- Online e-commerce business based in Sydney
- Specialising in the sale of garden hardware products
- Annual sales circa $1M and growing
- Excellent systems and sophisticated software in place
- 5-day Monday to Friday operation (healthy work-life balance)
- Being online, could easily be relocated to any state
The Sale Process
- Broker: Roy Levy
- Business was listed for sale in February 2021
- Over 35 enquiries within 60 days of listing
- An interested (and suitably qualified) buyer was found, based in Melbourne
Challenges & Solutions
- Covid-19 and a Sydney / Melbourne Lockdown
The original plan was that the buyer would travel to Sydney 10 days prior to settlement, for hands-on product and systems training to allow for a seamless transition of ownership. However, when Sydney went into strict lockdown, this arrangement became impossible.
As the Broker we needed to be creative and to find a way to overcome this impediment. Plans needed to change and both parties agreed to adapt to allow the business sale to proceed, by agreeing to conduct online training sessions each evening for 2 weeks via Zoom. During this time, a bond was formed between the parties– building a level of goodwill and trust between them.
The end result
By the end of the 2-week period, the online training proved a success, and with determination and out-of-the-box thinking, settlement for the business sale was successfully concluded despite Covid-19 restrictions in place during the lockdown. The Seller then shipped all the stock to the Buyer and agreed to assist via telephone to ensure any hiccups were immediately addressed. Happy Seller, happy Buyer and happy Broker!
Many business owners are cautious about selling their business during the ongoing global pandemic. With lockdowns and restrictions changing the way businesses operate (with many not operating at all!), it can be a difficult time to sell depending on your industry.
For some industries, the business sale process is seamless, however, others have needed to adapt to achieve business sale success during Covid-19. This is a classic example of a recently settled a business that did just that.
Our experienced team have facilitated business sales and guided owners throughout their business sale journeys for many years. We’ve witnessed the effects covid-19 has on Australian businesses and will offer honest and professional advice when it comes to buying or purchasing a business in this pandemic era.
If you’re thinking about selling your business, contact Core Business Brokers today. Have your questions answered by giving us a call on (02) 9413 2977, email Roy directly at [email protected] or fill the form below.
Let’s talk about your exit strategy
Thinking about selling? Considering retirement? Want to reinstate that work-life balance you’ve been craving for years? Let’s talk about your exit strategy. The key to a successful business sale is preparation – so contact us today to get the conversation started by calling us on (02) 9413 2977 or simply fill in our quick and easy online form.