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CONFIDENTIAL SALE
FOR SALE
02/04/24
609065
Forecasted profits of FY 23-24 £250,000
My client is looking to open a discussion with potential buyers for their CLC licensed Conveyancing Firm.
The firm has a solid and strong pipeline of business going forwards, has no claims, and excellent audit history.
My client is looking to sell the business as they have other business interests that are taking up the majority of their time, as a result this practice is practically being ran entirely by the current team.
Annual total costs currently sit at £310,000, Total billed from May 2023 to March 2024 (10 Months) is £473,672.00 – note that this is the total billed, so this is pipeline income, they cannot accurately predict when the total billed individual amounts will complete.
Given the trajectory, they anticipate to bill for a total of around £560,000 by the end of this FY with costs at £310,000 for Year End MAY23 – MAY24.
Approx forecasted profits for FY23-24 of £250,000.
My client shall ensure the smooth transition of ownership should a suitable offer be presented. We are looking to sell this business for offers around £650,000 My Client is open to discussions on how a purchase may be structured over mutliple years and is open to ideas.
The firm in question is established and has good local and national relationships and could easily be scaled to a £1m turnover business with the right new owner.
This business is based in Gloucester and has referrers passing business to them from across England.
Any outstanding payments such as the bounce back loan will be settled upon the sale.
Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.
Do not share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.
The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.
Send a test amount before you consider handing over a large amount of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.
Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.
Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.
Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.
Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.
Legitimate emails from Rightbiz will be with the domain @rightbiz.co.uk. However, emails from [email protected], [email protected] or [email protected] are not affiliated with Rightbiz.
Be safe, use a Rightbiz Solicitor
Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.
Don't share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.
The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.
Send a test amount before you consider handing over a large number of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.
Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.
Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.
Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.
Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.
Legitimate emails from Rightbiz will be with the domain @rightbiz.co.uk. However, emails from [email protected], [email protected] or [email protected] are not affiliated with Rightbiz.
Be safe, use a Rightbiz Solicitor
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