Bstar announce strategic partnership with Tabak
EMBARGOED FOR MEDIA RELEASE WEDNESDAY 7th SEPTEMBER 2011
Bstar announce a strategic partnership with Tabak Business Sales - creating a standardised benchmark for Business Valuations
5 September 2011 Auckland, New Zealand –
Bstar, announced today that they have formed a strategic partnership with Tabak Business Sales - one of New Zealand’s most respected business brokering firms
Bstar who invented a scientific formula to calculate the profit multiple when valuing SME businesses in 2005, have recently launched their Knowledge Bank which enables users to benchmark a business’ current valuation against others in the same industry – what they were valued at - and what others sold for. Tabak’s experience and quality New Zealand market data are key to meaningful comparative reports being available to business owners deciding whether to sell their business and confirming what they can realistically expect to sell for.
Tabak specialise in connecting quality businesses with serious buyers throughout New Zealand. Their experienced team can boast a sales success rate over 80%, making them one of the most professional and successful business broker firms in the country. When Tabak partner Alex Smith saw Bstar’s Valuation Tool and Knowledge Bank comparative reporting, he realised that partnering up with their complimentary expertise, knowledge and professionalism would take Business Valuations in New Zealand to a new level.
It is estimated only 25% of businesses that are put on the market actually sell. Why so low? Alex believes a major factor is that there are a plethora of people doing business valuations in New Zealand and many have no scientific basis to them whatsoever. “They are simply setting business owners up for major disappointment” he says “You’d be surprised at how many people come to us with a valuation figure written on the back of an envelope!”
Unfortunately, once a business has been on the market for a time and not sold, the value of that business can drop dramatically. So those who set the sale price high just to get a “listing” are actually doing New Zealand business owners a huge injustice. “Our partnership with Bstar will strengthen our existing service of helping business owners make the right decision” Alex says “Tabak and Bstar’s joint valuations will tell New Zealand business owners what they need to hear. We’re creating a standardised benchmark for business valuations in New Zealand.”
Bstar’s NZ Executive Manager Nikki Kent, met with a number of Business Valuation specialists and Brokers before entering into an exclusive partnership with Tabak. Nikki was highly impressed by the Tabak team.
“Tabak’s professional approach means that the data they are providing our Knowledge Bank is credible and quality is paramount for Bstar’s advisors. Bstar opened their New Zealand office in April 2010 and are themselves dedicated to quality when it comes to selecting New Zealand Bstar Advisors. “Our partnership with Tabak puts Bstar advisors ahead of the rest” Nikki says “they are able to eliminate the guess work and advise their business owner clients on the REAL value of their business and the impact their strategic advice will have on the future value of the business. This is the missing piece of the business advisory puzzle”.
Most business owners in New Zealand will be relying on the sale of their business to fund all if not part of their retirement – The strategic partnership between Tabak and Bstar will provide clarity to them – no false hopes that are dashed when it’s too late to do anything about it.