FAQ - Vendors
Why should I list my business with SBX?
SBX Business Brokers have been in the industry for over 30 years. We have a website that attracts more traffic than any other Business Broker website in Australia. We do not only rely on that traffic, we also market our listings through all of the other commercial business-for-sale websites as well as direct marketing to our database of buyers. We are proactive with our marketing, but we also understand the need for discretion. We have brokers currently located in Queensland, New South Wales & Victoria.
Does SBX have a Listing Fee?
Yes. In addition to listing on our website, your business will be listed on Australia’s top business-for-sale websites including Seek Business and Commercial Real Estate, etc.
All these websites are commercial sites and have recurring fees. However SBX only charges a flat one-time fee for your listing for however long it takes to sell your business.
How much is your commission?
Our commissions are based only on a successful sale. We do not ask for any retainers. The commissions that we charge are based on the scale of the business. We suggest that you discuss this with the broker that is appointed or that you choose to list your business.
What do I get for my money?
We assist with the entire process of the sale from marketing the business & discussing the best way to optimise the selling price. We qualify and introduce the buyers through to the negotiation to achieve an acceptable price. We continue to manage the sale from preparation of the contract and any special conditions through to exchange of contracts, application for assignment of the lease & finally on to settlement.
How long will it take to sell my business?
How long is a piece of string? This question is very difficult to answer accurately. A business that is priced appropriately can sell in the first month, however a more realistic time frame to budget for would be 3 to 4 months.
What information is required to help sell my business?
All buyers will want to be able to review the financial performance of any business. You should ask your accountant to provide you with P&L statements for the last 3 years and any notes that may require explanations to a buyer. A buyer may want to ask for a copy of the Lease, the Staff Roster, Payroll information, any licences, etc that are relevant to the running of your business.
When do I tell my landlord that I am selling?
Most vendors prefer to wait to tell their landlord until contracts have been exchanged, however some vendors prefer to get the buyer approved by the landlord to have the lease assigned prior to investing in the solicitor preparing the Sale of Business contract.
When do I engage a solicitor?
You will need to appoint a solicitor after you have reached an agreement with the purchaser. Your broker will submit all offers on your business and will assist you with any negotiations between yourself and the purchaser. You solicitor will need to prepare the Contract for Sale of a Business and will assist with the transfer of the lease and any licenses.
I have accepted an offer on my business, what next?
Your Broker will prepare a Sales Advice, which outlines the offer on the business and any special conditions. This will be sent to both your solicitor and the purchaser’s solicitor. The purchaser will then pay a deposit into our trust account, which is held until after settlement.
Do I have to be registered for GST?
Only if your annual sales exceed $75,000 per annum.