Unconditional within two weeks!
Company: Columbus Café Glen Innes
Time to sell: 3 weeks
Sold: 2.9 x (appraisal value $500,000 and sold for $486,000)
Customer
The owners of this franchise business had worked very hard to get sales up around $17,000 per week (including GST). They had two chefs, one barista and three working front of house; this was a fantastic day to day operation.
Background
Due to a new cafe commitment, the owners wanted to sell the business and devote more time to the new cafe. Small businesses require a working owner to be actively involved in the day to day operations. Their biggest challenge was running the two businesses, especially as the new one demanded a more significant time commitment.
Brief
The owner was not keen to list the business. He didn’t want to create any instability within the staff, as they depended on them to run the business.
Our approach
LINK had a buyer who had pre-approved by the franchisor, and we were confident that she was the perfect fit for the business. Everything went well. The deal was very straightforward and went unconditional within two weeks!
Solution
The buyer had put in an offer on another business within the franchise. The vendor did not accept the offer. Our client’s business was part of the same franchise and was of the same standard – it was a done deal.
Result
This business was sold in just two weeks, to the first offer, with asking price achieved. The purchaser was the perfect buyer because she was local to the area and knew the café well.
