Many business owners are cautious about selling their business during the ongoing global pandemic. With lockdowns and restrictions changing the way businesses operate (with many not operating at all!), it can be a difficult time to sell depending on your industry.
For some industries, the business sale process is seamless, however, others have needed to adapt to make the business sale a success. Here at Core Business Brokers, we’ve recently settled a business that did just that. We’d like to share our story with you.
This business is an online e-commerce business based in Sydney, specialising in the sale of hardware products. Annual sales were circa $1M and growing. The business was listed for sale in February 2021 and we received over 35 enquiries within the following 2 months. Although based in Sydney, being an online business, it could easily be relocated to any state. The business was an attractive opportunity to those interested in online sales, with excellent systems and sophisticated software in place, as well as being a 5 day Monday-Friday operation, ensuring a healthy work-life balance.
The interested (and suitably qualified) buyer was based in Melbourne, and with the business in question being based in Sydney – the plan was that the buyer would travel to Sydney 10 days prior to settlement, for hands-on product and systems training to allow for a seamless transition of ownership.
By the end of the 2-week period, the online training proved a success, and with determination and out-of-the-box thinking, settlement for the business sale was successfully concluded despite Covid-19 restrictions in place during the lockdown. The Seller then shipped all the stock to the Buyer and agreed to assist via telephone to ensure any hiccups were immediately addressed. Happy Seller, Happy Buyer and Happy Broker!
If you’re thinking about selling your business, contact Core Business Brokers today. Our experienced team have facilitated business sales and guided owners throughout their business sale journeys for many years. We’ve witnessed the effects covid-19 has on Australian businesses and will offer honest and professional advice when it comes to buying or purchasing a business in this pandemic era. Have your questions answered by giving us a call on (02) 9413 2977, or email Roy directly at Roy@corebb.com.au.