According to the experts, there is currently a large volume of shadow inventory in the lighterage business market -- businesses that are waiting to be listed until the economy recovers.
(article continues below)
At Gaebler, we think that's a mistake because with adequate preparation and the right sale strategy, this might be the best time to put your lighterage business on the market.
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. You're concerned about confidentiality, and rightfully so. However, the longer the selling process drags on, the more likely it is that rumors will begin to circulate throughout your workforce. When that happens, it's best to have a frank conversation with your team rather than allowing rumors to circulate through the organization. Maintain a positive tone in your conversations and answer your employees questions as completely as you can without jeopardizing the sale.
Preparing for What's Next
What will happen if your lighterage business is a success? many sellers find themselves ill-equipped to handle life after their business and fail to understand that their future plans can influence the sale process. In today's market, many buyers expect seller financing - a concession that might not be a possibility for sellers whose next step requires the entire proceeds at the time of the sale.
The way you exit your lighterage business is just as important as the way you sell it. Handing over the keys and saying goodbye to your employees is easier said than done, and requires thoughtful consideration prior to closing. If there are pending details that still need to ironed out, address them ASAP to ensure a smooth closing and transition.
We think you may find these additional resources to be of interest.
If starting a lighterage business is on your agenda, these helpul resources may be just what you've been looking for:
If you consider lighterage businesses to be sales prospects, this isn't the best resource for you on our site. These helpful guides are more appropriate for you:
If you are looking for exit plan advice for a different kind of business, please browse our directory of exit planning guides below.