November 15, 2019  
 
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Selling a Company

 

Selling a Local Trucking Business

Most businesses are susceptible to economic conditions and local trucking businesses are no exception. But in some cases, a down economy can actually improve saleability. All it takes is a strategy to identify solid prospects and convert them to buyers.

Personal and professional concerns surround the sale of a local trucking business. In our experience, a common owner concern is how the sale will affect customers and employees.
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There is no simple way to sell a business. But the most prepared local trucking business sellers are achieving fair market value and more for their companies through persistence and the application of sound selling techniques.

Benefits of Third-Party Assistance

There are a range of professionals available to guide you through the sale of a local trucking business. Brokers can be an important resource for your sale, especially if you are unfamiliar with the business-for-sale marketplace. Additionally, you may want to hire professionals for legal, valuation and other functions before you put your business on the market. The benefit of soliciting outside assistance early is that seemingly small decisions now can have big consequences later. By consulting professionals throughout the sale of your local trucking business, you can avoid painful tax and legal complications both before and after closing.

Dealing with Buyers

Business sellers sometimes struggle to maintain a positive attitude when dealing with buyers. The questions local trucking business ask during due diligence are designed to alleviate their concerns about the business and should be promptly addressed by the seller. Avoid answering buyer concerns with vague generalities. Instead, be as specific as possible, even if it means doing additional research before offering a response. If due diligence drags on too long, your broker may need to intervene.

Average Preparation Time

There are no effective shortcuts for selling a local trucking business. Buyers want to see growth trends, healthy profits and other variables that increase the likelihood of long-term success. You'll also need to create financial reports, operations manuals, and other documents to create the perception of a turnkey local trucking business operation. At a minimum, plan on spending six months preparing your local trucking business for the marketplace. A more likely scenario is that it will take more than a year to create the conditions necessary to receive the maximum sale price.

More Exit Planning Articles

Given your interest in exit planning and in local trucking businesses, you might find these additional resources to be of interest.

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Pre-Exit Employee Incentive Programs


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