FAQs

 

What does it cost?

You pay nothing for the free valuation, and nothing up-front. We only charge you the agency fee if the business sells. If the business does sell, we charge 5% of the agreed sale value of your business, with a minimum fee of £3,995.

How long does it take?

It’s impossible to say how long it will take a business to sell as there are so many variables involved, and inevitably some businesses may not sell. With us, you have the best risk free approach to getting sold, without stumping up big up-front fees.

Can you help arrange buyer finances?

Yes we can. We have a sister company that is a trusted and well-established commercial finance provider, through which we support potential buyers with a range of finance options.

How is CoGoGo different?

We do everything we can to make things easy for you. Wherever we can cut through a cumbersome protocol and get on with selling your business we will. Its our aim to make things as simple and straightforward for you, so selling your business is hassle free.

What information do I need to get a valuation?

Our website can provide you an indicative valuation within minutes by asking you a few simple questions. However, when you meet with our valuation team, the more information you can give us, the better. As a minimum we would need to see your trading accounts, if you are leasing your premises, we need your lease and if you are a franchise, we will need a copy of the franchise agreement.

How will you value my business?

We have valued 1,000’s of businesses and we use industry recognised methods to develop an accurate value. We will consider a host of factors including location, turnover, assets and business potential. Given the number of businesses we have sold, we have a wealth of our own sold data to be able to best advise on what businesses are worth in today’s market.

How do I instruct you? What are your terms of business?

We have a standard agreement that contains our terms of business. Everything is as transparent as possible and if you need a little help running through the terms, we’d be more than happy to assist.

Can I instruct multiple agents to sell my business?

Sure, you are able to instruct multiple agents to sell your business, but you should carefully read and check the arrangements for fees. It may be the case that you will have to pay multiple agents and not just the one who has sold your business. Here at CoGoGo, we work on a sole agency agreement, so if we are instructed and under contract when the business sells, we will expect to be paid our fees and we want you to be fully aware and comfortable with this.

I am already in talks with a purchaser, can I still instruct you?

Yes, by instructing an agent like us you have two options in relation to your purchaser, we can either take over the negotiations on your behalf and advertise the business to the open market – or we can include an exclusion clause in your agreement that will mean you can continue to negotiate with the purchaser, and we will charge a reduced success fee. Just let us know when you are ready to instruct us, and you will see the clause in the amendments section of our agreement.

What if I go on to sell to someone that you sent me or enquired, after I have cancelled?

If someone enquires through us and they go on to buy the business, even after our agreement has ended, we would need to be paid our success fee.

How do I get the best possible price for my business?

Think as a buyer would and try to ensure your business has everything you would want to see if you were the one buying it! If you can plan your exit from the business over a period of time, we would advise that you make the business as profitable as it can be, this will of course help to increase the value! There are other simple tasks you can do to ensure the business gets the best offer such as ensuring everything is clean and tidy when photos are being taken or when viewings are taking place. Additionally, it’s a good idea to ensure that everything in your business is in order and being fully utilised.

Can I just give the business, lease or assets away? Maybe to a friend or family member? Without paying a fee?

As per the terms of our agreement if the assets, lease or the business is gifted or transferred then our success fee would still fall due. However, we would ask that if you are planning to do this you let us know. We are here to work with you and will consider all of your circumstances. We just want to deliver the best outcome for you!

What happens when someone enquires about my business?

Once we receive enquiries from potential purchasers, we will get in touch with them as soon as possible to discuss their interest in your business.

How do you vet buyers?

We only want to deal with serious buyers. If someone requests information about your business, we will speak to them about their own experience in business and ability to purchase from a financial point of view. We will also ask purchasers to be ready to provide their proof of funds in conjunction with an offer.

What should I do if a purchaser comes directly to me? Do I still pay a fee if I do it myself?

There are occasions where purchasers may come directly to you after seeing our adverts. We do tell purchasers that they should arrange everything through us. But, if someone does come to you directly, please get their name and contact number and pass them on to us, we will deal with them on your behalf. If someone does buy the business then would expect to be paid our success fee, because it will be as a result of our adverts and promotional activity.

Do you attend viewings?

We do not attend viewings, but we will be in touch shortly after the viewing to find out how everything has gone and how we can help with next steps.

Do I need a solicitor to sell the business?

We recommended you do use a solicitor, however it is entirely up to you; we do have a panel of solicitors we can introduce you to.

Are solicitor’s fees included within the success fee?

No this would be an additional cost; Solicitors fees can vary depending on the how the offer is structured.

What if I don’t sell?

You have our commitment that we will continue to advertise your business until it is sold.

Do assets get added onto the valuation?

It really does depend but assets are usually within the valuation price.

What happens if my figures change?

Send us the new figures and we can reassess the valuation to reflect a true marketing price.

Where are the terms & conditions before I sign up?

On the proposal we send you, the Terms & Conditions will be clear and accessible.

I want to sell as quickly as possible, how can this be done?

The biggest attraction to a buyer is a well-priced, well organised successful business. If you want to sell quickly we always suggest commencing the marketing at the lowest possible price to make your business an irresistible deal. When buyers are searching for a business they will often compare the price with financial profile of the business and to others; if yours looks the best it will usually be the first to be sold. Additionally, avoiding delays in obtaining information such as your accounts or lease can cut out weeks of the negotiation process. The more information we have on file, ready to send out – the better!

Do I have to do a handover period?

It’s entirely up to you, most people do and agree something with the new purchaser.

What happens if I want to cancel in the minimum period?

We fix in a minimum period to give us the best chance of selling your business and earning our success fee. If you cancel in that time we lose that chance and have covered all the costs up to that point. We therefore will charge half of the success fee if you choose to end the contract in the minimum period, providing there is not a sale proceeding or a sale has not occurred; if a sale is proceeding or occurs then we would charge your full success fee. We do understand that there are limited circumstances in which you may not be able to see out the full minimum period and we ask that you speak with us to discuss this and we can let you know your options. We will always do whatever is fair.

Given how quickly we begin the work for you there is no cooling off period after the agreement is signed as we will normally have already incurred costs. Again, we understand that there are limited circumstances where we may need to speak about cancellation; just speak with us and we will do our best to accommodate you.

Can I advertise my business confidentially?

We always recommend that a sale be as open as possible to allow us to get your business in front of as many buyers as possible. Going confidential really limits what we can do in terms of your advertising, but we do realise that for some businesses it is a must. Speak with us if you are concerned about confidentiality, but this service normally incurs a small fee, given the extra work we have to do.

Can I get even more advertising than you offer?

We’ve got you covered for advertising in terms of the biggest business sales websites and property sales websites. All of these sites offer a premium or featured listing option, which we are happy to explore, they get your business in front of even more buyers but are not something that is covered in our No Sale, No Fee, offering. Equally, if you know of a specific advertising platform, journal or magazine you think would help, we are happy to look at the options for you.  A great way to attract buyers is through the use of For Sale Boards. We offer a range of For Sale Board and window stickers to promote your business to passing footfall, some services may incur a small charge.