Delivering Win-Win Results is at the Heart of Lily Small’s Approach at LUX
Delivering Win-Win Results is at the Heart of Lily Small’s Approach at LUX.png.png
Lily Small, the founder of LUX Business Sales & Advisory, has entrepreneurship running through her veins. “When I was in primary school, I helped my dad in his supermarket,” she recalled. “My father and mother both ran very successful businesses, so I grew up immersed in it.”
After moving to Australia 25 years ago to study, Lily started her own business and found herself constantly curious about how businesses operated. “This taught me how to measure the important parts of a successful business and the process for establishing and operating a business in Australia.”
In 2016, Lily entered the world of business broking. “My business experiences made me perfect to become a business broker, because I already understood what a successful business looks like,” Lily continued.
Her passion comes from more than just numbers. Lily understands the emotional side of letting go. “It’s such a tough decision to sell. That’s why I want to help vendors achieve the highest possible market price.”
Building Her Own Brokerage
Lily first worked with other business brokers and a real estate agency before starting LUX Business Sales and Advisory in 2020. "My point of view is we want to lead in finding better ways of running a business brokerage.”
She describes her firm’s focus simply: “We’re not only salespeople. We advise vendors on preparing for the market, and we carefully qualify buyers so that the business they buy matches their experience, finances, and family situation. That’s why our slogan at LUX is ‘Deliver win-win results’.”
Challenges and Skills
Like all brokers, Lily has faced her share of challenges. She recalls a recent transaction involving a commercial laundry business. “The vendor didn’t speak English, so I was dealing through his son, who was just 20 years old. On top of that, the vendor’s solicitor was in Sydney, and the Queensland and New South Wales business sales processes are totally different.”
It took people skills, negotiation, and patience to bring the deal to settlement. “Each business sale is different. You always face new challenges, but that also helps you grow your abilities, skills, and experience, and makes you stronger” Lily said.
High emotional intelligence, she believes, is essential. “You need negotiation skills, yes, but also high EQ. Each tough case, each difficult client and buyer, you can always learn. We see obstacles as opportunities."
As a committee member for the REIQ Business Brokerage Chapter, Lily is closely involved with industry issues and stays up to date with all legislation. She sees compliance as one of the big trends shaping the profession, with new disclosure requirements and money-
laundering legislation creating extra work for brokers.
That’s why she’s passionate about professionalism. “I do not suggest any broker work for free. We are professionals, like solicitors or accountants. If vendors don’t value that, we are not the right choice for them. But if they want the best possible result, we are the choice.”
She likens it to surgery: “If an eye surgeon said, ‘I’ll do it for free,’ would you dare use them?”
Working Across Cultures
Having lived and worked across cultures, Lily pays close attention to the backgrounds of both buyers and sellers. “We respect clients from every cultural background. But we also advise buyers carefully. As I said before, the business must match their experience, finance, and lifestyle.”
She recalled one buyer who initially wanted to purchase an $800,000 business. “It wasn’t suitable for her. We suggested a business half that price, but one that was right for her skills. She later returned to us to resell after obtaining her visa. That’s when you know you’ve done the right thing - when clients return years later because they trust you.”
Building the Right Team
Lily has also put effort into building a positive company culture. “LUX is like a family, colleagues at work, brothers and sisters outside. We don’t want a huge number of brokers. We want carefully selected people who can stay, grow, and share our values.”
That toughness is also what she loves about the job. “Each deal is a challenge, but that’s the enjoyable part. When one of my brokers wants to give up, I tell them, ‘Look, after you complete this, you’ll look back and see how much stronger you’ve become.’”
Looking Ahead
For Lily, business broking is more than sales, it’s a profession built on trust, learning, and resilience. “I believe in continuing to learn, in keeping up with legislation and finance, and even leading the trend. You can’t stop learning in this industry. That’s what keeps you relevant and professional, and that’s what helps you deliver real results.”
As Lily sums it up, “If anyone needs assistance in selling their business, talk to our LUX Business team. With every business sale, we believe in achieving a win-win result for both the buyer and seller.”
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