Aussie Supermarket Brokers successfully sold an IGA supermarket in Queensland’s Tin Can Bay area in July this year. Our broker, Liz, helped all parties arrive at a satisfactory result while ensuring that the sale remained as discreet as possible.
The IGA supermarket was a superb investment. It delivered remarkable turnover rates and was located approximately 10 kilometres away from its nearest competitor. Being isolated from other stores brought it close to a specific group of customers, while its coastal location promised its owners an idyllic life close to the sea.
For all the store’s merits, the sale had its share of hurdles. The owners allowed Liz to sell as early as 2013, but not to advertise. While this ensured that no information leaked beyond the parties involved in the sale, it also made the process of finding buyers harder. It was only after the owners decided to allow advertisements that Liz was able to gather potential buyers.
Qualifying the prospects herself, Liz was soon able to identify a buyer. Both buyer and seller agreed to the terms of the sale, but there was one problem. The buyer’s funds were coming from abroad, which meant additional documents and fees. This new obstacle frustrated both parties. In the end, the sellers agreed to grant the buyer a month of financial assistance which the buyer readily accepted.
Six weeks after the deal was sealed, the buyer had fully paid for the business. The sale proceeded as secretly as intended and the old owners are happy with the result. Meanwhile, the new owner, the buyer, is busy implementing changes to the business and thinking of ways to make it into a better supermarket.