Frequently Asked Questions
Q: Do you have any experience of selling businesses?
A: Yes - FORUM has over 20 years' experience in selling many million pounds worth of business properties.
Q: What type of business sales do you deal with?
A: The businesses for sale which we represent at any given time range from the transfer of going concerns (TOGCs) and retirement sales to distress sales or forced sales including businesses which have gone into administration.
Q: Do you offer a no-obligation market appraisal (business valuation) of a business?
A: Yes - please contact us on 0208 440 2526 (London Office) or 0117 906 3433 (Bristol Office) to arrange a convenient day and time to inspect your business.
Q: Do you charge any upfront fees such as marketing (advertising) expenses when instructed on a sale?
A: We charge a fee of £250 + VAT for all business valuations which fall outside our immediate counties of London, Hertfordshire and Bristol to cover time and petrol costs. This charge is reimbursed after a sale completes, where FORUM has introduced the eventual buyer.
Q: Do you get involved with discreet sales or off-market sales?
A: Yes - we know that when selling a business, confidentiality is of paramount importance particularly when staff are involved. If a Seller wishes to sell a business discreetly or off-market we are totally equipped to handling this type of sensitive sale. Advertising will either not be used at all or kept to a minimum and the name and address of your business can be fully withheld.
Q: How do potential buyers find businesses which are represented by FORUM?
A: FORUM extensively advertises the businesses it represents in national trade publications including the Caterer & Hotelkeeper, Restaurant Magazine, Estates Gazette and Daltons Weekly. All businesses for sale are also featured on the major property and business websites including Rightmove.co.uk, BusinessesForSale.com, DaltonsBusiness.com and EG Property Link.
Q: Why is FORUM successful at selling businesses for the majority of its clients?
A: Firstly, we offer a bespoke personal service to all our Sellers, which we believe is second to none. Secondly, we always give an accurate and realistic price guide (asking price) for the purpose of selling the business on the open market. Thirdly, our marketing is international by its very nature and therefore very extensive. Last but not least, we effectively vet all potential Buyers to ensure they are not "timewasters" and have sufficient capital to invest in a business.
Q: How long will my business sale or business purchase take?
A: As a guide, we estimate the sale of a business to take up to 6 months. However, this of course is only an estimate as some businesses take longer than others to sell and there are a multitude of reasons for this. Once an offer has been accepted and solicitors are instructed, the average time taken to exchange contracts can be as little as 4 weeks, or longer, depending on the complexity of the transaction. If both Buyer and Seller are genuinely seeking a quick sale, we will assist the transaction by regularly liaising with the solicitors involved and by ensuring that all queries are answered as quickly as possible.
Q: Is finance available to buy a business?
A: Finance is available from various lending institutions, usually in the region of 70% - 75% of the value of the business, subject to status. This would require an investment of capital of approximately 25% - 30%. For leasehold businesses, this tends to be closer to a 50% capital requirement. Less capital may be required if the Buyer has both professional expertise and past experience in the business being purchased. However, if this is a new career move for the Buyer, a larger capital figure may be required. Independent financial advice and other assistance during the purchase is available on the FORUM website via its Professional Services section.