How much will it cost?

The business transfer agent will take a percentage of what the business sells for. This means they are working on commission, the higher the price the business reaches the greater their cut, therefore they will be motivated to obtain the best price they can for your business. There will be some additional costs whether you are buying or selling a business. Legal fees will always come into the equation; some charge by the hour whereas others will offer a set fee. Make sure you ask your solicitor to clarify before you start proceeding which one it will be. You may also encounter taxation liabilities, accountant fees and the stocktaker's costs (if stock is being included in the price). If the business is being run from a leasehold premise, then the landlord may also run up some costs.

Where can I look for business transfer agents?

The National Association of Estate Agents' website offers a comprehensive list of all its members throughout the country. Using this website will also help ensure that the agent you find is accredited by the association, and you will be able to measure their experience and qualifications. If you want to look for businesses that are for sale and the agents who are responsible for selling these then look at the businesses for sale website and the UK business base website. These sites both also advertise business for sale abroad.

What should I ask the agent?

• Have you sold any businesses of this kind before?
• What documents do you need?
• What factors will you take into consideration in the pricing?
• How long do you think it will be until I find a buyer?
• What percentage of the profit will you take as your fee?
• What additional costs will I need to pay?