Recent Business Sale Challenge

by Arnold Pierce Kelsey 9th of June, 2026

Recent Business Sale Challenge

A respected real estate agent approached me to assist with the sale of a small specialty cafe, a request I accepted. After meeting the seller, she officially engaged my services.

Initially, the seller’s asking price was inflated, but I accepted to commence advertising at that figure. As is typical with small hospitality ventures, we received a high volume of inquiries, though most were tyre kickers rather than serious buyers. A few genuine prospects emerged, many were deterred by the cafe’s specialty nature, and others found the price excessive. After a couple of months, I recommended a price reduction, but the seller firmly refused.

As time passed, we continued to encounter a mix of time wasters and a handful of legitimate buyers. Eventually, I identified an ideal candidate who expressed enthusiasm during the inspection. Following a positive meeting with the seller, the prospective buyer hinted at making an offer. I received what I deemed a reasonable proposal, accompanied by a clear indication that the buyer was considering other opportunities. I urged the seller to accept the offer, believing it was fair, but she declined.

Weeks later, the seller chose to accept the offer, but by this point, the buyers had already moved on. Over six months had elapsed since I was initially engaged. Again, I strongly suggested a price reduction, which the seller rejected. We continued to receive a few interested parties, but with the same concerns, the price and the speciality aspect.

It took a year before I persuaded the seller to lower the asking price, which astonishingly aligned with the original offer we had received approximately six months prior. Shortly thereafter, I found an excellent buyer willing to meet the asking price and requiring only a one-day handover for transition. The seller was thrilled to accept the offer, and we moved to draw the contract.

The seller inquired about the necessity of engaging a lawyer, expressing concern about additional costs, I advised her that while it was prudent, it was not a legal requirement in Queensland. I confirmed that many small businesses are sold without legal representation and the contract was duly signed.

However, the situation took a turn for the worse once the seller engaged a lawyer, after the contract was signed. I was blindsided when I received an email from the lawyer, who instructed the seller to cease all contact with me.

Consequently, communication with the seller became impossible; she did not respond to calls, texts, or emails. The settlement process was stalled, and despite my persistent requests for updates, the lawyer took a week to reply and offered minimal information, leaving me completely in the dark.

Eventually, I received an email stating that settlement would occur that afternoon and that I should obtain the buyer’s approval to release the deposit held in our trust account. I reminded the lawyer that I needed confirmation of the settlement from both parties before releasing any funds. It was only after I informed the seller that her money would be withheld until confirmation was received that I got a prompt response from her lawyer. Later, I discovered that the seller had been charged an exorbitant fee by her lawyer.

This experience reinforces that, in business sales, even seemingly straightforward transactions can present unforeseen challenges.

Tags: buying business owner small business tips