In 2014, Neil established Essex Business Sales Ltd & became a partner of GPS-Direct. GPS is a group of specialist business transfer consultants, with experience in handling the confidential sale of all business types & commercial property. We specialise in selling businesses in the following sectors: Pubs, Care Homes, Children’s Nurseries, Hotels, Guest Houses, B&B’s & Kennels and Catteries. Building on from Neil’s previous experiences working directly with local businesses in Essex & East London and also using his knowledge of property he is developing another income stream and sustainable business. The Essex area is dynamic and always very active (even through the times of the recession) so there is great potential to get involved in this thriving area and use his network of contacts to establish wider relationships with local business owners and other investors. Check out the website for more information
Thinking of selling your Essex business?
If you are a business owner in Essex looking to sell your business please do not hesitate to get in touch with me through the website. There are many different agents either based in the county or working in the county but maybe with office outside of the area. My previous experiences in the world of property and business gives me a different angle to approach the sale of your business from.
Typically we work on a success basis only. By this I mean I only earn money out of the deal when we sell your business. We know the best places to advertise your business and how to handle the enquiries, viewings, interest, offers and process for selling it. If you have built up your business from scratch you may have never been through the sales process as a buyer, let alone a seller and therefore it can be difficult to know where to go and who to speak to.
Most commercial property agents will not touch the sale of going-concern businesses. They focus on selling or renting empty commercial premises. That is where their specialist knowledge and contacts are.
If you are looking to sell your business there are a number of points to consider:
1) Make sure your accounts are up to date and looking as positive and profitable as possible. This will help to maximise the sales value of your business.
2) If you rent the building in which your business is based, have a copy of your lease available and details of all the main overheads like rent, business rates, utilities etc.
3) Any commercial properties that are let or sold must have an EPC (Energy Performance Certificate) – There are many different criteria for these and importantly they last for 10 years. You may well have forgotten that you already have an EPC but if not you will need one before marketing of the business can commence. We can help you with this and provide a competitive quote.
4) Finance. If you have commercial loans or debt against your business you need to find out if there are any costs or fees to pay if you redeem any loans early. Depending on the size of those loans, there could be high costs to end the loan or mortgage early and therefore it is worthwhile finding this out before you decide to sell your business or not.
5) Tax. The sale of your business (as long as you have made a profit) will generate a tax liability. How much tax you pay and when you pay it will depend on a number of factors. You should always take professional advice if you are thinking of making a big decision like selling your business and aware of the implications of doing so.