Well everybody is talking about COVID 19. The way we see it, public auctions are effectively banned in NSW and Victoria, so that means we issue telephone bidding authorities and email contracts. There is probably nothing wrong with people assembled across the street and the correct distance apart and bidding by telephone, but definitely not in front of the auctioneer and not too close to others. For businesses affected by Covid 19 trading regulations, the obvious solution is to settle when restrictions are lifted.
February and March 2020 are big months. We settled the Kings Own Hotel Motel at The Rock, the Licensed PO & store at Rankins Springs, a lifestyle property at Ladysmith, takeaways in industrial areas (2), and a lot more. In fact we exchanged contracts on a cafe and art gallery on Monday 23 March.
Best areas of demand are: Businesses that make over $100K for the proprietor, and with strong assets, which in turn makes funding more straightforward. There is still a market for micro businesses, but we need good records or very good asking prices. Hospitality businesses such as motels and hotels are still holding up quite well.
Our clients are offered a multi level marketing solution:
1.4 websites, including this one
2.Social Media exposure
3.Direct mail to persons of influence and our subscription database of enquiries.
A recent endorsement from potential buyers in 2020.”Peter is a lovely and respectful chap to deal with. If you’re looking to purchase a business in the area, he is well worth contacting. Goodness knows what he might have in the books. Very easy and comfortable to deal with. Great with follow up information. Highly recommend Peter.”
When is the best time to sell?
Below are a few tips for consideration when you are thinking about selling your business.
Probably when the business is well established and generating good profits. Always allow a reasonable selling period – typically up to 6 months or even longer.
Website statistics for our site to 17 March 2020
|Month||Unique visitors||Number of visits||Pages||Hits||Bandwidth|
|Jan 2020||9,046||14,097||53,051||434,875||13.70 GB|
|Feb 2020||6,947||11,714||44,598||228,345||5.86 GB|
|Mar 2020||4,083||5,628||16,074||130,741||4.04 GB|
So what documentation is needed to sell your business?
- Up to date financial statements, including copies of recent Business Activity Statements (BAS);
- A list of equipment to pass with the business, and whether it is encumbered ( i.e. leased/ chattel mortgaged etc);
- A copy of your current lease, or alternatively a proposed rental or sale price for your property;
- If your business is located in Victoria, and its plant & good will figure is less than $450,000, you will also need – at the time of deposit or contract – a vendor’s statement (Sn 52) about the performance of the business. NB This does not apply to licensed premises.