Exit Planning Techniques By Market
Selling a Floor Waxing, Polishing and Cleaning Business
Selling a floor waxing, polishing and cleaning business doesn't happen overnight. It takes a deliberate process to get top dollar for your company.
When the economy recovers, we expect to see a sudden influx of floor waxing, polishing and cleaning businesses in the business-for-sale marketplace. Although these companies have been for sale, their owners have resisted listing them until a better economy materializes.
Most floor waxing, polishing and cleaning businesses are good business opportunities, a fact that is not going unnoticed by today's discerning buyers.
Finding Prospects
Many sellers don't realize how many prospective buyers there are for their businesses. We frequently see qualified buyers emerge from the seller's network of business and personal acquaintances. In other cases, sellers take a proactive approach to finding likely buyers and contacting them directly. Competitors may seem like natural prospects and they are. The downside is that they won't pay top dollar and will probably absorb your company into their own.
Handling Unexpected Outcomes
Every business seller dreams of a fast sale and a fat payday. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your floor waxing, polishing and cleaning business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Preparing Your Employees
As a business owner, you want to keep you employees informed about your plans; as a seller it's in your best interest to keep your employees in the dark for as long as possible. The more people who know that the business is on the market, the riskier the sale becomes. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. So at some point you will have to resign yourself to the idea of telling some or all of your employees that you have listed the floor waxing, polishing and cleaning business on the market. Your employees will undoubtedly have many questions about their future with the company. Try to answer their questions to the best of your ability, but avoid making any promises that you are not authorized to make.
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