We recently sat down with valued and knowledgeable Business Broker, Rad Benicky to chat all things business, his career and what makes Core Business Brokers different from the rest.
1. What inspired you to become a Business Broker?
After starting/purchasing over 20 businesses in my life thus far I’m passionate about business. I have only worked 2 years as an employee. The rest of my working life (33 years!), I have been in business. Helping people make this decision is greatly satisfying on both a professional and personal level.
I got inspired when my family escaped from the former Czechoslovakia which was a communist country that made private business illegal. So, when we came here it was the first thing I wanted to do – work for myself. I have owned many businesses myself, some of which I started from scratch and some which have been bought; some which made me millions of dollars and some which were not as successful. My first small business as a 13-year-old was selling calendars on behalf of the blind society door to door. It was so exciting although I could hardly speak English. Tough introduction to sales but I learned a lot.
2. Do you have an industry preference and why/why not?
I love all sorts of businesses as each one is very different in how they are structured and operated. My preference is towards non-food businesses as I have never owned a hospitality business, however the team at Core assist with all business sales, regardless of industry. The diversity keeps my days fresh and exciting.
3. Any advice for small business owners in the COVID-19 era?
My old sports coach used to say if you make a mistake make it at 100 miles an hour! I relate that in business as go for it – jump all in and test every hypothesis and keep learning. It’s a massive action, and it doesn’t guarantee success, but it encourages you to give it your all, to have a go and put yourself out there.
4. What’s the smallest and largest business you’ve sold and what made each one special?
All the businesses I have been lucky enough to assist have been unique. The largest would be a $5M security business which was sold to one of the biggest security businesses in world (listed on the London and Copenhagen stock markets) and the smallest would be an online beach towel retailer. At present I have an offer of $14M on a business with the smallest business listed being advertised at $50K.
5. In your opinion, what are the top 3 things a business owner should be doing in preparation for sale?
1. Take themselves out of the business as much as possible
2. Update all financials
3. Clean up the business both physically and from a financial and operational perspective
6. What makes Core Business Brokers different from other Business Broking firms?
It’s the quality people who care and who will work extremely hard to get your business sold and deliver an excellent result.
If you’d like your own Q&A with Core Business Broker, Rad Benicky. Give us a call on (02)9413 2977. Rad will happily chat all things business, planning, buying and selling to assist you on your own business journey today.