Hardware Store Owners Can Retire Thanks to Nicks Expertise.

Hardware Store Owners Can Retire Thanks to Nicks Expertise.

18 months on the market, and no enquiries.

It’s the fear many business owners have when looking to retire. They know they have a solid, profitable business, but finding the right buyer isn’t always easy.

John* was ready to sell his Hardware Store in South-East Queensland. He had listed with a brokerage for over 18 months but wasn’t getting anywhere.

The uncertainty, the waiting, and lack of interest made him question his options. Should he sell off parts of the business? Accept a low offer? Or just keep working? He was beyond ready to retire, but after 18 months, there were very few options. 

That’s when John* reached out to Nick Standring from ABS Business Sales.

Advertised for $1.4 Million + SAV, three months and 15 enquiries later, the Hardware Store was under contract. Due to the complicated nature of the sale, it took another three months to reach settlement.

The Need for Covert Operations

Not all business sales should be on public display.

In fact, showcasing every detail of a business can hurt the sale, especially when there are many moving parts involved.

This sale was particularly complex. In addition to the buyer and seller, there was also a landlord, a franchisee, and three banks along with their respective solicitors and accountants.

“I think transactions like this demonstrate the difference between business brokers and real estate agents,” Nick explained.

“If I’m selling a $2 million apartment, I advertise online. I've got beautiful photos of the interior and the view, together with a glowing, detailed description. The ad goes a long way to making the sale.”

“But if I’m selling a $2 million business, my advertising is done covertly so staff, suppliers, and customers don’t know it’s for sale and become unsettled. It’s vastly different. It’s important that sellers realise that.”

Nick understood John’s business and what it would take to secure the right buyer.

The Buyer

Most sales come with challenges, and that’s where a good business broker shines.

“As in most sales, you’re like the cop when the traffic lights are out, standing there directing traffic and making sure everything flows smoothly.”

Nick’s network proved crucial in getting the deal over the line, including helping the buyer, who was new to Australia.

“The buyer was an overseas buyer who had only been in Australia for three months, so apart from the language barrier, finance was a challenge.”

“I referred him to a brilliant finance broker we have worked with before, so we know how he operates. He was able to put a deal together.”

The Outcome

6 months with Nick by his side and John could retire.

The business was under contract within 3 months, settled after another 3 months. 

“He knows how to help people resolve all their needs with a great positive attitude that is infectious.” John*

And for Nick, it was a celebration not just of a sale, but of the teamwork it took to get there.

A bottle of French champagne was gifted to the advisors involved in the deal. “It sets me apart and preserves the relationship for future dealings,” Nick commented.
And from the buyer?

“I had no contacts in Australia so Nick introduced me to people in his network. I was able to have a great lawyer, accountant, and finance broker because of these introductions. I was able to settle and now own a large business due to the support I received.”

One happy seller. One excited new business owner. And a broker with 20 years experience in business who knew how to get the job done.

*John name changed to protect the business. 
 

Tags: selling exit strategy tips small business business broker

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