FAQ for Vendors

What information will I need to collate to sell my business?

We will need some basic details to prepare the launch of your business on to the market and further information to allow us to deal with enquiries from the purchasers' solicitors, lenders, accountants, etc.

All information provided is treated in the strictest confidence and will not be forwarded to prospective buyers until they have been qualified (i.e. we have assessed their ability to fund and proceed with a purchase) and they have signed a confidentiality agreement protecting your interests.

Basic information required comprises:-

  • Your latest 3 years trading accounts
  • A copy of lease(s) for leased business premises
  • Our pre-sale questionnaire to be completed in full - to allow us to get a clear understanding of how your business operates
  • A copy of your franchise agreement (if appropriate)

Other useful supplementary information to help us satisfy buyers and buyer’s professional due diligence requirements includes:-

  • Last 4 quarters VAT returns
  • Last 12 months bank statements

 
How can I be sure that my buyer is genuine?

We try hard to ensure that prospective purchasers are fit and proper persons who will be able to finance their proposed purchase, be acceptable to your landlord and, in due course, complete the agreed deal. However, as in any walk of life, there are disreputable people who purport to be interested in purchasing a practice at an agreed price but in reality have no intention of so doing. Unfortunately, appearances can be deceptive!

To minimise problems, we do not wait for solicitors to take up references. Instead, as soon as an offer is accepted, we take up the prospective purchasers references from their own bank. We also follow up trade, and if appropriate, personal references. Of course many prospects are already known to your consultants at First City because they already have established credentials.

We also maintain the 'Client Protection Register' This contains the details of persons or firms:

  1. Who have acted unprofessionally, irresponsibly or recklessly in the past; or
  2. Who have breached the terms of the Confidentiality Agreement; or
  3. Who have passed sensitive information to others; or
  4. Who have submitted a bogus offer or withdrawn an offer without good reason; or
  5. Are a poor credit risk; or
  6. Have previous criminal or civil convictions which should be disclosed