Nilesh Wadhwani, owner of Transworld of Gatwick, is a great believer in networking, in order to learn how to be a better business broker. Not just from within the Transworld Business Advisors network, but across the wider brokerage industry
He said: “My seller had trained in law and wanted to start working for a firm of solicitors who had offered her a job. She’d bought and run her Subway store, and was looking for a buyer to take it on.
“I attend many networking opportunities, and have contacts in a variety of sectors, including other brokers. He approached me to find out if I had any Subway stores for sale as he had a buyer who was looking to take on an already running store, in the right area, and was keen to attain a certain level of income. Our store was the right fit.”
Nilesh and the approved broker worked closely together, in order to help both parties share the relevant information to be sure this was the right venture for the buyer. From looking at the financials and the details, he was able to determine it was, and negotiations moved forward. “The buyer’s broker and I worked together to keep both parties on the same page. People can often seek advice from friends and family, which can easily scupper a deal. So we communicated a lot, to keep the deal moving forward,” added Nilesh.
However, with the sale of the business being a franchise resale, extra communication was needed with the Subway UK head office. “It was imperative we made sure the Subway franchise was happy with the new buyer joining their network,” Nilesh explained.
“I particularly love being around others who can inspire me to be the best broker and Transworld business owner I can be,” he said. “I enjoy meeting others within the same industry, and am building my network. You never know where your next buyer is going to be referred from. Co-brokering with someone outside Transworld, I saw how much the buyer trusted his broker; they had established a really good relationship. So working with him was a good experience for me, and I learned some valuable lessons.”
The deal successfully closed for £42,000, and the seller started her new life working towards becoming a solicitor.
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