Renown can assist in the acquisition or sale of all types of businesses and the sale or let of commercial property across the North East. Areas covered include Northumberland, Tyne
& Wear, County Durham, Cleveland and the Scottish Borders.

Whether you are looking to purchase or rent commercial property, purchase your first business or considering selling a
business or property we can help.

Renown offers a business transfer agency service and as such we handle a wide range of sales across the full spectrum of business sectors.

Specialising in the marketing and sale of businesses throughout the North East of England, we have established a first class reputation in the market by offering a friendly, professional, personal and highly confidential service to both vendors and purchasers.

Selling any business can be a complicated and difficult process that demands the highest professional standards in order to achieve best results. Local market knowledge, national and international marketing coupled with a thorough understanding of each market sector are key to achieving success. At Renown, we have many years experience of working with businesses in the North East and will work in partnership with you to get the sale you need.

The Business Sale Process
Learn about the process and how we work
Step 1: Initial Informal Discussion

At Renown we recommend an initial, no obligation discussion about your motivations for selling and what you are seeking to achieve from a sale. There are two main reasons why this is beneficial:

  • Firstly, it allows us to get to know both you and the business, understand your reasons for selling, discuss what level of confidentiality is required and generally get a feel for where the business is and what a potential sale will involve.
  • Secondly, it allows you to ask any questions without obligation. There is no pressure. You need to be comfortable that you are selling for the right reasons and that you have all the information you need to hand to make a considered, rational decision.
  • Step 2: Valuation

    If you are happy to go ahead, then the starting point is the business valuation. There are numerous factors involved in valuing a business – every business is different, but you can rest assured that Renown will provide you with a researched and substantiated valuation that reflects the business and the market.

    Be very wary of agents who offer inflated valuations in return for a large up front fee to cover ‘marketing costs’. These agents value to get the instruction as they can make money from the up front fees and have little motivation to actually try and sell your business. Renown does charge a small marketing fee when bringing a business to market, but for as little as £75 + vat, we can provide extensive online marketing for the business, backed up with ongoing support, contact and advice (see our section on seller’s information as to how we work together during the sale process).

    We will offer a valuation, but we will always discuss and agree on a final figure before proceeding.

  • Step 3: Bringing the Business to the Market

    How we market the business is very much down to the degree of confidentiality required. We fully understand the desire to keep the potential sale ‘quiet’ so as not to concern customers or even staff, but equally, we need to be able to reach potential buyers.

    We can market the business in a fully confidential manner, so that we only release details of the business once a potential buyer has signed a confidentiality agreement. Even non-confidential sales will require the signing of this document before we release more sensitive information (e.g. accounts), but we will always discuss matters with you.

    Once full colour sales particulars are agreed and produced, we look to formally market the business. The internet is the main source of enquiries for business sales and Renown advertises on a number of business sale related website including:

    We can advertise with a ‘Business For Sale board’ (although most business owners prefer not to), whilst bespoke mailshots provide an alternative.

    Likewise, we maintain a large mailing list of people looking to buy businesses and we will contact appropriate contacts letting them know when a business comes to the market.

  • Step 4: Handling Enquiries / Viewings

    The business sale market is very different to the housing market – it is a much narrower market, but Renown will respond to any contact from someone requesting details about a business and answer any questions an enquirer may have – subject to confidentiality considerations.

    We will pursue these enquiries with a view to generating viewings of a business, at the same time ascertaining the financial position of the enquirer to ensure they are in a position to make good their interest.

  • Step 5: Sale Agreed

    A potential buyer will often seek professional advice before making an offer (e.g. from an accountant) and when making an offer, it will often be subject to a period of due diligence - a view of the business to ensure that the business accurately reflects what is being advertised.

    If an offer is acceptable and a sale agreed, the matter is passed into the hand of the respective party’s solicitors to prepare contracts for the sale. We will liaise with all parties during this process to ensure the sale progresses in a timely and effective manner. There are a number of factors that are involved at this stage (there could be freehold properties, or leasehold properties where the landlord and his advisors will be involved, stock holdings etc) and communication is very important.

    This is a very brief overview of the sale process. For more information, please look at the 'Sellers Information' section below.

