of that said, selling your business to an employee isn’t impossible and it does happen successfully sometimes. The key to making this happen, based on many such deals that we’ve made happen over the years, is to have an expert business broker involved with the deal. The business broker is a third party buffer between you and any of the potential problems we’ve mentioned, giving you a large measure of protection against things going badly.

90 percent of the work in selling your business is finding the right buyer. Having the right broker to structure the deal, whether that potential buyer is an employee or not, makes that 90% much simpler and is more likely to lead to a smooth and successful sale.

Finn Business Sales| May-blog-image

Sell Your Unique Business and Retire Comfortably

Lots of people want to own their own business, and the majority of them would prefer to buy an existing business so they don’t have to build it from the ground up. The problem is that many of these potential business buyers don’t have any idea about what kind of business to buy, so many of them automatically default to what they know from daily life and look into retail businesses, particularly food retail.

For the baby boomers, who currently own over half of Australia’s 420,000 small businesses and are looking to sell their business and retire comfortably, this can be a cause worry. They need to earn at least $60,000 per year on average to retire comfortably, and they’ve reinvested most of their extra money back into their business over the years, making the sale of that business a necessity for retirement. But how many people are looking to buy a niche business with special skills like powder coating, or small operations like an event management company? Will they be able to find a buyer at all?

According to Steve Finn, the owner of Australia’s largest business broker network, The Finn Group, the answer is almost always “yes”, it’s just about the process of finding the right buyer. ” Just because their business hasn’t sold in a few months doesn’t mean it’s a bad business or that no one wants to buy it; it’s just part of the normal selling cycle that if you’re in a business with little demand and potential buyers, it can just take longer to find that right buyer,” says Finn.

His broker network prepares Due Diligence and Business Profile documents for every client at the beginning of the process, then markets them to their database of over 50,000 registered buyers, in a targeted way. Knowing what potential buyers want to achieve with a business is key. In fact, more than 50% of Finn’s buyers don’t end up buying the type of business they initially inquire about, instead buying the business introduced them to after helping them to define their goals.

One such example was a business that cleaned blinds and curtains off-site for commercial and residential customers, the owner of the business was sure he wouldn’t find a buyer. Finn’s team went to their database and found a registered buyer that they thought would be a good fit. “We said to the buyer, ‘Why don’t you have a look at this particular business because it seems like it might tick a few boxes for you’ – so they did and they ended up liking it and buying it,” Finn said. “They would have never considered buying that business unless we had actually taken it to them and asked them to consider it with an open mind.”

In another case, a man who owned and ran a profitable glass business had similar concerns. The eventual buyer agreed to buy 60% of the business, leaving the original owner with 40% of a multi-million-dollar business but still able to retire. This was a win-win situation because the buyer only needed 60% of the funds to buy it.

Finding a buyer for your business is a matter of knowing how to prepare your business for sale and knowing how to market it to the right people. If you have a niche business to sell that you worry won’t attract buyers, rest assured that with experts handling the process and an existing database of buyers, in many cases, the perfect buyer can be found.