Optimizing Business Exits
Selling a Race Car Dealership
Most businesses are susceptible to economic conditions and race car dealerships 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.
Selling a race car dealership? You'll need to be prepared to address a variety of challenges that are common in the business-for-sale marketplace.
Many race car dealership owners fail to receive fair market value for their businesses. That's unfortunate because all it takes to get a fair price in today's market is ample planning and an awareness of what's important to buyers.
Equipment and Inventory Concerns
It's incumbent on buyers to commission their own appraisal of your race car dealership's physical assets. Most sellers, however, conduct a pre-sale appraisal to gain an accurate gauge of asset value prior to negotiations. A pre-sale appraisal is a prerequisite for because it offers insights about your assets' market value before you initiate conversations with prospective buyers. During your appraisal process, you should also note the condition of your assets. Cost-effective repairs can then be made before your list your race car dealership.
Preparing Family Members
Many sellers embarked on their race car dealership sale without adequately considering the impact it will have on their families. Unfortunately, families often experience turmoil during a sale even when the primary owner is convinced it's the right decision. Unless everyone is prepared for it, the sale could have a devastating effect on your family. To keep the family intact, the sale of a race car dealership has to include ample communication and shared decision-making.
The Best Person to Sell Your Race Car Dealership
An unassisted business sale is a double-edged sword. On the one hand, no one knows your business better than you do. When it comes to earnings potential, asset condition, and other considerations, you are the world's leading expert on your company. But your knowledge and personal insights about the race car dealership are also the problem. Business owners are subjective and biased about their company's true worth. Business brokers and other third-party consultants bring objectivity to the sale process and give you much-needed insight about buyers' mindsets.
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