Seller Information
Frequently Asked Questions for Sellers

There are many reasons why you may want to sell your business; retirement, personal and financial circumstances or simply, you’ve decided to do something different.

Whatever your reason for selling, here are some key questions to ask when you come to sell ...and their answers!

  • How much is my business worth?

    Probably the most asked question and inevitably key to your decision to sell. However, no two businesses are the same and value will depend upon many different factors including:

    • The location of the business
    • The condition of the premises
    • The value of the Freehold or lease
    • The extent and condition of the trading equipment
    • The profitability of the business
    • The business trends being shown (is the business growing and with it, the profitability, or is the business and its sector in decline?)
    • The demand for the type of business
    • The availability and cost of finance
    • The economic situation and the prevailing market conditions
    • Occasionally, one off factors such as whether your business is specifically attractive to another business to purchase

    A good business agent will be able to weigh up all these factors and derive at a market valuation that is a true reflection of the business.

  • How do I choose a Business Transfer Agent?

    In order to ensure that you get a satisfactory and objective valuation, together with an effective sales service, it is essential to choose your Business Transfer Agent with care. You need an agent that shows integrity, honesty and professionalism and has experience in this specialised market.

    Be very wary of agents who offer inflated valuations in return for a large up front fee to cover ‘marketing costs’. The inflated valuation is designed to get the instruction, you pay the fee and more often than not, the business remains on the market many months and years later. The old saying applies - if the valuation appears too good to be true, it usually is.

    These are some of the key points to bear in mind:

    • How long have they been established?
    • Can they substantiate a valuation?
    • Are they totally independent?
    • Do they have experienced and competent personnel at all levels?
    • Do they know the sector and the area your business operates in?
    • Do they ask prospective buyers relevant financial questions to ensure that the funds are available to buy the business?
    • Have they got a successful track record in selling your type of business?
    • Do they advertise extensively on a national basis in the relevant trade magazines & do they have a web-site facility?
    • Are their fees reasonable?
  • What should a good Business Transfer Agent do?

    A good Business Agent should be in a position to:

    • Value the business and property
    • Draw up sales particulars
    • Advertise your business nationally and locally as appropriate
    • Handle enquiries and assess their quality
    • Send full details
    • Keep you informed of developments
    • Arrange appointments to view
    • Brief you on the prospective buyer
    • Follow-up after the visit to establish the level of interest and provide further information where required
    • Maintain regular contact right through to completion of the sale
    • Assist the purchaser with finance (if required)
  • What can I do to help the Agent?
    • Ensure that all the accounts relating to the business are up-to-date. If you have management accounts, all the better.
    • Ensure that copies of the terms of your lease are available.
    • Ensure that your business is presented in its most favourable light
    • Ensure the business continues to operate to it's full potential (don't take your 'foot of the gas' just because you're wanting to sell)
    • Keep the agent informed of any developments within the business
  • Are there any key points that I should be aware of in dealing with prospective buyers?

    When you have an appointment with a prospective buyer to view your business:

    • Make sure to attend the appointment personally. The prospective buyer will want to make an assessment of both the business and its current owner.
    • Allocate sufficient time to allow the prospective buyer to view at their own pace.
    • Allow for the fact that you may have to discuss the business in layman's terms.
    • Communicate the outcome of the appointment to your Agents. This will enable them to follow-up efficiently on your behalf.
  • What should I do when someone displays a serious interest?
    • Advise your Agents immediately so that they can keep in touch with the prospective purchaser
    • A good Agent will run a second check to ensure as far as possible that the prospective buyer's financial position has not changed
    • Agree as to how the stock-taking, legal and professional costs are to be split
    • Negotiate the terms of a phased take-over (if required)
    • Establish a time-table for transfer and completion
    • Formally complete the contract to purchase
  • What if problems arise?

    Whilst many transactions run smoothly, problems can and do arise. The secret is not to panic - just contact your Business Transfer Agent. A long established Business Agent will have seen most problems before and will be able to advise how to overcome them.

    It is also very important to maintain regular contact with your solicitors to ensure the process between accepting an offer and completion runs smoothly.

Buyer Information
Frequently Asked Questions for Buyers

Buying a business is exciting. Whether you are a first time buyer or an experienced business owner you need to know the secrets!

