David Bradbery is Elmbridge’s resident expert business broker. With 10% of business owners looking to sell at any time, here he answers your questions
How did you get into business brokerage?
For over 20 years I worked in banking and dealt with highly complex accounting and valuation issues. By last summer I wanted to use my skills and experience to help address the challenges faced by small and medium-sized businesses.
Transworld Business Advisors is one of the largest business brokers in the world and was just launching in the UK. I immediately saw the benefit of their approach for UK businesses.
As an international organisation, Transworld helps sell thousands of businesses every year. Bringing this expertise and experience into the UK was very appealing.
Transworld’s approach is to manage the sale process hands-on rather than at arms-length, supporting buyers and sellers at every step. I wanted to be in an organisation committed to such a high level of service.
Their policy of no up-front fees and charging only upon completion of the sale also made perfect sense. It removes the risk of owners incurring unnecessary costs and ensures broker and seller collaborate to achieve the sale.
I am excited to have set up Transworld in Elmbridge and to be offering something new, unique and valuable to local businesses.
What types of people do you work with?
Business sellers are of all ages and backgrounds. Their reasons for selling vary, and include approaching retirement, relocating, starting a new business, releasing wealth to travel, divorce or wanting more time with family.
For all sellers, their business has been an important part of their lives, often for a long time. The blood, sweat and tears they’ve put in is why my role to broker the sale expertly on their behalf, anticipate problems and mitigate them, is so important
How do you value a business?
I understand its past performance, future prospects and opportunities for improvement. Assets and liabilities are carefully assessed. Whether the seller is willing to stay for a period and transfer their knowledge impacts the value. Sold prices for similar businesses are obtained and adjusted for the business’s specifics.
Ultimately, the true value is the amount the buyer is willing to pay and the seller accept, which is only certain once the sale completes. Until then, I manage the negotiations towards reaching that agreement.
What’s the most important thing that a business owner should do when selling their business?
It can take up to a year from when the owner first decides to put it up for sale to completion. It is crucial that the owner remains focussed on driving the business forward so its profitability remains or increases.
Appointing a good broker prevents the owner getting distracted. The broker manages the sale and only involves the owner when required so they can keep their eye on the business.
To find out how David can help sell your business, please contact him for a confidential discussion by email on dbradbery@tworld.com, by telephone 0203 126 4442 or visit his website tworldba.co.uk/kingston
- In the New Year David is running a free seminar 'How to prepare your business for sale' with expert speakers from a top legal firm and business bankers. Places are limited so contact David to reserve your space.
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