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If you are considering selling your care business, there are many factors you need to consider to instruct the right agent.
Most vendors want to sell for the highest price achievable in the market within a realistic marketing period. A good agent will take time to understand your requirements before they confirm their marketing advice.
In choosing an agent you should consider who is going to provide the best service and who is likely to achieve the best results. Perhaps consider the following:
- Are the firm specialists in the sector?
- Do they offer the right local or national coverage to maximise the exposure of your business to the most appropriate buyers?
- Does the agent have regional offices, or a call centre?
- Look at the depth of the company; are they simply agents or are they also RICS Registered Valuers carrying out detailed valuations on a daily basis? This professionalism will become obvious when discussing your property.
Once, you have set up a meeting, there are a further list of questions you need to ask to avoid potential pitfalls.
- Is the agent asking you detailed questions regarding the business and accounts to fully understand and provide detailed and logical advice?
- Has the agent explained and justified the advice being provided? Often overinflated and marketing advice is provided simply to get vendors onto contracts that will cost them money. If properly explained, recommendations are logical and should help vendors avoid the easy temptation to simply chase the asking price, overlooking the agent's ability to sell, based on experience and market knowledge.
- Enquire whether the agent you are meeting will be your contact throughout the sale process. Too many agents are never seen again and the property is simply listed on a website and enquiries processed by people who have never seen your business.
- Ask how long the agent has been involved in the healthcare market and how much experience they have.
- You then need to discuss the agents' terms of engagement. How long is the contract for? Is there a withdrawal fee? How many weeks' termination notice do you need to give? Are upfront marketing fees charged in addition to the fee?
Buying a business is a significant investment. In the same way, selling that business is of a similar importance, so take it seriously, do your research and make the right decision. Above all make your decision with your eyes open about what the agent's service really is and why they are giving the advice they are giving. Remember not to believe the hype - If it sounds too good to be true it almost certainly is.
