There will come a point when every business owner wants to move on by selling the business to another. The question is how? A broker is one option – most certainly so for the larger or more complex concern (say a turnover of £1m or more and significant profits), but they will charge for their service – from 5% to 12% and with minimum fees of £12,000 too. For many small businesses a broker might not be a worthwhile proposition for either party – considering the amount of time that they’ll need to put into marketing the business. Worryingly, the conversion rate (the number of businesses that sell through brokers) can be as low as 20% and possibly even just 4%…
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