There is the thrill of the future lifestyle, a business change or expansion to the next level. For a first time buyer, lacking experience, this is a guide through the procedure. It explains 12 important sections each with checklists and advice. Even experienced buyers recognise the value of our business buyer's guide.

  • Why do I want to buy a business?
    • To earn a living?
    • To suppliment another income?
    • To creare an investment?
    • To work for myself?
  • What type of business do I want?

    The following points may influence your shortlist:

    • Is this type of business realistically affordable?
    • Will it maintain my interest over time?
    • Will my family give me their support?
    • How much of my time will the business occupy?
    • For how long will I be financially committed?
    • Will the business provide the income I require?
    • Do I have sufficient knowledge or do I need to learn more?

    Make sure that your interests are in line with your capabilities.

  • How much capitcal is needed?

    Enough capitcal for the following:

    • To buy a leasehold or freehold premises
    • To buy the going concern and its stock
    • To cover all professional costs incurred including: solicitors, accountants and survey/valuation costs
    • Sufficient working capital (enough money to live on, cover my initial overheads and replace stock as I build the business)
  • Do I need to raise additional funds?

    There are several fund generating options:

    • Re-mortgaging my house
    • Selling my house
    • Obtaining a bank, building society or finance house mortgage/loan

    A good business agent should be in a position to provide you with sound financial advice and access to good sources of funds.

  • Do I need to live on the premises?

    This will be dependent upon:

    • My financial position
    • The nature of the business I am considering
    • My personal preferences
  • Shall I buy leasehold or freehold?

    Most businesses operate from either leasehold or freehold premises, which may or may not have accommodation attached.

    Your accountant will assess the value of the business by separating it from the value of the leasehold or freehold. A surveyor will place a value on the property.

  • How do I go about finding the business I would be interesting in viewing?

    You will save yourself a lot of time and energy by:

    • Search the internet, there are a number of business sale related websites where searches can be tailored to match your requirements
    • Subscribe to Renown’s eSearch Feeds

    A good agent will establish: the geographical area and the type of business you are interested in buying, your accommodation requirements (if any), the finance options available to you. They will then be in a position to supply you with details relevant to your specific areas of interests, avoiding wasted time and expense on unsuitable propositions.

  • What are the key steps to be taken in viewing a prospective business?
    • Make an appointment through the agent
    • Prepare in advance of your visit the questions you would like answered
    • Be discreet – the vendor may not want his staff or customers to be aware that he is in the market to sell his business
    • Take notes during your visit (or immediately afterwards). Summarise your general impressions and feelings after you leave
    • Communicate your conclusions to your agent, even if they are negative. It will enable them to obtain a clearer picture of your requirements
  • What do I do onceI have become seriously interested in a business?
    • Request accounting information and once received consult your accountant who will then be able to advise you on the advantages and disadvantages of buying the business from a financial viewpoint
    • Make a formal offer through the business agent first by telephone and then in writing. Head your letter 'Subject to Contract'. Make sure you include that phrase in all subsequent written communications
    • Consider a period of due diligence to ensure the business accurately reflects what is being advertised/told to you
  • What action is needed to complete the purchase?

    Once you have come to an agreement to purchase you will need to:

    • Retain a reputable firm of commercial solicitors to assess the legal implications.

      They will:
      • Conduct a search at the local planning office and the land registry office
      • Check all relevant licences, consents and the like
    • Retain a reputable commercial surveyor to conduct a survey and valuation. If a mortgage or loan is involved the finance house, building society, or bank will insist upon their own full survey and valuation at your expense.
    • Providing that you still intend to buy, we would now recommend that the vendor and yourself undertake to share the cost of an independent stock valuation. A good agent will be able to arrange this for you.
  • Am I now in a position to compelte?

    Prior to completing you should (if possible) negotiate an overlap period with the vendor. This should be long enough to enable you to become fully familiar with:

    • The business
    • Its practices
    • Its customers and suppliers
  • I still have some questions. How can I get them answered?

    If you have any further questions, or would simply like to discuss anything with one of our team, please do not hesitate to contact us. We're ready and waiting to help!

Commercial Testimonials
Read what our other commercial clients say

Renown Commercial prides itself on providing a professional service to all business clients.

You can view a random selection of testimonials from our commercial clients below, or read through more of our client testimonials on our blog.

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