FAQ for Purchasers

As a prospective purchaser, do I pay anything?

Purchasers are not generally charged fees by First City Business Brokers; we are normally paid a commission by vendors on successful completion of a sale. However we do offer a range of resources and tools available for purchase to parties looking to improve their knowledge and understanding of how to improve their chances of finding, assessing and ultimately buying a suitable business via our online shop.

What is the Client Protection Register?

The 'Client Protection Register' contains the details of persons or firms who have acted unprofessionally, irresponsibly or recklessly with confidential client information or who have submitted bogus offers.

It may also contain details of persons who are a poor credit risk, those with notifiable criminal or civil convictions and those on the UK / Irish Sex Offenders Register.

We reserve the right to refuse to pass information to, or deal with, persons on the Client Protection Register.

If you believe that your details appear on the Client Protection Register you may ask for an explanation by writing to:

The Data Controller
First City Business Brokers
1 Lloyd Square
WA14 2RL

Please enclose a cheque for £95.00 plus VAT made payable to First City Business Brokers, to cover the processing fee.

What happens if confidentiality is breached?

The practice information is highly privileged and you must not divulge it to any third party or treat it recklessly.

For example, visiting the practice without an appointment, writing to or telephoning the staff is considered as a breach of confidentiality.

Breaches of confidentiality will result in termination of our services and may result in civil action in the Courts

What happens when my offer is accepted?

If the vendor accepts your offer, we will introduce your solicitor to the vendor's solicitor. Your offer is, of course, subject to 'due diligence' - having sight of the trading accounts, the lease and the independent practice valuation certificate, if available. You may want to commission your own survey of the property or a further valuation of the business.

We will ask you to provide 'proof of finance', some references and we ask your current bank to provide a Status Report for which they will charge you about £15.00.

At this stage no further offers will be introduced unless you withdraw your offer. This measure prevents a "race for contracts" situation and avoids the possibility of your offer being "gazumped". We will continue to liaise with you, the vendor, the landlords and the respective solicitors until the matter is brought to a conclusion.

Once my offer is accepted, how long will the paperwork take?

The average time taken from acceptance to completion for our clients is approximately 16 weeks. The fastest sale took three weeks and the longest took 68 weeks.

It will take less time if you organise your finances, your referees respond quickly and your solicitor is on the ball. As a rule, freehold sales and sales where the vendor is also the landlord are quicker than leasehold sales.

Who pays First City Business Brokers?

We are paid by the vendor from the proceeds of the sale