Parents have been running the family business for 20 years and now ready to retire. We have tried the sell the business ourselves but now believe we need a specialist, does anyone know of a good business broker?
I can’t help you with the business broker but PLEASE, PLEASE, PLEASE work closely with your parents accountant through this process.
There are some very valuable tax concessions available upon retirement when selling a business. You need to apply them in the right order and get the right advice - the outcome can be very valuable.
All the best.
I agree with James - they need really good advice before they do anything!
This is every “baby boomers” nightmare. The business they have run for 20 years may not be worth anywhere near what your parents want or need to sell it for.
I have had clients get awesome results by bringing in a mergers and acquisitions consultant who rather than just being a broker, will assist you or your parents to extract value and package the business in a way that doesn’t need your parents as key people. This can be a 12-18 month process but it can result in up to 3 or more times better results.
If you do just want to sell quickly try Denise Hall from Xclusive Business Brokers. They have offices in Sydney and Melbourne.
Best of luck
Depending on your parent's business - its size and industry - i may have some connections that can help you in Sydney. I agree with the comments from the gents above too, its important to work this through financials and potentially get their business ship-shape for sale. Please feel free to contact me directly if you would like some help.
Hi Tony. I am a business advisor specialising in assisting business owners maximise the value of their asset and then helping them realise that value with a liquidity event (which may arise in many forms - trade sale, sale to management, succession, private equity etc). Happy to connect and work out if I can add value. regards Andrew